Moving away from home to a different part of the world can be really challenging. Not only one needs to adjust to the new surroundings but also manage one’s lifestyle and most importantly, their finances when living abroad.
If you are a student who is planning to study abroad, you should definitely know how a student bank account can contribute to better management of your finances.
What is a student bank account?
A student bank account is an account that one can use in a foreign country. This type of account is a local account specifically designed for university students to cater their day to day needs and make their transactions in terms of rent, fees, and grocery more manageable.
Also Read: Know more about How to Open an International Bank Account
What are the advantages of an International Bank Account?
Having a student bank account while studying in a foreign country can make it more convenient for you to make transactions and can also help you avoid foreign transaction fees from your bank in your home country.
Some other benefits are –
Better management of expenses- Various recurring expenses such as paying the rent, travel expenses, and grocery can make a hole in your pocket if not managed well. So, it is advisable to open an international bank account which will have less transactional charges as compared to your other accounts.
Fees – You can save a good sum of money while paying the fee amount as a lot of money could be saved by paying less conversion charges. Paying the fees is cheaper when done via an international account.
Management of loans and funds – When you decide to study abroad and avail an education loan, the money for basic living expenses is transferred to your account after the conversion of currency. It is advisable to have a local bank account so that it gets easier to accept funds from banks and universities for carrying out your day-to-day expenses.
Even if you work part-time, getting your pay deposited in your bank account for future use is easier.
Also Read: Find out Why International Students in the UK Should Open a UK Bank Account
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