Budgeting, banking and taking money overseas

Work out the costs of going on an exchange, ways to pay for it, and how to get budgeting support.

Budgeting

You may have set-up costs when you arrive, such as household items (try second-hand shops), bonds, course material, fees etc. Check the exchange rates and cost of living in your host country.

One of Victoria University of Wellington's student finance advisers can help you with financial planning and preparation for the costs of your exchange—ensure you've researched the costs associated with your exchange before making an appointment with an adviser. Get in touch by calling 0800 04 04 04 or email: student-finance@vuw.ac.nz.

Do not rely on paid work in your host country as this may be prohibited by your visa conditions.

If your visa does allow work, check the conditions to know the limited working hours per week and where you are allowed to work.

Banking

Enquire at your NZ bank about overseas access fees associated with your accounts. Also ask what is the best way to access from overseas? Will you need a special card or pin while away?

In most cases it is possible to open a local account upon arrival in the host country which may make it easier to withdraw cash and result in lower fees. Check with your host university to see if there are banks that offer student discounts.

Taking Money Overseas

We recommend using a combination of methods:

Travel cards (prepaid debit cards for travel): some NZ banks offer these cards that are not subject to exchange rate fluctuations and lower ATM fees.
Electronic transfer: useful for transferring large amounts of money but can be costly.
Traveller’s cheques: Although these are slowly becoming obsolete, it is a safe way and a good emergency back-up if you find yourself in trouble.
Debit and Credit cards: useful for making travel arrangements such as hiring cards, and booking accommodation. Visa and Mastercard are often more widely accepted than American Express.
Local Currency: it is useful to take some local currency with you for when you first arrive at your host destination. Sometimes money transfers can take a while and it is difficult to find accessible bank machines.

Also have a look at our Student Reviews section on our website to see what previous exchange students suggest.

StudyLink loans and allowances

If you would normally be eligible for student loans, allowances and living costs through StudyLink then you'll be able to receive payments while on exchange. Once you have been accepted to the Wellington Global Exchange programme, you'll be required to complete and submit an Overseas Study Form to StudyLink. We'll advise you about this at the pre-departure orientation event.

Inland Revenue—interest exemption for exchange students

Students who are outside of the country for more than six months may incur interest on their student loan unless they apply for an interest exemption with Inland Revenue. All exchange students will be provided information on how to apply for an interest exemption at the pre-departure orientation event.