iving abroad as an international student can be a life-changing experience, exposing you to new cultures, a great learning environment, and networks. However, managing financing in a new country can be complex and negatively impact your experience, especially when you’re dealing with unfamiliar currencies, exchange rates, and living costs. With the appropriate information and lifestyle adjustments, you can manage your finances better. Here are some simple money tips to help students living abroad make the best of the opportunity.
A realistic budget might be all you need to maximise your experience as an international student. Before anything else, figure out how much you can afford to spend each month and be disciplined enough to stay within that expectation. List your fixed expenses, such as rent, transport, groceries, and tuition. Then set aside an amount for leisure and for emergency savings. Use budgeting apps like YNAB or a spreadsheet to track your spending and see where your money goes. A clear budget helps you avoid running out of funds before your next income.
Traditional bank accounts often charge high fees for international transactions and withdrawals. Instead, open a local bank account in your host country or a multi-currency account that lets you hold, send, and spend in different currencies. Platforms like Grey are ideal because you can receive and hold multiple currencies (GBP, USD, EUR), easily convert and withdraw funds at mid-market exchange rates. This makes your spending cheaper and simpler.
Credit cards are great for emergencies or building a credit score, but not for everyday use abroad. Otherwise, you’ll have to deal with foreign transaction fees (usually 2–3%), poor exchange rates and high-interest rates. Use a debit card or digital wallet instead, and keep your credit card strictly for urgent situations.
The truth is that various countries offer preferable payment options. Carrying cash is a more prudent choice than card payments in some countries. Note whatever is obtainable in your environment by learning how locals pay for things, whether it’s contactless, QR codes, or cash. Set up the option that’s most convenient for you to avoid awkward moments at checkouts or in restaurants.
Airport and hotel exchange counters are convenient but notoriously expensive. They offer poor exchange rates and high conversion fees. Also, the chances of getting scammed are high in some countries if they think you are a newbie. If you need cash on arrival, withdraw a small amount at an ATM or use a platform like Grey to convert currency before travelling. This ensures you get fair rates and avoid unnecessary costs.
Food is one of the most significant expenses for international students. Eating out regularly might be convenient, but it will tank your finances if you are not mindful. Save money by cooking at home on most days and storing food for days you might feel up to cooking. Shopping at local markets or discount grocery stores saves money on your purchases. It is also healthier to cook at home most of the time than to opt for processed fast foods. Make eating out more of a guilty pleasure than an everyday thing.
Many countries offer student discounts on public transport, museums, cinemas, and even restaurants. Always carry your student ID or use platforms like UNiDAYS and ISIC to access verified offers. These small discounts can help your budget further in the long run.
Even on a tight student budget, aim to save something. It builds good financial habits and helps during emergencies and for making big purchases. You can automate your transfers to a savings account or use a budgeting app with a round-up feature that saves spare change from each purchase.
If your visa allows (e.g., up to 20 hours/week), part-time work can supplement your budget. Here are some great work options for international students:
Always check visa rules to avoid penalties.
Living abroad as a student is an educational adventure, but managing your money wisely helps you make the most of it. If you’re studying overseas, consider opening a Grey account to manage multiple currencies, receive money from home, and pay locally at competitive exchange rates. Grey’s virtual USD debit card also makes it easy to pay globally.
Get started on Grey today and spend smartly wherever your studies take you.
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