When hunting for 5 financial tips when moving to the UK to study, you will always find the “compare bank accounts to get the best deal” advice near the top of the list. Naturally, your chosen bank can make or break your study trip, particularly so when you talking about frequent financial transactions that cross borders leading to exorbitant fees that can leave you dry. But before we get too far ahead of ourselves, it would truly be helpful to come up with a list of the 5 more important financial tips.
So, fear not. The list below should be a handy guide if you are looking to tick off the most important financial considerations when moving to the UK to study.
- Let’s start with the obvious, one that we’ve already talked about in passing. You need to compare bank accounts to get the best deal. Different banks offer different rates for international wire transactions, among other things. Credit card offers will also naturally vary. Take your time to compare UK banks to find the best value for your money.
- Find a bank with an extensive network with other banks in your current location. This can help reduce the wire transaction fees while still ensuring speedy transactions.
- Don’t settle for just one type of account. Different accounts can offer different benefits including flexibility and versatility in dealing with payments or funding needs. For starters, think about savings and current accounts depending on your specific needs.
- Get a new UK credit card. Don’t use your local credit card for international transactions if you don’t want to be burned by the fees.
- Think about what benefits you can derive from your new bank accounts. Applying for new accounts is the best time to pick the benefits that you can take advantage of. Don’t shortchange yourself by dismissing the benefits on offer because you never know how you can save money from those benefits.
These financial tips may look simple but these can help you save hundreds of dollars over the long run if you take the time to analyze your spending habits and come out with the best offer for your situation. Don’t rush; think! Your decisions can mean all the difference between financial flexibility or paying exorbitant charges and fees; and there is no doubt, you’d rather have the former than the latter.