Going overseas to study? Find out how to be financially fit

11 May, 2016

Going overseas to study? Find out how to be financially fit

Sending your child to a overseas university is no more a dream now. It has become a fashion with large number of students going abroad each year.  The coming session in the month of September  would not be different. Many applications has already been accepted at many overseas universities with destinations like the UK, the US , Australia and Canada leading the race of Indian student intake.

With financial planners and bankers normally goes through many cases each day, for a person, both child and their parents, the preparations are always irresistible, mainly the financial part.

Planning meticulously and saving for college fees is just a start. Many children for the first time would be handling their bank accounts independently, swiping the cards for the expenses and these in a overseas  currency.  Taking a look at present rate of exchange, they require to practice staying in their budget. Below are few points that would help your child to get equipped financially in an overseas land.

How to get ready

You child would require issuance of forex card prior leaving the nation. Ensure that you had open an account atleast two to three months earlier before leaving. This would help children in handling their own bank account independently in their nation of study. Student should learn to be in their budget. The university must provide you an estimation of expenses of living like food, housing, books, travel and sundry costs.

What to pack

On this, you would get a list from university. It is a common checklist and the student might have specific requirements.

How much cash in hand

While insurance is compulsory,  issues like how much money to carry and what card signup for are your choice. it will take some days to get bank account and cards after the student reaches their destination. They required to carry  sufficient money and forex card for funding their expenses till then.

Whether to take on campus hostel or rented accommodation requires pre planning.  Student would require money for traveling that includes airport transfers, accommodation and food , prior student get their permanent accommodation.

What to do after reaching new destination        

The first step of student should be to report their university and finish all the pending paperwork and to open a bank account and obtain a debit card. Student needs to check with their course coordinator about bank that has got branch on campus. Read the insurance policy and mark cashless health care facility near your campus. 

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Tags: students, study

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