If you have decided to get education in a country
other than your own, one of the most critical aspects to consider is the costs
involved. Studying abroad is an option that many promising students do not even
think about solely because they believe it is prohibitively expensive. It is
not just the cost of tuition but the associated expenses too that make this
such a financially difficult decision to make. Here are a few tips that you can
use, well before you leave, to address concerns about student life finances:
Making sure that you can still use your Credit/
Debit Cards
One of the most critical things to do before you set
off for your studies abroad is to ensure that your credit/ debits cards can be
used there. These are the payment options that will tide you over when you have
a financial emergency. This is exactly why it is so imperative to verify well
in advance that they can be used in the foreign country whenever you need cash.
Check with your bank (in case of debit cards) or
credit card issuer if the card can be used abroad and if there are any
formalities to undergo in this regard. Talk to the right bank/ Credit Card
Company officials and keep them informed about the country where you will need
to use the card. Remember that the card needs to be in your name to avoid
confusion in a foreign country where you will be using it. If you do not have a
card yet, check if you can apply for one linked to your parents’ card. Your
parents will have to make an application and request for such add- on card.
Foreign Currency
Irrespective of whether or not you have a debit card/
credit card that is enabled for use in your destination country, you should
carry sufficient cash in the form of foreign currency to pay for essential
expenses. Many establishments may not accept your debit/ credit card and going
without essentials until you get money wired to you or convert your currency is
not a viable or practical option.
To give you an example, many small restaurants, eateries
may only accept cash. Unless you are willing to burn a huge hole in your wallet
by eating only at bigger hotels where your cards are accepted, you should be
prepared beforehand with some cash.
Prepaid Cards and Traveler’s Checks
Carry traveler’s checks in various denominations and
you are prepared to meet expenses both big and small without having to carry
huge sums of cash with you. If the traveler’s checks are stolen or you misplace
them, you can limit your loss unlike if it is your cash that is missing. Make
sure to keep the check receipts in a safe place since these are required to
replace lost checks.
Prepaid cards are another excellent and safe way to
ensure that you are financially prepared when you arrive at the country where
you will be studying. The advantage with these is that you can purchase them
well in advance, use them at merchant establishments as well as withdraw cash
through ATMs with them.
About the author:
Penny is a finance expert with years of experience in
foreign exchange. She has written finance articles about real estate, compare exchange rates, and
insurance.
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