Managing Money as an International Student

1. What’s the real cost of living?

Tuition fees are just the start. Students often underestimate day-to-day living expenses, and accurate information especially in an age of uncertain inflation is harder to obtain.

Your budget should account for food, transport, utilities, books, leisure activities, and travel. Tools like Numbeo offer cost-of-living comparisons between cities worldwide, helping you budget realistically. Importantly, Numbeo allows you to compare up-to-date costs for the sort of things that you will likely be buying (specific types of groceries for example), so any disparities between home and new home can be identified earlier.

Once you’ve determined a monthly budget, add a buffer of 10% for unforeseen expenses. It’s smart to build a budget around surprises like emergency repairs, health expenses or sudden travel needs.

2. What are your banking options?

Opening a bank account overseas simplifies financial management. International banks such as HSBC provide accounts tailored for international students, making transactions easier and reducing currency exchange fees. We have a partnership in place to make setting up overseas accounts straightforward.

3. Control exchange rates and fees

Exchange rates can be volatile. As mentioned above, services like HSBC’s overseas student accounts are important as they give you access to better rates. There are other platforms, too, but if you’re with a bank that can provide everything as a package, then it’s a lot more hassle free by default.

4. Make the most of student discounts

You’re a student, and in most countries, having a student ID card can unlock significant savings. Transportation, entertainment, retail, and even dining establishments offer student discounts that can radically cut down costs (especially when it comes to transport!). Services like ISIC provide international student identification cards that grant access to discounts worldwide.

Remember to inquire locally about student rates and always carry your student ID in your wallet or purse.

5. Budget-friendly travel 

You’re likely going to be in your new home for a year, or longer. Travel is probably going to be part of the experience, but it doesn’t have to break the bank. Use public transport or group tours organized by your university. Your Student Union will have all the information you need.

Plan ahead for cheaper tickets and accommodations. Useful websites like Hostelworld can make it much cheaper. Book tickets well in advance too.

6. Consider part-time employment opportunities

If your visa allows, part-time work is a great way to boost your budget. Roles like tutoring, retail, hospitality, or campus jobs provide additional income and are a good way to acclimate to language and culture. But, as mentioned, it’s really important to make sure your visa allows for this (in many countries restrictions on student visas are increasingly prevalent).

7. Insurance can’t be overstated

Never, ever skip on health or contents insurance. While it might seem like an unnecessary cost, insurance protects you from what can be some of the largest expenses anyone, even someone deep into a lucrative career, will have to absorb. Add in the unknown of being abroad this makes it even more risky. Ensure your coverage is comprehensive and built for students overseas.