Money-saving tips when choosing to study abroad

Pursuing an education abroad comes with countless academic and personal development benefits, and for a Malaysian student, studying overseas can be an achievable dream because of various twinning programmes offered by universities.

According to statistics from the Ministry of Higher Education, more than 73,000 Malaysians opted to study abroad in 2019. While this number dipped by half in 2020 due to the pandemic, it picked up strongly again last year, growing to 56,000 in 2021.

It’s no wonder that students continue to be interested in an education abroad given the various learning opportunities. As the pandemic situation improves, more students may start thinking about studying abroad again.

With that in mind, here are some tips that could help you plan and prepare:

Plan early and be prepared

Always – and we can’t stress this enough – do your homework. The first step is always to look into your destination of choice. Check out all the best options for flights, accommodation, and most importantly, living expenses.

Make comparisons and choose the most suitable options according to your situation. Do your research on potential costs on things such as groceries, eateries and restaurants, and entertainment in the area. This will help control your budget and also set expectations.

Of course, as a Malaysian student, there will be things that are more expensive in comparison (such as Maggi) but worry not, you can always buy them in bulk here.

Research for financial aid

Many universities or institutions are willing to provide grants or scholarships to students. Before applying, you should look into all the grants or scholarships available to you, research their terms and conditions then choose the one that is best suited to you.

However, there are also other ways to study abroad. For example, you could also consider a work-study visa. Countries like Australia and New Zealand all offer work-study visas giving you an opportunity to learn and earn some pocket money on the side.

What about insurance?

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

Choose a hassle-free way to make international transactions

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

There are various hidden fees associated with foreign currency transactions that can catch people off-guard, such as when you want to send or receive money from overseas, or when you use a local bank card abroad.

Most traditional banks and providers often set unfriendly exchange rates as opposed to giving you the fair mid-market rate you see on Google or Reuters — so if you’ve ever been in a situation where you’re wondering why you ended up with less than you should get, you know why now!

This is why it is important to look for options that give you the best “bang for your buck”. Options that offer you a mid-market exchange rate with zero costs and no hidden transfer fees, like Wise, are good alternatives to help students save on unnecessary fees, so they can spend less time worrying about finances and focus on getting the best out of their studies and experiences. Want to take that train ride to London and see Big Ben or have coffee in Paris? Do all that cheaply and easily with no hassle.

Make good use of your Student ID

When you have your Student ID on hand, do remember to check out the student privileges around you. You can always flash your student ID at places that will give you discounts when applicable. If it is not available online, you can always ask your local classmates about it, they should know all about it – because after all, they have been living there for years!

The amount of research you may have to do seems like a lot – however it is necessary before making your choice. Preparation is key and your future self will thank you for it.

For more information on Wise and its products please visit: https://wise.com/my/