Even though you'll have the time of your life studying abroad, be prepared for some severe financial strain. Everyone should feel the thrill of moving to a new nation but be prepared for one of the most financially difficult times of your life if that country is not your home. There are ways to lessen the financial burden of studying abroad, though. In light of the ongoing uncertainties surrounding the coronavirus pandemic, it will be crucial to saving costs wherever feasible.
With these helpful hints, learn how to stretch your foreign-exchange dollars while studying in Canada.
- Watch currency exchange rates and get a foreign prepaid card for students
One of the most important things to remember before leaving India for studying in Canada for a trip overseas is that obtaining foreign currency there is preferable to converting money after you arrive or an international student card. Currency conversion rates may vary by as much as 6% from one firm to another, so it's important to shop and find the best in your area. You may now take advantage of forex markets available online to save time and prevent anxiety brought on by exchange rate swings.
- When traveling internationally, it is recommended that you
To avoid the high-interest rates and fees associated with using a debit or credit card overseas, a prepaid card is an excellent option for any studying in Canada. Cards are more cost-effective than other foreign exchange forms and less expensive than rupee and prepaid travel cards. The added advantage of being able to examine and compare rates with other currencies and inter-bank rates of goods is provided by these.
- Shop around to get the best exchange rate for your money transfer needs
A good amount of money for college expenses is a must if you plan on studying abroad. Tuition fees make up a sizable chunk of total education costs. Thus, even little changes in the exchange rate would significantly impact your spending. You may save a lot of money by using one of the many online money transfer services that offer low fees.
There is excellent fluctuation in foreign exchange rates, and these prices might vary widely across different banks and other money changers. That's why it's crucial that you keep tabs on the market and make purchases while rates are low to get the best value.
If you plan on studying in Canada for a year or longer, opening a local bank account in your host country is one of the most practical things you can do. Withdrawals from ATMs might be costly for students, but the institution could recommend a bank account tailored to their needs. This may be useful if you get part-time work and start making money. A lot of weight would be lifted off your shoulders if you took up a part-time job.