Why is it necessary to set up your bank account before leaving abroad?

Posted date: 27 Jan 2022

Finances are seldom an engaging topic of discussion. There's just too much to wrap your head around: the various rates, accounts and banks that are available and the confusing jargon. Many times, only the opportunity to queue a bank teller is enough for us to instead consider keeping our money under the mattress! So just imagine how much more complicated it is if you have just arrived in a foreign country to study without setting up a local bank account. In fact, before they leave for study, some prefer to organize their banking, which we suggest. Below are some reasons why you should not wait until you arrive at your study destination for a bank account to be set up: 

It is difficult to start a new path and it needs your full attention to get off to a good start; and as enriching as the experience is, moving to another country brings its own challenges with it. The last thing you want to do with all this going on is to visit the bank, so it can quickly fall by the wayside until you are in an emergency. In either case, parents and guardians will have a much greater banking history and will already be aware of your financial position. To find the right one for you, you should search different accounts with them at home, with your parents likely to ask questions you wouldn't think of.

When you need immediate and hassle-free access to or transfer of money, if everything is scheduled for when you arrive, it is much simpler. You can need to rapidly access cash, such as buying an important book in time for your first lecture; or when you move in, paying for furniture. You'll arrive much more optimistic and ready to take on new challenges if you're not worried about finances.

It can be hard to talk about banking to someone in your own language (especially when you're very young and fairly new to having your own account); so it can be harder to talk about these matters to someone in a second language! There might very well be some distinct patterns compared to how things are done in your own country. Financial jargon, after all, is not usually a key component of a language syllabus that you can understand and be fluent in. And you can lose out financially if you misinterpret a significant piece of knowledge.

Posted By

GSP Admin