Currency Exchange – Studying Abroad

Why study abroad – favourable currency exchange rate

There are many advantages to studying abroad – it can widen your sense of opportunity, strengthen your character and be a once in a lifetime experience. America is an attractive option for UK students not just because of the favourable currency exchange rate at the moment, but because there are many cultural benefits from studying in the States. Firstly, unless you are eager to learn Spanish, it isn't vital that you speak a second language – and the culture shock isn't as big as it's a familiar Western culture.

Time of your life

The other attraction is the huge amount of international students the States attracts – it's a chance to experience a massive range of different cultures and countries, all in one university. Wherever you choose to study in the States you are guaranteed a cultural melting pot. But education in the States isn't cheap. Careful planning is wise and you need to ensure that you have sufficient funds to cover your living expenses, health insurance and university fees. This however might be cheaper than you first think thanks to the fantastic currency exchange rates – you can get almost $2 to the British pound.

Exploit the currency exchange rate

Of course you would have living expenses if you were studying in the UK, and British students in the States have remarked that the strong pound has helped them out enormously. By transferring money from the UK, it's a chance to exploit the favourable currency exchange rates. Students who come home to the UK in the summer can make double what their colleagues back in America earn. Shopping, eating out and other luxuries can become more accessible as a result so British students who make the most of the currency exchange can make their money work harder for them.

Make a budget

The main expense is tuition fees, which can vary tremendously – of course the UK now has costly tuition fees, and many students depend on getting a student loan. If you do get out a student loan it is best to do so in the UK before you move to America to make the most of the currency exchange rates.

Before you decide whether you can afford to study in the States, draw up a budgeting plan that includes:

• Estimated food, clothing and entertainment expenses
• Investigate the cost of student accommodation at your desired university or the cost of renting accommodation in the locality. The cost of living varies across the UK.
• Know exactly how much your tuition fees will cost
• Estimate the cost of books
• Factor in any airline tickets and trips home you will want to make and any other transport costs you may incur
• Make sure you remember health insurance – America doesn't have an equivalent to our NHS.
• Once you have made your calculations, factor in the currency exchange rates to see if you can make your money go further.
• Consider setting up regular instalments from the UK if your parents can afford to help you out. Even a small amount of UK pounds a month could make the difference between eating well or enjoying the night life – or beans on toast in front of the telly.

Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money by getting a better currency exchange rate than your bank. The Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0) 20 7989 0000 or email info@fcexchange.co.uk