BongkarnThanyakij via istockphoto
23 Jan 2026
Five financial essentials for your Overseas Study
It’s hard to top the thrill of overseas study – learning how to live on your own, figuring out a new culture and getting a handle on your living costs.
However, a study shows that many foreign students struggled with study-related expenses, with one in two respondents saying they’d switch to another destination country if it had lower savings requirements.1 Early planning can help you manage those financial considerations more effectively while staying focused on your studies. Let’s look at five financial essentials to prepare before you start school overseas.
1. Create a realistic budget
Even a full-ride scholarship will only go so far in keeping you financially secure throughout your studies. Creating a budget will keep you from coming up short – and keeping it realistic will ensure you stick to it.
First, estimate the cost of a lifestyle you can afford on your overseas education, then build each line item in your budget around those costs. Allocate the highest priority to your needs, not your wants; the budget should cover essentials like housing, meals and transportation up front, before anything else.
Review your budget every month. Make adjustments where certain expenses exceed your estimates or if extras start straining your finances.
Now that you have a budget, learn to stretch it. Choose lower-cost activities or purchases wherever possible.
2. Open an overseas bank account before you go
Before heading off, set up an overseas bank account that lets you make payments in the local currency. While this simplifies transactions like tuition, rent and bills, keep in mind that if your funds are sent from abroad, currency conversion fees will still apply. Planning ahead helps you manage these costs more effectively.
Look for banks in your destination country that offer accounts tailored for student-specific incentives, like welcome bonuses, cash rewards, lower or waived transaction fees, interest-free overdrafts or public transportation discounts. Make a shortlist, then compare across banks to find the best fit for your needs.
Additionally, don’t just get the first bank at the top of your Google search; seek out banks that have a global presence. This indicates greater reliability and easier access to branches and ATMs – not to mention greater connectivity back to your home country.
3. Sign up for a multi-currency debit card
If you receive your funds in your home currency and pay in another, those conversion charges can add up something fierce. Get a multi-currency card that lets you pay in your university’s home currency, without charging heavy conversion fees.
By converting local currency in your multi-currency card in advance, you can lock in favourable exchange rates and avoid broad swings in exchange rates during the course of your overseas education when paying in the local currency.
And by always using the local currency when paying, you’ll avoid Dynamic Currency Conversion (DCC) and its unfavourable exchange rates.2
4. Look for legal sources of income
If permitted by your visa and scholarship regulations, look for part-time freelance work or on-campus jobs to supplement your finances. These may include any of the following:
- Freelance writing
- Tutoring
- Part-time retail or F&B work
Beyond just easing financial pressure, these can supplement your education with valuable real-world experience. Again, only if the student rules allow it! Ask a school counsellor to be sure.
5. Build a buffer for emergencies
Things don’t always happen as planned. Set aside a buffer or a safety net for any unexpected costs and emergencies; at least 3 to 6 months’ worth of living expenses.
As the term rolls on, keep adding to this reserve – allocate a small percentage of your monthly budget to topping up your emergency fund.
Another way to prepare for the unexpected: get an affordable insurance policy. Prioritise getting a policy that covers emergency hospitalisation, outpatient treatment or medical evacuation if needed.
Prepare your finances for the challenges of overseas study
You likely won’t need to handle everything on your own – your university’s international office or orientation week often offers helpful guidance on essentials like opening a bank account or securing insurance.
With these tips, you’ll be better equipped to manage your finances more confidently, build a reliable plan and still leave plenty of room to enjoy your studies and the exciting experiences that come with studying overseas.
Sources:
1 IDP Research, New research: Career goals take precedence over soft skills for international students, April 2025
2 Bankrate, Just Say No to Dynamic Currency Conversion, January 2025
Disclaimers:
The information provided on this page is for general reference only. DBS’ assistance is limited to banking needs, such as overseas account opening, education loans and international remittances.