Studying abroad can be a life-changing experience and open up a wealth of opportunities, but there are also some important financial factors to consider.
With university tuition fees in the UK among the highest in the world, it’s easy to understand why an increasing number of students are considering studying overseas. European countries such as France and Germany, as well as further afield in places like South Africa, are popular with students thanks to their high quality educational establishments and affordable tuition costs (topuniversities.com).
On the other hand, top-tier universities in the UK, such as the University of Oxford and Imperial College London, can offer foreign students the chance to access world-class education and specialised qualifications. In Norfolk, NUA is globally recognised as a leading creative arts university and is home to international students from 40 countries, with scholarships and financial aid available.
The cost of studying abroad can vary greatly depending on the educational facility and your chosen course. It's not just tuition fees you’ll need to factor into your financial planning either – you'll also need to consider monthly living costs and other everyday expenses.
When it comes to navigating the world of international payments, using a global currency transfer specialist like Clear Currency can help to make your money go further.
Below, Clear Currency offers some useful guidance on how to make overseas payments and save money when studying abroad.
What payments need to be made when studying overseas?
As an international student, converting money into a foreign currency for your tuition can be overwhelming. Of course, you’ll want to know that your finances are secure, and that you'll be able to live comfortably during your time abroad.
If you decide to study in a different country as part of a university degree, you should still have access to the same funding as you would in the UK. Many universities offer year-long study abroad and exchange placements, in which case you may need to exchange part of your student loan into a foreign currency to cover fees and living costs.
The main payments you will need to make as an international student include:
- Tuition fees – The fees listed will usually be per year and fixed for the duration of the course. You may have the option to pay in full upfront, or in monthly installments. If you’re studying abroad for a year or less as part of a degree in the UK, you will usually pay a reduced rate to your home university without needing to pay tuition fees to the overseas facility.
- Accommodation and bills – After tuition fees, paying for accommodation is usually the highest expense for international students. Some study abroad programmes will include rent and utility bills in the upfront course fees. Otherwise, it’s worthwhile researching the area you're studying in to find an affordable place to live.
- Books and equipment – While the cost of course materials may not be high, it's easy to overlook and can add to the overall expenses of your tuition, 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 foreign travel advice or the embassy of the relevant country for more details. You may also need to purchase insurance for your time 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, living costs can also be influenced by the current economic climate of the country you are studying in, so it’s a good idea to look into this before you go.
How to make international payments
Some universities and educational establishments will have a preferred method of paying for tuition and accommodation fees in foreign currencies. This may be via bank transfer, debit card or credit card, but it’s worth bearing in mind that most high-street banks can charge excessive commissions and high transaction fees when making payments abroad.
For a lot of 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 make hassle-free transactions in the currency of your choice.
Why use Clear Currency to pay for international fees?
Wherever you decide to study, Clear Currency can transfer money across 35 currencies and 130 countries, with no hidden costs. The online payments 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 have support from a dedicated currency specialist who will help to ensure that your money arrives quickly, safely and in full.
Whether you’re paying upfront for your tuition fees or transferring money into your student account, Clear Currency can help you manage your finances with ease so that you can make the most of your time abroad. Sign up for a free account today.
Clear Currency is FCA regulated and has a 5* Trustpilot rating.
To get a free transfer quote, visit clearcurrency.co.uk. Call +44 (0)20 7151 4871 or email edp@clearcurrency.co.uk for more information.
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