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Posted on December 11 2021

Smart tips to manage money while you study abroad

By  Editor
Updated November 15 2023

The financial requirements of education can be a daunting reality for those who choose to study abroad. Higher education done overseas will be a costly affair if you don’t chalk out a smart financial plan and prepare to join an institution overseas.

There are many factors that involve themselves in the financial aspect when you study abroad. These include currency rates, loan repayments, meeting daily expenses, and more. If you want to avoid trouble with finance on foreign land, practice the following tips.

  • You must have a track of forex rates. You must take the benefit in practices like banks spreading purchase and selling price of currencies.
  • Be watchful of fluctuating currency rates so that you get the opportunity to save money on future exchanges.
  • Check and compare rates and charges before you remit or exchange the foreign currency. It’s wise to use forex marketplaces online to do comparisons of the margins given by banks and vendors.
  • Rather than just the overall cost, it’s necessary to consider hidden charges and what the payments are made for.
  • Buy a student medical insurance plan to avoid accruing financial liability through meeting medical expenses. Research the insurance plan and company well before going ahead and buying a plan.
  • Make sure that the insurance plan covers medical expenses like an accident, dental treatment, personal liability, evacuation and repatriation, tuition fee, sponsor protection, and travel.
  • Also get travel insurance that covers medical emergencies, accidents, loss of important documents, loss of passport, and loss of baggage.
  • Open a local bank account, especially if the course has over a year’s duration. It will help you in getting your paychecks from part-time jobs faster and save considerably on currency conversion fees.

With these measures, your financial worries and woes will be addressed effectively. After all, financial issues should not come in the way of your study abroad, right?

If you are looking to Study, Work, Visit, Invest, or Migrate abroad, talk to Y-Axis, the World’s No.1 immigration & visa company.

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