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Presenter: Good afternoon everybody. My name’s Sophie West and I’m here to give you some information and answer your questions about money when you are studying abroad. To obtain any form of entry clearance into the country where you wish to study, you will need to prove that you have enough money to cover your tuition, accommodation fees and living expenses. Therefore, you need to arrange all your funding ahead of time. Start by working out how much money you will need. I believe that you will be having a presentation on that topic later this week, so I won’t go into detail about it now.
    If you are hoping for a scholarship to help pay for your studies, then start making enquiries and applications now. The chance of arranging a bursary or scholarship or major funding after arrival is minimal so it is essential to apply before you leave home. To find out what scholarships are available, you can contact the university you intend to study at and the ministry of education in your own country for further information.
    Let’s look at possibilities for moving your money abroad. It is very risky to carry large amounts of cash when you’re travelling. When the time comes to travel abroad, plan to take just enough cash to meet your immediate needs and send the rest of your funds by another method, such as international money order, bank draft, electronic transfer or telegraphic transfer. Let’s go through those one-by-one, shall we?
    You can buy an international money order before you leave, and then, when you get to the country you are going to study in, you can pay it directly into your bank account. You can also exchange international money orders for cash at certain places. Remember to take your passport with you when you do this. A bank draft is similar to an international money order, except that you can only pay it into a bank account; you cannot exchange it for cash.Ask to have it made out to you in the local currency and drawn on a local bank. That way you will not pay a commission feewhen you pay it into your account, and the funds will take less time to clear, that is to move through the system and into your account. An electronic transfer is when your bank in your home country transfers funds from your home account directly to your account abroad. This is often the easiest way to transfer money, but it cannot be arranged until you have opened a bank account abroad. Telegraphic transfer is the fastest way to send money overseas, but it is also the most expensive. As with an electronic transfer, you can only arrange a telegraphic transfer after you have opened your bank account abroad--it cannot be arranged in advance.
    Most English-speaking countries place no limit to the amount of money you can bring into the country, but your government may control the flow of money in and out of your own country. In that case, you’ll need to find out as soon as possible how to get permission to transfer money, whether there is a limit to how much you can transfer and what regulations you must comply with. For further information contact your local bank for advice on how to transfer your funds abroad.
    When you first go abroad, you will have lots of things to do and it may be a few days before you are able to approach a bank and open a bank account. And once you do, it may take a while for your transferred funds to clear through the banking system. So altogether, it could be anywhere from one to three weeks before you have access to the funds you transfer. Obviously, you will need some other sources of money in the meantime. The possibilities include cash, traveller’s cheques and credit cards. Let’s take a look at each of them.
    As I mentioned earlier, you should not carry large amounts of cash, but do bring a certain amount to cover the costs of your first few days or so. Cash is very useful for covering small purchases, such as drinks and snacks. If any of your dependants are travelling with you, you will obviously need to bring more cash. Most international airports have a 24-hour bank or bureau de change where you can change overseas currency or travellers’ cheques no matter what time you arrive. However, bear in mind that the exchange rates at these bureaux de change are not very good. Keep this in mind when planning your cash needs. You can also exchange money at banks. In English-speaking countries, most are open from 9 a.m. to 5 p.m., Monday to Friday, and on Saturday mornings. If you arrive outside those hours, plan to either exchange your money at the airport/seaport, or bring enough cash to cover your needs until the banks open. Travellers’ cheques are much safer than carrying cash, as they are insured against loss or theft. They can be cashed at banks and bureaux de change and travellers’ cheques made out in the local currency can also be used like cash in many shops and restaurants--but check with the staff in each case to be sure to avoid embarrassment. Credit cards are widely accepted as payment in English-speaking countries and you can also use them to get cash from the machines at banks. However, check with your bank at home to find out how much commission you will be charged if you use your home credit card abroad. It could be quite substantial. Now, let’s take a look at ...