TIPS TO SAVE CASH WHILE STUDYING OVERSEAS

CURRENCY

IF YOU need to transfer money abroad, do not turn to your bank as this could prove costly due to poor exchange rates and hidden fees. Try a currency specialist instead such as FairFX, Caxton FX and TransferWise. Fair FX’s Ian Strafford-Taylor says: ‘Set up a currency tracker to alert you to the best time to buy currency. Parents sending money to their children overseas should do the same.’

CARDS

A GOOD option when studying abroad is to buy a prepaid card which can be pre-loaded with currency. This allows you to lock in exchange rates in advance to get the best value for money. Top picks include FairFX, Caxton FX, WeSwap, Revolut and Monzo. Andrew Hagger, of financial website Moneycomms, says: ‘If you are set on taking a credit card, Halifax Clarity remains the number one choice, with no fees for purchases or cash transactions.’

BANK ACCOUNT

IF YOU are abroad for only a short stint, it may be simpler to go on using a UK bank account, but make sure you have online banking so you can manage your money wherever you are. If you are away for a year or more, you may want to open a foreign bank account.

BUDGETING

TRYING to budget in a foreign country may be tricky – especially with currency fluctuations and different living costs from the ones you are used to. But it is still worth creating a monthly budget to help you stay on track.

INSURANCE

SOME universities offer a travel insurance policy as part of a year abroad package, which may include medical cover.

If you are organising your own travel cover, sort this in advance.

Kevin Pratt, of comparison website MoneySupermarket, says: ‘Insurance is vital for medical expenses cover. This will pay for the cost of repatriation in the event of severe illness, injury or death. In addition, you need to check any policy covers you for all the activities you want to take part in, such as winter sports.’ Also make sure you have sufficient cover for your belongings.

CHEAP FLIGHTS

SHOP around for a good deal on your flights home, using websites such as Skyscanner, Kayak and Momondo.