How to do banking abroad?- Finance is one important aspect when a student goes abroad for higher studies. Many students have common yet important doubts about handling finance abroad. In this article, we explore issues related to how to do banking abroad.
Can I operate my bank account while being abroad?
You can operate your bank account by using your card provided it works there. If it works, you can use it in the ATM to withdraw money or for making purchases. Different banks have different policies regarding the use of ATM cards and banking overseas. There are certain debit cards that are not accepted in foreign countries. You will have to ask your bank and make sure that the card works. However, transaction charges are applicable. So, it’s always better to withdraw huge amount at a time rather than withdrawing smaller amounts several times. Try using credit cards as it is the best and cheapest way. The foreign transaction fee of most of the credit cards is between one and three per cent.
Can I use my card abroad for purchases?
Yes, provided your bank provides the facility of using it abroad. You can use both debit and credit cards abroad for purchases. However, the banks will charge a Foreign Purchase Fee of 2-3 per cent for each purchases using the card abroad.
How much money should I carry while going abroad for higher studies?
It is not advisable to carry a lot of money with you as it is not safe. You can bring the money for the basic requirements such as making calls, taking a cab or train or buying food.
How can I open a bank account abroad?
Being a student, opening a bank account abroad is not that difficult. One major document you will be needing is the letter from your institution. Usually, most of the universities and institutes provide guidance to students for opening a bank account. There are student accounts available with almost all banks that provide zero balance accounts with facilities such as low transaction fee from international and local accounts.
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