I’m moving to Singapore in a few months and I am worried about how to pay my student loans in USD while being paid in Singapore dollars. So far, I’ve come up with opening a bank account at an international bank servicing both countries (like citibank) and paying from that account. I contacted them, however, and I would incur a $15 forex charge each time, which means for the two loans I pay per month, I pay an extra $30.
I think considered if i should defer my loans for a few months, accrue a couple of months’ worth of payments, then transer larger lump sums into my US bank account so that the $15 charge is spread across a larger amount.
Are there any free methods of paying US student loans in foreign currency? I also contacted my loan providers, and unfortunately they do not accept foreign currency.
May 3, 2014
This is an interesting issue that I have not seen before.
The deferment and just making larger lump sum payments sounds like a good idea, but how much would it realistically save you? By waiting between payments, more interest accrues.
At the very least, could you set up a us bank account, transfer the money monthly, and pay the student loan bills from that account? It still would be a monthly $15 charge, but it sure beats a monthly $30 charge.
My advice would be to brainstorm different options and then make spreadsheet to calculate how much each route costs. From there you can make an informed decision to minimize the expense of living abroad.
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