Finances

Part 4 of 9.

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Welcome to Part 4 of our 9-part series on what to consider before studying abroad.

This time we cover a big topic...

Finances

You’ve chosen your country of study and at least one university in that country. The next question is can you afford what studying there will cost. You have to consider all costs: Tuition Rent and utilities Health insurance Local transport Food Entertainment Regional travel Other expenses And you have to consider how long you’re going abroad. You might be eligible for a scholarship. Look into this. To get an idea of costs, do an Internet search on the cost of living for students in your destination of choice.

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Once you have an understanding of the costs, create a budget – a realistic one you can stick to. It’s also best to determine how you can get the best foreign exchange rates so when you transfer funds from your home country’s currency to the currency where you’ll study you get an optimum rate. Currency exchange rates can vary considerably and your bank probably will not offer the best rate you can get. Trustworthy, specialist foreign currency exchange services operate in most places. Seek referrals, get quotes from different companies and make your decision accordingly. This can make a big difference, especially when you transfer larger sums for tuition fee payments or to make advance rent payments.

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It’s also a good idea to decide which bank is best in your destination country. Open a local account where you’re going to study. This makes managing your local spending much easier. You can generally expect a good choice of banks with a good range of online services. Ask for recommendations from people you trust. If you want to study abroad and think you’ve got the grades and financial means, contact one of ProEd’s experienced counsellors to find out how they can help make the process quicker and easier.

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They can also help you determine your budget and give recommendations on where to get optimal exchange rates. ProEd is a premier advisory service helping international students find their best fit schools abroad. Check our Contact Us page to find out how to get in touch.