Money factors to remember before you fly to study abroad

Money matters need to be sorted out well before flying abroad for higher studies or else you are exposed to unnecessary troubles and expenses. Here’s your brief checklist.

Seek scholarships:

Foreign degrees often cost exorbitantly. Scholarships are your best bet to bring down the out of pocket expenses involved. Many leading trusts and education institutions offer generous funding, ranging between INR 1 Lakh and 15 Lakhs, to deserving students for foreign education. Specifications may vary, but the grant usually covers your tuition fees, living allowances, and other expenses. Your eligibility for the scholarship and the sanctioned amount is subject to the trust’s discretion. Best of all, the scholarships need not be repaid at any stage. So, get your act together, Google your scholarship options and apply immediately.

Get the desired Forex:

When in your destination country, you’ll require the local currency for all expenses. Here, Forex card kicks in, helping you carry money safely, securely and conveniently across borders. Direct purchases to ATM withdrawals abroad, everything is possible with the Forex Card. Any overseaseducation consultants in Delhi will advise you to visit a Forex dealer and load your Forex card at favourable locking rates. Don’t forget to ask the Forex dealer for any money-saving offer available for students like you. Also, keep sufficient cash for some upfront expenses - food, cab, and more – that you’ll be making as soon as you land in your destination country.

Open a bank account:

That should be amongst the first few things you do once in foreign shores. The bank account helps you better manage your money, particularly for longer durations. You can quickly access the money remitted by your family and deposit paycheques from your employer, in case you are working part-time. The bank mandate a set of documents for account opening, such as passport, ID proof, local address proof and a confirmation letter from the university. Ask your university for account opening recommendations and assistance, if required.

Get student insurance:

Studyabroad consultants in Delhi always recommend student insurance coverage because a medical emergency can occur to anyone, at any time. The insurance policy will typically cover doctor visits, prescriptions, hospitalization, and more, relieving you from paying upfront in the wake of a medical emergency. While an insurance cover is optional in the UK, Australia and other education hubs globally, it’s mandatory in the US. The insurance policy can be bought in India before flying or in the destination country once you are there.