How do I open a bank account while studying abroad?

To open a bank account as an international student, visit a local bank branch or inquire about student banking options on-campus. You'll need your passport, student ID, and proof of address.

What's the best way to transfer money internationally?

Use reputable money transfer services or online platforms like TransferWise (now Wise) to save on fees and get competitive exchange rates.

What should I know about foreign currency exchange?

Keep an eye on exchange rates, compare rates at different outlets, and avoid currency exchange at airports for better deals.

2021-06-23 |

Study Abroad

MUST-KNOW BANKING AND MONEY TIPS FOR STUDENTS STUDYING ABROAD

Which country is best for earn money while studying?

By Grad-Dreams

General

MUST-KNOW BANKING AND MONEY TIPS FOR STUDENTS STUDYING ABROAD

When you move to another country for your study abroad program, you must know its currency and be aware of the exchange rate. It is crucial to know about banking and money management to avoid unnecessary expenditures and be taken advantage of.

#There are some helpful banking and money management tips for students studying abroad.

Be informed about the ATM charges

Most people prefer going cashless and withdraw money at their convenience. ATMs facilities are used very frequently. However, students from foreign countries should be aware of the ATM service fees before withdrawing the money. Sometimes the costs can be very hefty and can increase your expenses.

To avoid the heavy ATM fees, you can consider creating an account with the local bank. Select a bank that offers discounts to students.

Learn About The Exchange Rates

When you go to a foreign country, it is crucial to learn about the exchange rate. The best time to make an exchange is when the rates drop. It would help if you withdraw large amounts instead of withdrawing small sums frequently. This way, you can avoid hefty fee charges on bank transactions. These days keeping track of the exchange rates has become very easy. You can visit websites or install applications that keep you informed about the changes in the rates.

Plan a Budget

The first crucial aspect of managing your personal finance is preparing a budget. You must identify and list down all your expenses. Categorize them into essential and non-essential expenses. After listing down the cost, determine how much money you have at your disposal. Allocate a specific sum of money for all your expenses. It would be helpful to review your budget and make changes if necessary. It would be best if you kept aside a small sum every month for unforeseen events and emergencies.

Planning and sticking to a budget will not only help you avoid unnecessary expenditures but also develop a habit of saving.

Spend Smartly

When you are in a foreign country, you must know how to spend smartly and reduce your expenses. There are three main expenses as an international student - tuition fees, rent, and other general living costs. The general costs include- books and course material costs, transportation costs, food, grocery costs, money spent on clothes and other commodities. You can reduce your costs by sharing your apartment, buying used books, getting a student travel pass, purchasing clothes and other items from community stores.

Contact Grad-Dreams experts for the best international education plans.

If you wish to study abroad, contact Grad-Dreams for the best international career plans.

#Take Advantage of the Student Discounts

Most countries offer student discounts for home students as well as international students. It would help if you used it for your benefit. You can get a student pass for your local travel; you can also get student discounts in places such as public parks, public libraries. Sometimes when restaurants and shopping centers provide special discounts to students.

#Grad-Dreams Education Consulting Pvt. Ltd

Mr. Sunit Survase founded Grad-Dreams Education Consulting Pvt. Ltd in 2003. It is a global education and career service company and is certified by the American International Recruitment Council. Grad-Dreams is an ETS Certified Test Administration center that conducts GRE and TOEFL exams.

It also looks after the registration for the IELTS examination.

Grad-Dreams is a value-driven organization known for its excellence and success in helping students choose the perfect study abroad program for them. It examines aspects such as the interests of the student, his/her financial status, career options, etc., before finalizing a suitable program with the student.

Grad-Dream helps students to arrange for their student loans by using its strong network with financial institutes.