Study Abroad Hacks: How to Manage Finances as an International Student
Credit to Author: Staff Writer| Date: Mon, 22 Aug 2022 12:00:49 +0000
Canada is acknowledged around the world as a prime location to pursue post-secondary education and ranks third globally in attracting international students. As international students studying in Canada prepare for their upcoming fall semester — one that’s likely to resemble pre-pandemic times — there’s a lot to consider and prepare for, including their budgets.
The reality is that being an international student is often expensive, especially when you consider the exchange rates involved in paying for everything from tuition to meal plans. What’s more, these students are being impacted financially by hidden fees on exchange rates they’re likely unaware of, driving up costs and bringing in extra charges. With a new school year set to kick off, here are tips for international students and their families to consider to get the most out of their money when studying in another country.
Plan ahead for surprise expenses: create and stick to a budget
A good first step for any international student gearing up for the semester is to create a budget and financial goals that you’re able to stick to. This should include everything from annual costs (flights, tuition, a laptop), monthly costs (rent, phone bills, transportation) and daily costs (i.e. dining out and entertainment).
As part of this budgeting, it’s good to take into consideration currency conversions so you have a fulsome overview of your spending. For example, if you’re purchasing an item online from a store in Canada, it’s often more costly to pay in your home currency than in Canadian dollars. You can save significantly on foreign exchange rates by checking the currency before you make a payment and choosing to pay in the local currency. Add this to your budget and make sure you’re taking into account both your home currency and the Canadian dollar.
Discover hidden deals: explore student discounts and special offers
Many retailers in Canada often offer student discounts for added cost savings opportunities: whether it’s going to the movies, purchasing retail items online / in store and even buying school supplies, there are plenty of options for students to save on purchases. Check out what some of your favourite brands might have on offer and make sure to keep your student ID or email close by when shopping.
Many companies also offer discounts when you go through different financial providers. For example, Booking.com offers up to a 10 percent discount on all hotel reservations by checking out with a Wise card. Increasingly, more companies are partnering together to provide similar discounts for customers. Be sure to explore your banking and card providers’ websites to see what rewards and discounts they may provide, and take this into consideration when signing up for a new bank or credit card.
Manage your finances like a local: get Wise
International schooling is expensive, which is why being aware of hidden fees in exchange rates is especially important. If you’re paying for expenses in your home currency, you should consider how you’re transferring that money and ways to ensure you’re not getting caught out by extra, unknown fees.
With an offering like Wise, a universal account and app that enables you to send, spend, hold and receive money internationally without hidden fees on international transactions, you can save on international schooling costs.
Wise lets you hold more than 50 currencies, move money between countries and spend money abroad like a local in 170 countries. It also uses the mid-market foreign exchange rate without the markup and hidden fees charged by banks, remittance or other international money providers, providing an instant and transparent solution 4x cheaper than alternatives. Plus, Wise recently launched the Wise card in Canada, a contactless Visa which works similarly as other cards commonly found in your wallet but backed by the Wise account.
So whether you’re sending or receiving payments internationally, paying tuition, shopping online with international retailers, or spending money day-to-day while in Canada, the Wise account enables you to save money.
For more information on the Wise Account visit https://wise.com/ca/.
The post Study Abroad Hacks: How to Manage Finances as an International Student first appeared on Canadian Immigrant.
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