What Financial Preparations are Needed before Studying Abroad?

Studying abroad has never been easy for Indian students. Processes and procedures regarding financial matters are complex, and students don’t have enough time to learn and study the whole system. Because of that many students end up paying a lot more than they should have paid.

There are better ways out there, but pre-planning your international travel is something you should consider doing when travelling abroad. This is because in a rush and in a short time you will end up wasting your money on the expensive offers.

Don’t worry, we have done the hard work for you and gathered all the necessary information you need to be a travel ninja.

1. Consider applying for a scholarship:

It is cheaper to study aboard on a University scholarship or aid provided by a trust. It will make your semester fees affordable and you don’t have to repay the amount you have spent. It covers semester fees, living, and allowances, etc.

To get a scholarship, you must be an Indian national, must have passed board examination from a certified Indian University and obtained over 60 percent marks in the exams.

You must invest some time in researching the institutions you want to attend, then create a short-list from them and check the process of scholarship in each of the short-listed institutions and choose accordingly. Consider preparing scholarship applications in advance, as that will save your time and money.

2. Get yourself a prepaid forex card:

Getting a Forex prepaid card will make payments aboard a lot easier and cheaper. Forex card lets you load balance in foreign currency even before you get to your destination.

Your parents can load balance in your card from India. Best vendor of forex card for Indian students is BookMyForex.com, where you get amazing benefits like Fixed exchange rates and up to 16 currencies in one card, that will help you when making purchases on airports.

3. A student bank account is a must:

After reaching your destination, you should consider opening a Student bank account as it will smooth the way for you to pay semester fees quickly, get you part-time Job checks deposited on time and money managed through-out your whole semester.

4. Purchase a student travel insurance plan:

Living aboard is difficult and risky because there are some risks that you will end up in a situation where you’ll need the money. You can avoid that risk by having a travel insurance plan. It will cover things like accidents, loss of baggage, medical bills and loss of important documents.

These policies cover up to 3 years and cost around five lakhs each year. Sometimes students can choose between a Local or Indian insurance provider; in both cases, if you have a tight budget, you should consider getting insurance from the local provider.

5. Choose forex prepaid card to pay expenditure:

Forex cards are an excellent solution for all the hassles of paying money to high exchange rates and the withdrawal fees. Funds you load on your forex card are in required currency so it wouldn’t be an issue while shopping aboard.