Studying Abroad? A Brief Guide for Canadian Students

Last Updated: 05 Jul 2022

Planning to leave Canada and study abroad? Discover the best way to send money to your destination country, so you don't have to shoestring your budget too much.

At one point, Canada was called an education superpower, and the country has one of the best higher education systems in the world. Still, there are many compelling reasons why some of Canada's scholars and academics would be interested in opportunities to study abroad.

Common reasons for studying abroad include the opportunity to experience a different culture, learn a new language, improve career prospects, and see more of the world. 

However, before you start implementing your plans to study abroad, it's essential to consider money matters first. It's no secret that being an international student usually goes hand-in-hand with a continuous need for funding as the costs pile up.

How much does it cost to study abroad?

While studying abroad can be an exciting and fulfilling challenge, it's not as enriching to your pockets. Being an international student sometimes comes with a hefty price tag that covers the following costs:

Visa and passport fees
Tuition and fees
Accommodation
Insurance
Airfare and travel costs
Books and study supplies
Other miscellaneous costs and expenses

The excellent news is you can make it work by tapping into your savings, exploring funding opportunities, looking for ways to reduce expenses, and receiving payments from loved ones in Canada.

What funding opportunities can I explore?

International students can explore several funding opportunities, like applying for a student loan, scholarship, sponsorship, grant, or bursary.

The best practice is to approach your chosen university or college and ask about funding opportunities that apply to you. You can also scour the internet to see if there are other ways to get the financial aid you need to study abroad.

Getting funding from the bank of mom and dad?

If you have parents or loved ones that can help you meet the costs of studying abroad, you're one of the lucky ones!

Dipping into the so-called bank of mom and dad makes for a better student experience overall. You can easily receive funds whenever you need them via a specialist money transfer service like MTFX.

Why exchange rates and transfer fees matter?

If you've decided to take advantage of digital payment solutions to transfer money internationally, one way to minimize costs is by shopping around for competitive exchange rates and low transfer fees. Bank transfers are not ideal because of unfavorable exchange rates and high transfer fees. You get less money in your pocket each time you send money abroad.

On the other hand, sending money transfers internationally using a specialist service like MTFX means you can save money and add more stretch to your budget.

What's the best way to receive money when studying abroad?

Studying abroad? Here are the top reasons to use MTFX to send money from Canada:

Exchange rates are 3-5% lower than banks — Keep more money in your pocket where it makes a real difference, with savings of up to 1,500 CAD for every 30,000 CAD sent. It all adds up!
Set up regular, online payments — International students often need a steady stream of funds. This is easily achievable with a 24/7, secure online platform with industry-leading automated technologies.
Enjoy a wide range of perks when sending money — Whether you're taking advantage of foreign exchange tools or getting free guidance from a specialist, your MTFX online account makes it easier to send money abroad without breaking a sweat.

Register for an MTFX account and discover a new way to beat poor exchange rates and high transfer fees when you send money for international transfers.

Study abroad for Canadians - FAQs

How do I choose the best place to study abroad?

The best place to study abroad for you depends on your personal interests, budget, career prospects, and a range of other factors. 

Whether you're planning to study in the USA, Europe, Australia, or the UK, the good news is that MTFX offers money transfers in over 50 different currencies to more than 200 countries, so you can be sure to receive the money you need from wherever you're

How do I kickstart the process of studying abroad?

Once you have decided where you want to study abroad, you can start applying for study abroad programs. Check the entry requirements, and if you meet them, proceed to submit the required information and documentation. 

Once you gain acceptance from a suitable university, you need to iron out your travel documentation before packing up and leaving for your new location.

How can I reduce the cost of studying abroad?

There are many actionable tips to help you manage your study abroad expenses. The list includes:

Finding a work-study or paid internship
Creating a reasonable budget and sticking to it
Tracking all expenses
Capitalizing on student discounts
Avoiding bank fees

You can also help your loved ones save money by encouraging them to skip bank transfers when sending money to you and using a secure, global payments service like MTFX instead. 

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