If you or your child are considering a study abroad or relocation, you'll need to think about how you'll manage your money once you arrive. Choosing the right student bank account, understanding overdraft facilities and using credit cards wisely is all part of the process. You'll find that financial products are not the same in every country and every student has different needs.

As a student, you may need to send and receive money transfers both internationally and locally. A scholarship, for example, will be deposited straight into your local account, and your tuition fees can be directly debited out of your account. Parents could also transfer funds into your account virtually, without having to head down to a local bank branch to wire money over.

You can also use your local bank account to:
receive foreign currency support pay bills securely, with no extra charges build local credit history view your account balances and transactions directly deposit your salary (very helpful if you're working part-time to raise money to travel) manage your credit card payments If you've already arrived at your destination, this checklist for settling in might make your first week or two as an international student, easier.

You might be expected to have a local account
You may find it more difficult to get by in some countries without a local bank account. In the UK, you're usually required to have a bank account to apply for a mobile phone contract and to pay your utility bills. Employers will also expect you to have an account for them to direct deposit your salary into. If you're moving to the US or Canada, having a bank account will make it much easier to manage your finances. You'll probably do most of your day-to-day banking from a chequing account, including paying your bills. Any scholarships or financial aid you'll receive will most likely come as a cheque or be directly deposited into your account.

Choosing the account that's right for you
Some bank accounts that are geared toward students and graduates come with incentives: cash rewards, welcome deposits, railcards, and no maintenance fees or minimum balance.
What about a bank account that helps you with your student visa? The HSBC International Student Program in Canada provides you with a chequing account and a guaranteed investment certificate (GIC) to help you pay for your living expenses while you're studying in Canada. This then fast-tracks the visa requirements of Immigration, Refugees and Citizenship Canada's Student Direct Stream (SDS).
Besides the incentives, you'll want to consider ATM fees both at home and abroad, how good the online and mobile banking tools are (can you do all your banking on the go?), and whether you think you might need overdraft protection and a credit card.

Will you need overdraft protection?
While you can borrow what you need, you'll likely be charged a higher rate of interest than other borrowing methods. Going over your arranged overdraft limit can affect your ability to get credit in the future, too. Some student and graduate account overdrafts are interest-free. If you're unsure, it's worth checking if you'll be charged interest.
Instead of relying on overdraft, maybe it's better to build a budget and track your spending habits.