Students who are keen to study abroad are often able to spend one year of their course on the Erasmus programme, in a warm country like Spain for example.

Through this time in Spain, students can experience the Mediterranean way of life and extend their knowledge and language skills.

However, university fees still apply and people can often find themselves still paying some level of fees to their home institution as well as covering the costs involved in studying at the Spanish university.

As such money is usually tight and people would be well-advised to carefully consider their options when it comes to how to send money to Spain.

Using a bank-to-bank transfer can appear convenient at first but high street banks tend to charge high per-transfer fees every time money is sent abroad.

With tuition fees, rental payments for accommodation and daily living costs, transfers could well become frequent and expensive.

A foreign exchange broker will significantly reduce these costs when you opt to send money to Spain this way.

Brokers tend to have some of the most competitive rates of exchange available to consumers and they do not charge consumers high fees for each transaction.