The biggest challenge that any international student feels when they study in the USA is how to make the funds last longer in a new country. In such a scenario it helps to know some quick pointers:
- Buying or exchanging cash at airports is possible but all the various charges can add up quickly. Also students need to remember that they cannot take more than $10,000 in cash in to the country without first declaring it at customs.
- Understand the banking system – U.S. banks typically offer two types of accounts Savings or deposit accounts and checking or current accounts. When issuing cheques from your account be mindful of the bank penalties for situations where your account may be overdrawn or you may be penalised for insufficient funds.
- Debit cards to the rescue – if you are going to be studying in the USA for longer duration it would make sense to open a US bank account and get a Debit card. Be mindful though of fine print like amounts for cash withdrawals, any charges for using the ATM machines of other banks.
- Use credit cards as a last resort – As students though you may not eligible for a U.S. credit card straight away, mostly you would be using a credit card from your home country there are likely to be additional fees (about 2% – 5% of the purchase). However it is good to have one for emergencies and should be used only as such.
If you are interested in study overseas or are looking for overseas education consultants for study in USA. Call us or email us to book an appointment for a free consultation with our Overseas Education Consultants.
Our academic partners have courses that will allow you to study in USA after 12th and even if you wanted to study for an MBA in USA after your graduation. We have courses to suit all budgets.