Currency Exchange

It is necessary to get some basic knowledge related to the currency of the country, where you are going to study. You must be familiar with the new currency and its exchange value which may vary a little, or entirely, from place to place. Try to find the reliable sources to exchange the currency and avoid making exchanges with the street-setups as those are usually considered illegal or black markets in most countries. The best way to get money when abroad would undoubtedly be the ATM machines and debit cards. At times, students also take travelers' cheques which are also very safe. They are also helpful in emergencies like when the ATM machines are not working or there is no other way to get money out of your account. But, you must keep your exchange bills safe so as to stay away from any uncomfortable situations. You can also change your currency in foreign exchange offices at the international airport - this is the easiest method and also a bit cheaper than others.

Currency Exchange Information For Students Studying Abroad

  • Currency exchange rates vary at times owing to different factors so before replacement, check the rates in the finance section of a newspaper or on specific websites.
  • Travellers' Cheque is a pre-printed cheque of a particular amount. It allows the person signing it to pay the amount to some other person safely. They are available in various denominations and currencies, the most popular being US Dollars. They are a very safe way to pay university fess or make other large payments. An added advantage is that, when stolen or misplaced, these cheques can easily be remade by presenting the original receipt to the issuer.
  • As there is always a fluctuation in the exchange value of currencies, it is always better to not exchange your money at a go - the currency might just have a good price in the future and you can get the best value for your money.
  • Many places provide currency exchange services. Western Union and other famous banks offer these types of services. Airport exchange bureaus also provide the facility of currency exchange.
  • You can also go to currency exchange shops.
  • In most of the countries, credit cards, mainly Study Permit and Master Card are easily accepted and are also recommended in case of emergencies. Credit card is helpful as it lessens the amount of cash one needs to carry and it also gives a good exchange rate.
  • You can also opt for local banks' ATM cards. Few banks may ask for a letter of recommendation from your home bank. But for transferring money, they charge a big amount and along with this, you also have to wait for 5-6 weeks till your account gets activated.
  • If using ATM cards, always remember that it is best to use your native country's ATM and debit cards when abroad. Check whether your card is connected to a worldwide system or not and also check your daily withdrawal limit. Inform your bank to let them know about the conditions regarding use of your debit/credit card abroad.

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