Planning the move | HSBC Premier Education

Going overseas to study - it's a monumental step in your child's life and an opportunity for them to become more independent as they grow into young adults. There are so many things to plan to make sure they arrive safely in their new host country. With careful planning, it's bound to be a rewarding experience for everyone.

Now what?

Start to research

Research, research, research! That's the first thing you and your child should do the moment they decide to study abroad. Find out all you can about the host country, their culture, local laws and customs, health information, safety tips, and travel advice or travel warnings.

Make a trip together

Explore the campus and take the public transportation around the university to get a glimpse of what life will be like. Find out where the Malaysian embassy or consulate is located, walk around the local neighbourhoods, check out if there are any Malaysian restaurants nearby to satisfy your food cravings when you are there. Look for Asian grocery stores to shop for local stuff to make your child feel closer to home, get a good feel of the city. By the time your child goes there to study, they will fit right in and feel right at home. If it is not possible for you to visit the school physically, ask if the school can take you on a virtual tour of the campus over Zoom, perhaps?

Buy insurance

If your child is still under your health insurance plan, check if they will still be covered when they go overseas. The school may also offer student medical and travel insurance.

If you're an HSBC Premier customer, speak to your Relationship Manager about our insurance plans and if they would cover your child's needs.

Find a place to stay

Some universities offer student housing. This is convenient for first-year students especially. If not, you can rent a place or consider a home stay for your child. Work out a budget and start scouting around. If you can go and take a look at the accommodation in person, better still!

Look for a roommate early

Some students prefer to live on their own. Some live in dorms. If you want your child to live with a roommate, start looking for one soon. Virtual meetup is a great way for them to get to know each other online before moving in together.

Apply for visas

Visas vary, depending on the host country your child is in. The validity, however, almost always depends on the local laws and university rules. Some visas allow students to work while they study, some allow them to stay in the country after they finish studying. The UK post-study work visa came into effect in 2020 and allows international students to stay in the UK for up to 2 years after they complete their studies.

Notify your bank

Inform your bank and credit card company about your move and set up automatic payments for expenses. Do note that some cards need to be activated before your child leaves the country; other transactions can be done online or through mobile banking apps. Opening a local bank account for your child in the country they are going to study in will make day-to-day banking much easier.

Give your child more responsibilities

This is a good time to teach your child about the importance of managing money. If they can manage their studies, encourage your child to work part-time. They'll earn some pocket money while learning about the value of money.

Get connected with other families

Get connected with other students studying abroad! Online forums and the university are great places to get to know other students. It's nice when you spot a familiar face.

Have a heart-to-heart

If you're worried about your child's safety or other potential challenges, such as drinking alcohol and staying safe, talk to your child. Communicate openly, treat them like an adult. After all, your child will be on their own overseas, they will have to learn to become more independent.

Ready to open an HSBC Premier account?

Visas, accommodation and insurance - these are some of the things you need to look into before your child goes overseas to study. What's more important is to open an international bank account¹ before your child leaves.

HSBC Premier can get this process started for you.

New to HSBC Premier

To meet either one of the Premier criteria below:

Maintain a Total Relationship Balance (TRB)² with us of RM200,000 or more at all times
Have a minimum home loan of RM1,000,000 with your Premier Mortgage³
Credit a minimum monthly salary of RM16,500 continuously each month into an HSBC account in Malaysia - with Premier by Perks@Work⁴

Apply now

Existing to HSBC Premier

Ready to open an overseas account? Book an appointment and we'll guide you through the process.

Leave your details

For more information, call us on 1300 88 9393 (local) or +603 8321 5222 (overseas).

Important notes

¹Subject to host country/region's approval.

²Total Relationship Balance (TRB) includes any: Deposits in Current Account/-i, Savings Account/-i, Time Deposits, Term Deposits-i, and/or Investments in Unit Trust funds/Shariah-compliant Unit Trust funds, Structured Investments/-i, Dual Currency Investments/-i and/or Direct Retail bond, and/or Cash value from Family Takaful/Life Insurance products with investment-linked and savings components.

³Account Fee waiver until full and final settlement of home financing.

⁴Account fee waiver as long as you fulfil the qualification criteria.