Overseas education: How students can plan forex and budgets before departure

Overseas education: How students can plan forex and budgets before departure


Indian students preparing to study abroad are now taking a more structured approach to finances even before leaving India, as rising global living costs, currency volatility and geopolitical uncertainty are making overseas education planning more complex.

Experts say forex planning is no longer limited to arranging money after arrival. Instead, students and families are being advised to budget earlier, track expenses more closely and use digital tools to manage costs through the entire study period.

Plan the full cost of studying abroad

Experts say students should estimate the total cost of overseas education well before departure, rather than focusing only on tuition fees.

Saurabh Arora, Founder & CEO of University Living, a global student housing marketplace, said families are now beginning financial planning 12–18 months in advance, factoring in accommodation, food, insurance, transport and emergency expenses along with tuition costs.

He added that families are also comparing destinations based on affordability, employability outcomes and long-term return on investment, rather than only university rankings.

Avoid lump-sum forex transfers

Experts say students should avoid sending a single large remittance close to departure and instead plan transfers in phases.

Arora said phased transfers help manage currency fluctuations and reduce financial pressure, while also allowing families to maintain buffers for unexpected expenses abroad.

Prashant Bhonsle, Founder & CEO of Kuhoo, an AI-driven educational technology and fintech, said budgeting has shifted from managing monthly expenses after arrival to planning the total cost of education and repayment ability much earlier in the process.

Track exchange rates and charges

Experts say students should monitor exchange rates, transfer fees and hidden charges before moving money overseas.

Amit Talwar, CEO of Niyo Forex, an Indian travel-finance platform, said students are prioritising transparency and visibility on overseas spending.

“Earlier, a large part of forex usage was reactive. Now, there is a clear shift towards structured financial planning before leaving India,” Talwar said.

Experts say comparing providers and avoiding last-minute transfers during volatile currency periods can help reduce unnecessary costs.

Set budgets before departure

Experts say students should set monthly and category-wise budgets before reaching campus, instead of planning only after arrival.

This includes allocating limits for rent, food, transport, academic expenses and daily spending.

Talwar said the approach reflects a shift from simply accessing money abroad to actively managing money throughout the education journey.

Experts say this helps students avoid overspending during the initial months abroad, when expenses are often unpredictable.

Use digital forex and payment tools

Experts expect increasing adoption of digital-first forex solutions and prepaid travel payment tools among first-time student travellers.

Talwar said students prefer tools that allow advance fund loading, real-time expense tracking and better visibility on exchange rates and charges.

Bhonsle added that digitally native students are naturally gravitating towards app-based payment and forex tools that offer convenience and spending visibility.

Keep an emergency buffer

Experts say students should maintain a separate emergency fund for medical needs, travel disruptions or sudden increases in living expenses abroad.

With costs rising across major study destinations, families are building these buffers into financial planning from the beginning rather than arranging funds later.

Policy support aiding adoption

Experts say recent policy changes, including lower Tax Collected at Source (TCS) on education-related remittances under the Liberalised Remittance Scheme, are also encouraging wider adoption of digital forex platforms and prepaid travel payment tools.

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