Everyone who is interested in studying abroad, of course, thinks of the cost of study and living in the first place. If someone is financially less fortunate, they forget the desire to go for knowledge. But those who are fortunate enough consider to pursue an education at an international university. So, if you are going to study abroad, you need to understand the local banking system and currency and make financial planning before you start roaming the streets of your new home. Banking and money vary greatly depending on the country you go to. While the US dollar is widely accepted, you still need to understand the local banking system and how your money works; otherwise, you risk taking advantage or having trouble buying food and other items from local shops and cafes.
Also, you will want to make sure that you have enough money all the time you are studying abroad, which means that you will need to do the research. Saving your money and knowing how to spend it is just as important as knowing how the banking system and local money are working. Here are some tips for your trip to a foreign country that will apply no matter where you go, as well as some tips for certain parts of the world.
Watch exchange rate
If you live in a foreign country and you know that at some point you will need to exchange money, then you want to keep an eye on the currency exchange rate. It makes sense to get the best exchange rate you can with cash and sometimes you, the rate will be very, very good. A lot of students prefer to wait until they need more money to exchange. This means that they have no control over the exchange rate and only need to settle with the rates offered at the time they exchange their currencies for a local one. There are many ways to watch exchange rates, but the internet is probably the best way. You can find a website or app for your phone that will signal you when the exchange rate has reached the set amount. That way you can take advantage of it when it happens, and you will not have to pay the next time the fixed rate you need cash in your local.
Know the ATM transaction cost
When you are in the United States, there is no fee if you use your own ATM, but you will be charged some money - if you use another ATM bank. But when you are outside the United States, you will not only pay ATM fees but you will also have to pay foreign exchange rates and maybe some kind of service fees. ATMs are still the best way to get your money in foreign countries, but just make sure you know the fees before you use them.
Get less cash frequently
One of the most obvious tips to save money is to get your cash out just once or twice in the time you will study abroad. Of course, this may mean having a huge amount of cash, and not everyone is comfortable with bringing cash around. If you do not want to hold the currency in cash, consider getting a traveller's check instead. That way, you still have access to your cash, but you do not have to carry around. If you happen to lose your travel check somehow or you are robbed, you can replace them within a few hours of 24. Even if they become quite outdated, you can still find travel checks if you are looking for them.
Use your credit card
It seems like very heavy advice, but if you use the right credit card while you are studying abroad, the benefits can be worth it. First of all, you want a credit card that does not charge you a salty transaction fee.
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