It’s always been a dream of thousands of us students, to pursue higher education or even under-graduation abroad. It’s the thirst for better exposure, practical learning and a culture amalgamation that’s inspired us enough to apply. But the one hitch, is always the money we’re going to spend on such a course. But trust me, there are simple hacks you can use to make your dream of studying abroad come true.
If you keep these tricks in mind you can save a lot more than just a few thousands…
1. Scholarships
I know most of you already know about scholarships, but there are more than just those offered by your university. If you’re going to UK to study there are a list of scholarships on the British Council website and for US there is always USIEF. Apart from that there is Tata Birla, Tara Nirula, Narotam, Rhodes, Inlaks and many more. So adhere to the deadlines and there is a big chance that your tuition fee will be subsidized, if you meet the eligibility criteria.
2. Getting an education loan
In some cases it’s better to take an education loan, especially when you apply for a student visa, because they need to see some dough in your bank account or a loan letter from your bank. But do note that your loan is in INR and not in dollars. And this could increase your expenses by 6%.
Say you take a loan of $30,000 in 2014 from your bank and you get this when the USD/INR exchange rate was at Rs 60 for $1, which means a total loan of Rs 18,00,000, which is your budget (actually it’s your stretched out budget!) Tuition fee is usually payable in installments (remember to opt in for such installments!), lets say three yearly installments.
So you assume that each installment the bank pays for your tuition fee would be Rs. 6,00,000, but that’s not true! The exchange rate might change by the time the second installment is due, so if it turns out to be Rs. 63.5 and later Rs. 68 for a dollar, you’ll end up having the withdrawn principal of Rs. 19,15,000. So because of a variation in exchange rates (increased here), your loan amount swells by an additional Rs. 1,15,000 extra!
Take this extra expense into account while planning your college education so that you are not in for a nasty surprise. Also, minimize this loss by remitting your money using Fxkart.com. In many countries, the Forex rate can be hedged for future payments so that you don’t end up paying extra as market rates change but sadly it’s a distant dream in India!
3. Use FxKart to remit your tuition fee/living expenses for the best exchange rate
While getting an education loan you need to remember that the loan is not going to be sanctioned in USD or Pound, it’s going to be given in Rupees. So the exchange rate to remit the tuition fee to your university itself will be heavy.
What you don’t know is that the banks make a ton on the exchange rate and end up fleecing you, a better option is to use FxKart to remit your fee and living expenses, since they’ll get you the best exchange rate in the market, which will save you from paying 6-10% extra. Plus the paperwork hassle that you have to face with your bank will be completely non existent if you useFxKart, which saves you a lot of time and effort.
4. Living in private student halls instead of university accommodation
Usually when you’re living abroad for the first time, parents are really adamant on university accommodation, since it’s the equivalent to a college hostel for them in India. But the university accommodation turns out to be way more expensive and has to be booked way in advance. A better option is to live in student halls outside the university. These usually cater to students of more than one university and happen to be within walking distance of the university. They’re way more affordable and still give you the needed safety and student experience you wished for. Plus, there is no curfew!
5. Using a travel card until you set up a bank account
A travel card is basically a debit card you can use abroad with a stable exchange rate. Get 2 travel cards from your bank in India. The reason I say this is because, incase one gets lost you don’t need to be cashless until you get a replacement. The benefit of this card is that you can get your parents to refill it from India if you run out of money, and it reflects in a day.
6. Set up a zero balance account in a bank that has a branch in India as well
Once you’ve gotten around to the task of getting a bank account, it’s preferable to set up an account that allows the minimum balance to be nil. If it doesn’t, be prepared for some amount to be deducted when you deposit money next. On a student’s budget you’re bound to run to zero balance. Also look for a bank that has a branch in India as well, like HSBC or Barclays, so that if there is an emergency, remitting money will be easier for your parents.
7. Eating in the canteen or picking up ready meals from grocery stores instead of ordering
Food is a major concern when you’re living on your own. Take it from me, you end up eating Tesco sandwiches or McDonald’s meals on most nights. Instead switch to something healthier. Try eating in the college canteen, the rates are really subsidized and food is pretty good. If not, you can also pick up ready-made meals from grocery stores. They usually have baked chicken, risottos and even potato for all you vegetarians. It’s piping hot and it won’t cost you more than a pound or a dollar.
8. Using a Lyca Sim to make your calls to India cheaper!
Get yourself a Lyca sim before you go abroad, you can usually get these at the consulate when you apply for your visa. It’s really cheap to call home, you end up spending less money calling home than on local calls. For me, I used a sim that only gave me internet apart from my Lyca sim, so I could Whatsapp call or use Facetime Audio and save money on local call rates. T-Mobile has a scheme where you can get free internet on a sim for a few months and then just switch to a new sim, so free internet for as long as you like!
9. Shopping from student portals instead of shopping centres
Every college has a student portal where they post jobs and ads for second hand stuff. I have got some kickass deals on university supplies, so if you’re doing a professional course and you require a lot of scales, boards, stationary, this is the place to buy it from. You can even get household stuff on it for really cheap. So keep stalking the portal for a good deal. When it comes to clothes there is of course Primark but there are also these 10 dollar shops/10 pound shops where you can get great dresses for like Rs. 1,000, which is a steal even in India! And you can always wait for the boxing day sale around Christmas, where every store has a 50% off! This is useful when you’re taking stuff back for family/friends.
10. Use an Indian courier to send and receive parcels from home rather than using big brands or the public courier service
In India, we don’t think twice before using big courier brands or even the post service but when you’re abroad, courier can get really expensive. So try looking for private courier services who will do it at the minimal rate per kg. Because no matter what, your parents are going to send you stuff. So it’s better to make the transfer as cheap as possible. They will even come home and pack it for you, so that it doesn’t get ruined on the way.
11. Searching Ixigo for air tickets at least 2 months in advance to save on airfare
We’ve become way smarter when it comes to booking tickets but a lot of people still don’t know about Ixigo, which is honestly a saviour. It compares prices of flights through all the booking portals and shows you the best deals. So make sure you log on 2 months in advance and get the cheapest fare.
Everyone has a dream and studying abroad was mine. But I know for sure that I couldn’t have managed this without these tricks, I had to learn the hard way, but you have the option to watch and learn. FxKart is your best bet to save lakhs of rupees and make your transaction so much simpler. FxKart also takes care of reducing the hassles you would have faced with a bank sparing you time to sort out your visa, CAS and other requirements.
With these hacks in place, you can stop worrying about the money and start thinking about the fresher’s week!
This story is brought to you in association with FxKart.com
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