Study Abroad – Financial FAQ For Students

Many students spend part of their studies abroad. The experience gained is undoubtedly worth it, but along with other preparatory work, some of the bank-related payment cards and internet-related payments should be taken into account.

Therefore, before you go to study abroad, it would be important to find out what the specific national bank regulations are to avoid possible complications when starting a life in another country.

Sufficient savings

When traveling abroad, it is recommended that you have enough savings to be able to spend your first months without worries. This will ensure that you are suddenly in need of money and you can better adapt to the new student’s life.

Which bank card will you use?

Think about which bank card you will use – whether you choose to continue using your local bank card or you may want to open a new account with a foreign bank. In the first case, you need to find out if your card will be accepted in your country. For example, Maestro and Mastercard Cards are accepted in most countries, but Visa Cards can be a lot of troublesome.

Bank’s requirements for opening an account

If you want to start a cooperation with a foreign bank, find out what bank requirements to open an account. Often, in a new country, you need an account statement or even a letter of recommendation from your existing bank, so this document should be prepared before you go abroad. This will have fewer problems because you already have the necessary documents.

Bank card limits

Check out all bank card limits and adjust them to your current needs. Limits are appropriate for sums limits except for cash, card payments or bank transfers. You can check the limit online banking or ask your existing bank employee.

Card usage rights

Check your card usage rights, as it may happen that the card can not be used abroad or for purchases on the Internet. You can easily check it in your Internet bank or branch with the help of a bank employee. Many debit cards are not intended to make payments on the Internet. It is therefore advisable to choose a debit card with the benefits of a credit card, that is, a card with which you can pay online or, for example, rent a car.

Studying abroad will undoubtedly expand your horizons and give you new experiences. In order to make this experience as positive as possible, we recommend that you carefully consider all financial aspects before you go.

Financial help for students

If you’re struggling to find student loan or financing, make sure you call the student finance phone number 0843 455 0057. There’s a possibility that we have a solution.