International students will soon start their first semester abroad, after months of preparation. It’s time to immerse yourself in a new experience. Studying abroad is usually a wonderful experience, but even the savviest visitors have to work through a set of fees, forms, and financial snags before arriving on campus.
Being prepared financially with your new currencies, and making sure that you don’t transfer money to the wrong people, will save you a lot in the long run. Here are some of the biggest financial fails to avoid while studying abroad.

1: You should never live like a traveler
Regardless of where you’re moving to, you should start acting like a local as quickly as possible to protect your budget. You should open a bank account for the country or region you are presently in, or will be traveling to, even before leaving.
Madeleine, a Swedish student studying in London, couldn’t open an account with her VISA card because she didn’t have all of the documents. She paid £300 in fees but credits it to a different process.

2: Find the right university for you with low tuition fees
University can be expensive; so, if you are lucky enough to have a scholarship, or have friends and family who are helping pay for it, it may still cost you to send funds abroad. The use of banks and intermediaries while sending money across borders can have consequences like it takes a long time to complete the process, you get a bad exchange rate, and it requires a lot of fees. There is an alternative, though! Wise saves your money on international transactions by sending your money directly to where it needs to go. They offer transparent fees and you know exactly how much the transaction will cost each time you use their calculator. Click here to find out more.

3: Take advantage of student discounts
Many sporting venues, tourist attractions, and clothing stores offer special discounts for students. We suggest that you always ask for loyalty cards, as they can give you a discount when we use them consistently. Click here to discover more ways you can make and save money as a student.