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If you are planning to move abroad for higher education, here are some things you should take care of to manage your finances better.
Your top priority should be to secure a place to stay BEFORE you move; don’t leave it till the end. Stay aware of false listings and scams, and find a place within your set budget.
Try to transfer larger sums when exchange rates are low, and avoid exchanging at airports, as they might charge high fees. Also, check if your bank offers a multi-currency account.
Always check foreign transaction fees and inform your bank beforehand to avoid blocks. Consider getting a card with low international fees or zero forex markup.
Do not rely completely on part-time jobs as they are hard to find. Carry enough funds to sustain you for at least 3 to 6 months in case of any emergency.
Learn about student tax rules in the country you are moving to and understand if you will need to file returns. Also, check for double taxation treaties in your country.
Look out for student discounts offered by banks, grocery stores, libraries, cinemas and more. Remember to carry your student ID to avail the benefits and save more.
Explore student-friendly prepaid plans beforehand, as many countries require a credit history or a large deposit for postpaid plans, forcing you to buy expensive prepaid plans.
Even if you have insurance, there might be co-pays or deductibles. Further, vision and dental are not usually covered in student insurance, so ensure you carry enough funds.
Thanks for reading!
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