12:32 26 August 2022
Studying abroad can be a life-changing experience and open up a wealth of opportunities, but there are also important financial factors to consider.
With university tuition fees in the UK being among the highest in the world, it’s easy to see why a growing number of students are considering studying abroad. European countries like France and Germany, as well as more distant countries like South Africa, are popular with students thanks to their high-quality educational institutions and affordable tuition fees (topuniversities.com).
On the other hand, leading UK universities, such as the University of Oxford and Imperial College London, can offer international students the opportunity to access world-class education and specialist qualifications. In Norfolk, NUA is globally recognized as a leading creative arts university and welcomes international students from 40 countries, with scholarships and financial aid available.
The cost of studying abroad can vary greatly depending on the educational institution and the course you have chosen. It’s not just tuition fees that you’ll need to factor into your financial planning — you’ll also need to factor in monthly living expenses and other day-to-day expenses.
When it comes to navigating the world of international payments, turn to a global currency transfer specialist like Clear Currency can help you make your money work.
Below, Clear Currency offers helpful tips on how to make payments abroad and save money while studying abroad.
What payments need to be made while studying abroad?
As an international student, converting money to foreign currency for your tuition can be overwhelming. Of course, you’ll want to know that your finances are safe and that you can live comfortably while abroad.
If you decide to study in another country for a university degree, you should still have access to the same funding as in the UK. Many universities offer year-long study abroad and exchange internships, in which case you may need to exchange part of your student loan into a foreign currency to cover fees and living expenses.
The main payments you will need to make as an international student include:
- Tuition – The fees quoted will generally be annual and fixed for the duration of the course. You may have the option of paying in full up front or in monthly installments. If you are studying abroad for a year or less on a UK degree, you will usually pay a reduced fee at your home university without having to pay tuition fees at the overseas institution.
- Accommodation and bills – After tuition, housing is usually the biggest expense for international students. Some study abroad programs will include rent and utility bills in the initial course fees. If not, it’s worth researching the area you’re studying in to find affordable accommodation.
- Books and materials – While the cost of course materials isn’t high, it’s easy to overlook and can increase your overall tuition expenses, so it’s worth factoring into your budget.
- Visa and insurance – Students may need to purchase a visa to study in another country – check the UK government’s overseas travel advice or the relevant country’s embassy for details. You may also need to take out insurance for your stay abroad, and the cost will depend on the country you are studying in.
- Living costs – The cost of food, entertainment and travel will depend on your individual lifestyle. However, the cost of living can also be influenced by the current economic climate of the country you are studying in, so it is a good idea to do some research before you go.
How to make international payments
Some universities and educational institutions will have a preference payment method for tuition and accommodation fees in foreign currencies. This can be done by bank transfer, debit card, or credit card, but keep in mind that most major banks may charge excessive commissions and high transaction fees when making outgoing payments. ‘foreign.
For many students, saving even the smallest amount of money can make a big difference. Using a currency specialist allows you, as a student or anyone else paying on your behalf, to transact hassle-free in the currency of your choice.
Why use Clear Currency to pay international fees?
Wherever you decide to study, Clear Currency can transfer money in 35 currencies and 130 countries, with no hidden fees. The online payment platform allows you to make same-day transfers with access to competitive exchange rates.
You’ll be able to track your payments every step of the way and benefit from the support of a dedicated currency specialist who will help ensure that your money arrives quickly, safely and in full.
Whether you’re paying your tuition upfront or transferring money to your student account, Clear Currency can help you manage your finances with ease so you can make the most of your time abroad. Sign up for a free account today.
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