Want to finance your education in the UK? Here are some tips.india Updated: Nov 01, 2006 14:00 IST
One of the concerns many foreign-bound students have is taking cash with them. Carrying around large sums of money in a new country can be a risky proposition. Reportedly, banks in the UK are not very willing to open accounts for international students. According to Jacqui Allan, Education Promotion Manager-India, British Council, New Delhi, “For deposit and withdrawal accounts services, banks don’t have much of a problem.” But if students want to avail of other facilities such as overdraft and credit cards, then it’s difficult, she says. Allan suggests some useful tips for those contemplating to go to the UK for higher studies:
Don’t carry large sums of cash with you.
Open a cash account with an MNC bank in India, so that you can access it in the UK. But first check whether your money can be transferred from India to another country.
Ask if the bank has an Internet banking facility. It’s much easier and safer.
Take banker’s drafts issued from a bank here with you to pay for your fees and other charges. Most importantly, pay on time. Otherwise you will have to pay a late fee.
Getting a credit card issued can be difficult. Try obtaining one in India and carry it with you.
If you are going to do a course of less than six months’ duration, then it’s sensible to take copies of relevant documents like proof of home address or any other bank account or credit card held by you. A bank may ask you for these.
Speak to the institute where you have taken admission to discover if they have any link with a local bank.