Financial necessities for expat students at foreign universities

Expatriation isn’t always for work-related reasons or retirement, as increasing numbers of graduate students are choosing to study for their degrees at overseas universities.

For the student generation, three or more years spent at a foreign university is an exciting project as well as a scary one, but a degree obtained under those circumstances can boost career opportunities into the stratosphere. Travelling to an unfamiliar country and settling in whilst studying is a challenge, especially if preparation for the move hasn’t been completed. For example, forgetting to inform your bank you’ll be studying overseas can mean your credit card is cut off the first time you try to use it.

The boring necessity of ensuring you’ve cancelled standing orders and direct debits for services you won’t be using is another chore, but nowadays much can be done online to make your departure trouble free. Given that most international students are living on a tight budget, keeping a close eye on currency fluctuations can save you money on transfers in the long term. Paying for your tuition through the university’s approved wire services helps avoid potential money transfer hiccups, and checking for exact payment dates avoids complications.

Although opening a bank account and getting a credit card in your destination city is a good thing, you’ll need to check ahead whether you, as a student, can actually do this. For example, in the USA, qualifying as an overseas student for a credit card issued by an American bank is a nightmare procedure, making sticking with your home country card the best idea. One unpleasant reality best not ignored is your host country’s tax regime – especially if you’re planning to get a part time job to help with expenses or are in receipt of payments for online work.