HSBC's annual Overseas Education 2019 study shows that 1 in 4 students are unaware of what the costs involved for overseas studies. Here are 5 top finance tips that will help them prepare for their studies abroad without unnecessary worries. With proper financial planning, money matters will not be daunting for a young adult away from home for the first time.
Set up a local bank account overseas – Before departure, it is best to set this up first in your home country.
Hold a multi-currency debit and/or credit card – They come in handy if you need cash or pay for daily expenses and unexpected needs.
Ensure adequate health and life insurance – These will complement your basic protection cover, and remember to note emergency hotlines, nearby clinics and hospitals.
Housing needs – Depending on whether you stay on campus, rent or buy a property, expect miscellaneous expenses when working out your budget.
Money Transfers – Remember to set up your local account's mobile or online banking services, so you don't miss out on allowances or when you need emergency funds.
HSBC has put in place international student resources and prepared checklists for four countries popular with international students. With us, you will have a better idea of what to prepare, beyond just bank accounts and money transfers, when you arrive at your destination abroad. Visa and passport information, healthcare facts, and mobile phone reminders are all included in our service to you.
You can pre-open an account abroad with your ATM card ready ahead of time.
With HSBC's Global Transfer, you can transfer money near real-time from anywhere, at any time. You can also manage your worldwide accounts with only one single log on with our Global View service. Moreover, if you are our Premier customer, All these transfers are free.
Learn more about our HSBC Premier education support.
2HSBC Premier and HSBC Advance customers only. Instant foreign currency to foreign currency exchange transfer is available 24 hours 7 days. Transfer involving Ringgit Malaysia is from Monday to Friday 9.30am to 3pm. If you perform any transfer outside those hours, the actual amount to be debited will be based on the next business day's exchange rate.