How to manage money when studying abroad is the best

If you are going to study in China or abroad, it is necessary to master some foreign exchange knowledge and financial management skills. The exchange rate has the same ups and downs and risks as the stock market, so mastering certain financial management skills can save you a lot of money in studying abroad. Next, Bian Xiao will tell you some financial skills that foreign students must know.

1 Currency exchange is similar to fixed investment fund.

Under the influence of foreign currency exchange rates and foreign student policies in different countries, the total cost of studying abroad is constantly changing. How to reasonably purchase foreign exchange according to the change of foreign exchange rate and reduce the cost of studying abroad is also a problem that has to be considered.

In fact, this problem is somewhat similar to the fixed investment fund, except that the fixed investment fund is to stabilize the income, while the fixed investment in foreign exchange is to stabilize the cost of studying abroad. "If you want to buy a certain amount of foreign exchange for a long time, this requires international students to continue to pay attention to the trend of foreign exchange and make a budget for their study abroad expenses. In recent years, the continuous appreciation of the renminbi has led to the relative reduction of the cost of studying in the United States, Britain, Australia, Canada and other countries, which may also be one of the reasons for the increase in the number of students studying abroad, because everyone thinks that "studying abroad now is very cost-effective. "

Make sure that visa deposits should start one year ago.

"Studying abroad is something that must be planned early, especially in terms of funds." The deposit for studying abroad is not only the expenses spent abroad during studying abroad. Some foreign schools will require foreign students to submit certain deposit certificates when applying, and different countries have different requirements for deposit time. If you don't prepare the necessary funds in advance, it will affect your final study abroad, so you should plan the funds as soon as possible.

After getting the admission notice, you enter the visa application stage, and the deposit certificate is very important for the visa to pass. Under normal circumstances, international students need to provide bank deposit certificates required by relevant countries and deposit them in banks as required, including time and current savings deposits and voucher-type treasury bonds. Experts suggest that it is best to start the study passbook one year before applying for a visa, and it is best to have records of multiple deposits and expenditures, rather than a large deposit of several hundred thousand at a time. Because large-scale capital injection will inevitably make visa officers feel dazzled, and the motivation for visas is too impatient.

When the decision to study abroad is hasty, you can pass the customs by applying for a study abroad loan.

If the decision to study abroad is made in a hurry, and the deposit time or amount is insufficient, how can we pass the customs? You can make up for it by applying for a loan for studying abroad. Generally speaking, the loan amount for studying abroad cannot exceed the sum of registration fees, tuition fees, living expenses and other expenses equivalent to RMB within one year, with a maximum of RMB 500,000 and a maximum loan period of 6 years.

Australia, New Zealand and other countries are relatively recognized loan certificates. Bian Xiao reminded that if you want to apply for a loan for studying abroad, you'd better prepare from the time you apply for a school, which can help international students apply for a visa smoothly.

A credit card or dual-currency credit card that handles the withdrawal fee reduction for outbound consumption.

At present, many banks have launched dual-currency credit cards, which are settled in US dollars. The repayment method can not only avoid the loss of currency exchange, but also let the family repay in RMB at home. However, if you go to a non-US dollar country, the dual-currency credit card needs to charge a double conversion fee for local currency to US dollars and US dollars to RMB.

Most of these credit cards have primary and secondary cards. International students hold a secondary card in consumption abroad, and parents can directly use the primary card to purchase foreign exchange for repayment in China. They can also set the consumption quota of the secondary card, and each time they spend, they will be reminded by SMS. In addition, the bank will send back the bills of overseas students' consumption abroad on time every month, so that parents can know their children's consumption abroad at home. However, Bian Xiang Xiao tells you that it is not cost-effective to withdraw cash abroad, because the bank will charge a certain handling fee according to the withdrawal amount.

Therefore, for outbound consumption, you need to apply for a credit card that can reduce the withdrawal fee, such as the harvest card of Nanxun Bank. Parents use RMB to deposit money in the card at home, and international students spend directly abroad or take out local currency. At the same time, the ATM withdrawal and inquiry fees charged by domestic institutions after leaving the country will be reduced, and the currency conversion fee for converting foreign currency into RMB will be exempted.

5 preset overseas accounts to solve the problem of overseas cash withdrawal.

International students can also open an overseas account in advance in China, and remit the funds needed for studying abroad, such as tuition and living expenses, to the account in advance, which can be used directly after being activated overseas.

This business mainly involves the cooperation between domestic banks and overseas branches to help international students handle overseas bank accounts in advance. Generally speaking, as long as the application materials for account opening are submitted to overseas branches through domestic banks before leaving the country, overseas banks will open accounts in overseas banks in advance after approval.

This study abroad account has no minimum deposit requirements and will not charge account management fees. For students studying abroad for the first time, it is the best way to carry funds, which can avoid the trouble of finding a bank account when they are unfamiliar with it for the first time abroad.

It is appropriate to carry foreign currency cash in moderation.

According to the regulations of China Exit-Entry Administration, China citizens can take the equivalent foreign currency of up to US$ 6,543,800+0,000 out of the country. As long as it exceeds US$ 5,000, they must apply for a foreign currency carrying permit. Carrying too much foreign currency cash will also lead to a greater risk of loss. The amount of cash is about 10% of the sum of tuition and living expenses. It is suggested that international students who want to open an account after going abroad need to bring an appropriate amount of cash for the transition period, because it often takes two to three weeks to open an account successfully.

In addition to the above remittance methods, there are several channels for instant remittance, such as "Western Union Remittance" and "MoneyMoney". These remittance methods will arrive in about 10 minutes. When remitting money, the remitter designates a withdrawal point for this business, and the payee can withdraw money from the designated withdrawal point according to the "password".

7 study abroad insurance provides an extra guarantee for studying abroad.

In addition, after handling relevant financial services, it is best for international students to purchase study insurance. A simple appendicitis operation in the United States costs about $3,000, which is much higher than that in China. Therefore, insurance is essential, which can provide more protection for health and property during studying abroad. In general, medical insurance needs to be purchased at the place of study; Life insurance can be purchased in China, which is convenient for parents to communicate with domestic insurance companies.

If their children are studying abroad, parents need to arrange the following insurances, such as long-term whole life insurance, dividend insurance and investment insurance. Short-term accidental medical treatment, hospitalization subsidies, accidental injuries and other one-time insurance can be refunded. Because this kind of insurance generally covers one year, and it can't protect the events that happen abroad.

Some schools provide foreign students with the service of purchasing local insurance in their study abroad plans, while some countries require foreign students to purchase insurance of a specified amount in advance when applying for a study abroad visa. Therefore, international students need to know the visa requirements of the destination country in detail before going through the formalities.

The above contents are the necessary financial management skills for studying in Bian Xiao brought by Tiandao. For the convenience of studying abroad in the future, it is a compulsory course to choose some convenient remittance methods. Families studying in the United States can seek help from banking professionals if they are confused about financial management.