Before applying for a visa
How to prepare funds for studying abroad
How much do I need to prepare?
According to the consumption level and average tuition level of each country, the tuition and living expenses of international students studying in the local area for one year are also different. Parents should prepare study abroad expenses for their children according to the actual situation. According to the data provided by the Financial Center for Studying Abroad of China Everbright Bank, the cost of studying abroad in various countries is roughly as follows: UK, 300,000 yuan/year; Australia, 200,000 yuan/year; Canada, 200,000 yuan/year; Ireland, 1.5 million -0.2 million yuan/year.
How long does it take to prepare?
Embassies in different countries also have their own regulations on deposit limits, which generally range from100000 yuan to several hundred thousand yuan. At the same time, there are also requirements for the deposit history of this account. For example, in the UK/Australia, the history of bank deposits exceeds 6 months; In Canada, the bank deposit history exceeds 18 months; In Ireland, the bank deposit history exceeds 12 months.
In what form can the funds be deposited to meet the visa requirements?
The shorter the time needed to spend money, the more conservative the investment should be, and the preparation of study abroad funds should adopt bank wealth management products or purchase voucher-type government bonds.
Many families begin to reserve foreign exchange when they plan to send their children abroad to study. But how much foreign exchange to buy at a time and how often to buy it are also issues that parents need to consider. The price of foreign exchange is one price per day. Many parents are used to buying a lot of foreign exchange at a time and have suffered a lot of interest rate losses in a few months. At present, the dollar is weakening, while the RMB and the euro continue to strengthen. Based on the consideration of value preservation, financial experts suggest that several currencies be mixed. When holding a large amount of foreign exchange for a long time, foreign exchange wealth management products with short purchase period and strong liquidity are also a good choice. The annual income guarantee of about 5% is enough to resist the general exchange rate risk and can be realized at any time, which is convenient for parents to configure.
Handling of study abroad loans
In the case of insufficient margin, you can consider applying for a loan for studying abroad. At present, most commercial banks can apply for study abroad loans, and real estate, time deposit certificates, life insurance deposit certificates and voucher-type government bonds can all be used as pledges. The quality rate of real estate is about 60%, and the time deposit certificate, life insurance deposit certificate and certificate-based national debt can reach 90%. The maximum loan for studying abroad can reach 100% of the tuition fee, and the time can be as long as 8 years. At present, the financial services for studying abroad launched by commercial banks such as Industrial and Commercial Bank of China and Agricultural Bank of China also include the service that banks issue letters of guarantee for foreign currency deposit certificates. In fact, personal credit is guaranteed by bank credit, which helps to improve the success rate of visas. However, the interest rate of studying abroad loans is generally above 4%, which is a big risk and loss and needs careful consideration.
After applying for a visa
How to buy foreign exchange
Since May this year 1, the policy of purchasing foreign exchange by individuals for private purposes has changed, and the annual amount of foreign exchange purchased by individuals has increased to $20,000.
In other words, individuals can purchase foreign exchange at the bank counter with their ID cards under the condition of not exceeding $20,000.
However, for most people studying abroad, $20,000 may not be enough. If it exceeds US$ 20,000, the procedures for purchasing foreign exchange are still the same as in previous years and must be approved by the State Administration of Foreign Exchange. Students must bring the admission notice, tuition certificate, ID card or residence booklet, passport and visa originals and copies to the foreign exchange bureau for review. After the approval, I will purchase foreign exchange at the bank outlets with the approval documents and my ID card.
How to carry foreign exchange
International credit/debit cards
With the logo of international credit card organizations such as VISA/MASTER/JCB, global contractors can be organized in international credit cards.
Users spend and withdraw the local national currency at ATMs with signs such as VISA/MASTER, thus avoiding the trouble of currency exchange. Renminbi can be used to buy foreign exchange and repay it in China.
overseas remittance
In case of wire transfer, the customer needs to inform the other bank's account number, and a wire transfer fee will be charged. The wire transfer business only needs the name of the bank payee and the remittance currency/amount, and the handling fee is relatively cheap.
Cash remittance, the amount of which is less than the equivalent of US$ 6,543,800+0,000 (including US$ 6,543,800+0,000), can be handled directly in the bank, and the amount of cash remittance is greater than US$ 6,543,800+0,000, which can be handled in the bank after being approved by the State Administration of Foreign Exchange.
Cash remittance can be handled directly in the bank, and the bank shall not exceed the standards indicated in the relevant documents such as tuition and living expenses provided by customers when handling remittance procedures.
In addition, the services provided by the bank, such as Western Union Remittance, Money Express and Silver Mail Express, can help parents remit money conveniently and quickly.
traveler's checks / traveller's cheque
Fixed checks issued by banks or financial companies and finally paid can be converted into cash at any time or directly used in major foreign banks, international hotels, restaurants and other consumer places, which is one of the commonly used payment vouchers for international travelers. There is no designated payment place and bank, and there is no date limit. Fixed denomination, easy to exchange, easy to carry, loss reporting compensation, universal.
Foreign currency carrying card
Residents do not need to apply for a carrying permit to carry foreign currency cash equivalent to less than $5,000 out of the country at one time. Residents carrying the equivalent of US$ 5,000 to US$ 65,438+US$ 00,000 (including US$ 65,438+US$ 00,000) in foreign currency cash out of the country at one time need to bring their passports and valid visas to the bank to issue a certificate of carrying. If the amount of foreign currency cash carried by overseas residents at one time exceeds the equivalent of 10000 USD or more, the carrier shall apply to the foreign exchange bureau where the bank is located, and the bank shall issue a certificate of carrying it with the approval document of the foreign exchange bureau.