Pursuing an education abroad comes with numerous academic and personal-development benefits. With the various twinning programmes offered by local universities, studying overseas is a viable option for many Malaysians.
According to statistics from the ministry of higher education, over 73,000 local students opted to pursue their tertiary education abroad in 2019. While this number dipped by half in 2020 due to the pandemic, it picked up strongly again last year, growing to 56,000.
As the pandemic situation improves, more students might be thinking about studying abroad again. With this in mind, here are some tips to help you save money overseas.
1. Plan early
Always look into your destination of choice. Check out the best options for flights, accommodation, and, most importantly, living expenses; make comparisons and choose what best fits your situation.
Do your research on potential costs for groceries, eateries, and entertainment in the area. This will help control your budget and set expectations.
Of course, certain things will be more expensive in comparison – such as the price of authentic, Malaysian-made instant noodles – but you could always buy them in bulk here and bring them over.
2. Look into financial aid
Many universities or institutions are willing to provide grants or scholarships to students. Before applying, look into the financial aid available to you, research their terms and conditions, and apply for the one best suited to you.
There are also other ways to study abroad; for instance, you could consider a work-study visa. Countries such as Australia and New Zealand offer such visas that allow you to learn and earn some pocket money on the side.
3. Insure yourself
The importance of insurance cannot be overstated when you choose to pursue your education abroad. Fortunately, many countries require this as a prerequisite when you head over for study.
4. Make money transfers easy
Living in a different country means managing your living expenses in different currencies, so make sure you use a provider that doesn’t charge exorbitant fees for international transactions.
There are various hidden fees associated with foreign-currency transactions, including when you send or receive money from overseas, or use a local bank card abroad. Most traditional banks and providers often set unfriendly exchange rates.
Look for options that give you the best bang for your buck, offering a mid-market exchange rate with zero costs and no hidden transfer fees.
5. Take advantage of your student ID
With your university ID on hand, remember to check out the student privileges around you. Flash your student ID at places that will give you special offers where applicable, and feel free to ask your local classmates for pointers on the best discounts.