Managing Money
The cost of an Exchange program will look completely different from one student to another. Here are some factors that will contribute to the cost of your own unique program:
- The length of your Exchange program (Semester Exchange or Short-term Exchange)
- The destination and the cost of living there (EG San Francisco, USA will have a much more expensive cost of living compared to Sarawak, Malaysia)
- How much personal travel (if any) you plan to do before or after your Exchange
- The type of accommodation / housing you have while on Exchange (EG a private apartment, student housing in dorms, or a share-house with multiple people)
- Cost of visas, any additional insurance requirements (mandated by your host university) and any other
- Your own spending habits- do you prefer to eat out a lot? Or cook at home? Do you enjoy free activities like parks and museums? Or do you plan on going to gigs, doing lots of shopping and going out for drinks?
- The length of your Exchange program (Semester Exchange or Short-term Exchange)
- The destination and the cost of living there (EG San Francisco, USA will have a much more expensive cost of living compared to Sarawak, Malaysia)
- How much personal travel (if any) you plan to do before or after your Exchange
- The type of accommodation / housing you have while on Exchange (EG a private apartment, student housing in dorms, or a share-house with multiple people)
- Cost of visas, any additional insurance requirements (mandated by your host university) and any other
- Your own spending habits- do you prefer to eat out a lot? Or cook at home? Do you enjoy free activities like parks and museums? Or do you plan on going to gigs, doing lots of shopping and going out for drinks?
Costs to Expect
Regardless of the factors above, there will be some costs that you'll need to prepare for no matter your destination. Some different kinds of costs to expect include:
Academic Program:
- Student fees, books, field trips
Living:
- Housing, meals, drinks, transportation/commute, internet, mobile, clothes
Travel:
- Airfares, visas, passports, sightseeing, souvenirs, insurance, immunisations
It’s important to consider your budget early and seek as much information, e.g. from returned home students, online via Google, blogs, etc.
- Costs will be specific to each destination and region.
- Don’t forget that other countries will have different currency exchange rates (which we will cover below).
Budgeting
This might be the first time you'll have to manage your money. Budgeting is an important thing to do as you plan your Exchange and while you are away. It can be easy to get carried away and get FOMO, so you jump on the last-minute trip to Croatia or Mexico in the mid-semester break... but does that fit in with your budget? Or will it mean that you have to eat noodles for dinner every night for the rest of the semester?
Having a set budget in place will help you stay on track and manage your expenses and finances while you are overseas.
And remember to keep some buffer money for unexpected costs- flight disruptions, unexpected illness or incidents overseas, losing or damaging your phone, etc. While insurance may likely cover a lot of these things, you'll need to pay for them upfront until you can make a claim.
Practice preparing a budget before you leave.
- Try using tools like Microsoft Excel to show where your expenses are
- Alternatively you can Google and download budget templates, read up on advice about different budgeting techniques and ask friends and family for their tips managing money
Exchange Rates
‘Rates’ change from one currency to another on a daily basis, and over time can often raise or decrease the price of goods bought overseas with Australian money. Ensure you check exchange rates regularly prior and during your exchange.
EXAMPLE:
(100 x 0.95) Going abroad: $100AUD = $95USD
(100 x 1/0.95) Coming home: $100USD = $105AUD
Banks may charge additional fees!
EXAMPLE:
(100 x 0.95) Going abroad: $100AUD = $95USD
(100 x 1/0.95) Coming home: $100USD = $105AUD
Banks may charge additional fees!
Accessing Money Overseas
There are different ways to access your money, each with its benefits and costs. Here are just some of the options available.
Using your Australian bank card overseas
Bring converted currency only
Using your Australian bank card overseas
- No additional preparation needed
- Great for short term programs
- Seek Australian banks with overseas ATM partners or charge lower fees for foreign transactions
Bring converted currency only
- Easier to manage
- Cash is high risk
- Where possible, use travellers cheques
- Convert money before you leave to avoid extra fees
- Pre-paid travel cards may be a better option
Open a bank account in your host destination
- Direct access to local currency
- Transfer money between your Australian account directly to your foreign account
- Better option to use if staying for more than one semester or travelling further
Funding
OS-HELP
OS-HELP provides students with a temporary loan that gets added on to your HECS debt for the purposes of an overseas study experience- which is paid back through FEE-HELP/HECS-HELP.
Students should not rely on OS-HELP to fund their entire exchange and only consider it a secondary substitute.
Applications are through the Swinburne Abroad Office using your Tax File Number held near the pre-departure sessions.
Tip: If exchanging two semester consecutively: each single semester period must have separate loan application submitted prior to exchange.
YOUTH ALLOWANCE/AUSTUDY
The Department of Human Services - DHS (Centrelink) provides financial support to eligible students.
Full-time academic load students can apply through DHS to continue getting support payments whilst abroad. See if you are eligible even if you don’t receive support at the moment.
Tip: Organise payment arrangements well before you depart as you will be unable to do so whilst abroad.
We recommend you spend time researching travel money options and accounts. This allows you to worry less about being hit with hidden fees or stressing about rates.
-MOZO
-XE
-TripAdvisor
-Executive Traveller
-Latitude
-Citibank Plus
OS-HELP provides students with a temporary loan that gets added on to your HECS debt for the purposes of an overseas study experience- which is paid back through FEE-HELP/HECS-HELP.
Students should not rely on OS-HELP to fund their entire exchange and only consider it a secondary substitute.
Applications are through the Swinburne Abroad Office using your Tax File Number held near the pre-departure sessions.
Tip: If exchanging two semester consecutively: each single semester period must have separate loan application submitted prior to exchange.
YOUTH ALLOWANCE/AUSTUDY
The Department of Human Services - DHS (Centrelink) provides financial support to eligible students.
Full-time academic load students can apply through DHS to continue getting support payments whilst abroad. See if you are eligible even if you don’t receive support at the moment.
Tip: Organise payment arrangements well before you depart as you will be unable to do so whilst abroad.
We recommend you spend time researching travel money options and accounts. This allows you to worry less about being hit with hidden fees or stressing about rates.
-MOZO
-XE
-TripAdvisor
-Executive Traveller
-Latitude
-Citibank Plus
Money Emergencies
- Load up use on Whatsapp to call anyone in case of an irregular occurrence.
- Organise a backup debit/credit card kept separately from your wallet. You may also like to set up a bank account specifically for emergencies.
- Inform your bank of when and where you are travelling. This avoids confusion of suspicious/fraudulent activity if in fact, it is just you.
- Record your bank’s international helpline number(s) in several places and into your Skype contacts.
- Let trusted parents, guardian and/or other family members know important details.
- Use Paypal to quickly and safely send/receive money.
- Western Union money transfers are popular outside Australia but be vigilant when receiving transfers.
If you do experience monetary issues such as lost or stolen credit/debit card(s), traveler’s cheques; or have no access to money, it’s important to stay calm, and advised to do the following:
1. Contact your bank to cancel the card(s)/traveller's cheques and resolve your issue. Often banks will have special international numbers which you can reverse charge. Alternatively use Skype/Whatsapp to make cheaper calls.
2. Consult your insurance policy and contact your provider if you require emergency money and coverage for reclaiming.
3. Call your parents, guardian, or next of kin & notify them of your situation and ask them if they can send you money.
4. As a temporary option, ask if you can borrow money off a friend and repay them as soon as you have access to money.
5. Contact Swinburne Abroad if all the above options have not worked.
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