Studying abroad is an exciting prospect, but its financial implications are daunting for international students. You must start with good planning to ensure that your money is in place. Unless your parents can bear the cost of foreign education and living, you will have to opt for an education loan. Scholarships can make things easier, but not every student can get one. You can consider the idea of working part-time as most countries allow international students to do it.
Apart from arranging funds for sustaining abroad, you must understand some money basics to ease your journey. Failing to know them can land you in trouble with factors like daily expenses, differences in currency rates, and loan repayments. These roadblocks can even stand in the way of fulfilment of your dreams. Knowing your money facts well can give you a head start. Here are the ones every international student should consider.
UNDERSTAND THE CURRENCY FLUCTUATIONS
Several factors can disrupt your budget, and forex rates are one of these. The slightest changes in currency rates can affect your budget. Luckily, you can find your way through the challenge with smart thinking and knowledge. Keeping track of the fluctuating currency rates is a good idea. You can research online or talk to experts to understand how to avoid being stumped by these fluctuations. The best approach is to buy currency when it seems to be at a substantially lower rate. Likewise, steer clear of currency shopping when rates run high.
COMPARE THE RATES
Apart from choosing the right timing for currency shopping, you must also compare the rates and choose the lowest one. Exchange rates can vary from company to company. You can compare the margins from different banks and lenders to find the best deal. The idea is to find the total cost and analyse the breakdown. Look closely for hidden charges like foreign transaction fees and service fees, as you may end up paying more than you expect if you are not careful enough.
SAVE ON HEALTHCARE BILLS WITH INSURANCE
Healthcare costs are the biggest concern for international students because they can easily burn a hole in your wallet. They are even more daunting in pandemic times because you have chances of falling sick. A student medical insurance plan can provide the coverage your need. You may buy insurance at home or opt for an insurer recommended by your university. But make sure you invest in diligent research before picking a plan. Ideally, it should cover medical emergencies such as accidents, dental treatment, evacuation and repatriation, personal liability, travel, tuition fee, and sponsor protection. Check the coverage and premium while insurance shopping to find the best deal. Besides health insurance, you must also get travel insurance.
OPEN A LOCAL BANK ACCOUNT
As a money-savvy international student, you must open a local bank account on landing at the destination. It enables you to manage your money safely and effectively. Bank accounts facilitate extensive savings on frequent conversion fees. Additionally, they let you get your paychecks from your part-time job. Not to mention, keeping money in the bank is a safe option. Most international universities have bank tie-ups, making it easy for students to open accounts. You will only need to provide some documents as a part of the formalities. These include a passport with a student visa, local address proof, your college ID proof, and a letter from your university verifying your admission and programme details.
Sorting out your finances as an international student is as important as any other aspect of study abroad preparations. You need not be a money expert to handle the concerns. Follow these basics, and you are good to go!
If you are considering studying abroad why don’t you discuss your prospects and opportunities with experts at Lurnable’s dedicated study abroad counselling division LurnPathways?
