Tips to save money when choosing to study abroad

Tips to save money when choosing to study abroad
Tips to save money when choosing to study abroad

SEEKING an education abroad comes with countless academic and personal development benefits, and for a Malaysian student, studying abroad can be an achievable dream due to the various twinning programs offered by universities.

According to statistics from the Ministry of Higher Education, more than 73,000 Malaysians chose to study abroad in 2019. While this number halved in 2020 due to the COVID-19 pandemic, it made a strong comeback last year. past, reaching 56,000 in 2021. .

It is not surprising that students continue to be interested in an education abroad given the diverse learning opportunities. As the pandemic situation improves, more students may start thinking about studying abroad again.

With that in mind, global technology company Wise has listed a few tips to help students plan and prepare:

Plan ahead and be prepared

Always do your homework. The first step is always to search your destination of choice. Take a look at the best options for flights, accommodation and, most importantly, living expenses. Make comparisons and choose the most appropriate options according to your situation.

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Do your research on potential costs for things like groceries, restaurants, and entertainment in the area. This will help control your budget and also set expectations.

Of course, as a student from Malaysia, there will be things that are more expensive in comparison, but don’t worry, you can always buy them in bulk here.

Research for financial aid

Many universities or institutions are willing to award grants or scholarships to students. Before you apply, you should check out all the grants or scholarships available to you, research their terms and conditions, and then choose the one that best suits your needs.

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However, there are also other ways to study abroad. For example, you might also consider a work-study visa. Countries like Australia and New Zealand offer work-study visas that give you the chance to learn and earn some extra money.

What about insurance?

The importance of insurance is underestimated when choosing to study abroad, especially for peace of mind. You may want to consider an international insurance plan or an insurance plan that covers you while you are in another country, as a “just in case”.

Choose a hassle-free way to transact internationally

Living abroad means managing your living expenses in different currencies, so make sure you use a provider that doesn’t charge international transaction fees.

There are several hidden fees associated with foreign currency transactions that can surprise people, such as when you want to send or receive money from abroad, or when you use a local bank card abroad.

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Most banks and traditional providers often set hostile exchange rates instead of offering you the fair average exchange rate you see on Google or Reuters.

So, if you’ve ever been in a situation where you wondered why you ended up with less than you should have received, now you know why!

Make good use of your student ID

When you have your student ID handy, remember to check student privileges around you. You can always show your student ID at places that will give you discounts when applicable.

If it’s not available online, you can always ask your local classmates about it, they should know all about it, because after all, they’ve been living there for years! – June 15, 2022