Hi, I’m Chris, Technical Writer at Constant.
I was a student once, many moons ago, and I remember how stressful it can be — especially if you’re studying abroad.
For one, it’s probably the first time you’ve lived on your own. Not only are you separated from friends and family, but you’ve got to pass exams and do your own washing. The last thing you need is to worry about money, too.
Many of the Constant team were fortunate enough to study abroad. We know what it’s like to have a strict budget, to achieve that balance between books, food, and fun.
So why must bank fees ruin everything?
As a student living abroad, your parents or relatives help out a lot. That means transferring you money, possibly every month, term, or year (depending on how well you manage your money!).
Banks have learned to cash in on this need by charging fees for both outgoing AND incoming transfers. And once you’ve factored in the poor exchange rates offered by most banks, your parents have to spend even more to make up the shortfall.
Studying abroad is a privilege. Unless you’re paying for everything yourself, your parents have worked hard to provide you with an overseas education. Is it fair that they must also pay hefty bank fees, too?
We don’t think so, either.
Constant, being a digital money, can be sent to anyone, anywhere in the world, instantly, and for free. It’s not hobbled by bureaucracy and outdated technology like fiat currencies are, and yet its value follows the most stable currency in the world — the US Dollar.
So what does that mean for you?
Well, depending on who you bank with, Constant could save you and your family up to $50 per transaction. Yes, that’s right. Some banks charge as much as $50 for sending money abroad, and as much as $25 for receiving it.
Think what that does to smaller amounts like birthday money — your grandma would be better airmailing you a card with your $20 bill inside, otherwise bank fees would eat it up. And if you do monthly transfers, you could pay up to $780 a year, enough to buy a brand new iPhone XR!
With Constant, however, transfers are free. You can send Constant to anyone, anywhere, and it won’t cost you a penny. You won’t need to wait days for the money either. Your money arrives in seconds (minutes at most).
I know what you’re thinking. There must be a catch, right?
Okay, so we’ve said already that 1 Constant equals 1 USD. Sending Constant is free, and we’re working to get Constant accepted in retailers and businesses across the globe so you can spend it anywhere.
In the meantime, you can cash out your Constant as USD, and for that, we do charge a small fee. Usually it’s 0.5%, but students get half price, so our fee drops to just 0.25%.
How does that compare to bank transfers?
Let’s say you’re studying abroad in the USA and your parents want to send you $1,000. Your bank (let’s say you use US Bank), charges $25 for receiving the money. Your parents’ bank charges $10 dollars to send the money. The result? You lose $35 — receiving just $965.
However, if your parents bought and sent you 1,000 Constant (zero fees), you could cash out for just $2.50, saving $32.50 and receiving $997.50 in total.
Studying abroad might be hard, but it’s also an exciting time of your life. With a new culture to explore and new friends to make, you don’t have time to worry about bank fees eating into your budget.
So next time your family wants to send you some money, tell them about Constant. You could save them, and yourself, some serious money, leaving you to focus on those class-leading grades.
To start sending money abroad with Constant, sign up on our website now.
If we can help with anything else, or if you have any questions or feedback, please join us on Telegram https://t.me/constantbanking