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What do I need for studying abroad?
When seeking advice from those who have experienced studying abroad, I often hear suggestions like "bring Japanese medicines that suit your health conditions" or "opt for worn-out clothes instead of looking too stylish to appear Japanese." But one common piece of advice stands out: "With money, most things can be resolved."
Indeed, in the past, those who studied abroad had to bring a considerable amount of cash to cover initial expenses. While nowadays cashless payment methods have gained popularity overseas, and carrying a credit card is practical, having some cash readily available still offers a sense of security (and a bit of thrill during travels).
In my case, I've already prepared a credit card with international features, such as enabling overseas cash withdrawal. This way, I can withdraw local currency from ATMs when needed. Additionally, as my language school provides accommodation, I've paid for my lodging in advance, which I find to be one of the more convenient options among others.
Wise for Convenient Overseas Transfers
However, as an extra precaution, I decided to create a Wise account. Wise is an overseas money transfer service that allows me to deposit money into a Wise account and then exchange it into different currencies at more favorable rates compared to bank transfers or ATM withdrawals.
Wise's advantageous fee structure works in a way that my money isn't directly exchanged into a foreign currency. Instead, when I need to send money abroad, Wise will transfer the funds from their local account in the destination country. This eliminates the need for currency exchange fees on my end. The process is similar to the service I used to send money to my language school called FlyWire.
Why Did I Create a Wise Account?
One reason is that when traveling to Malaysia from Japan, it's challenging to open a Malaysian bank account or handle Malaysian Ringgit (MYR). Hence, until I can open a bank account in Malaysia, I won't have a designated "receiver" for any potential emergencies. Should the need arise for me to receive money, I can rely on my husband to send funds, making Wise an ideal solution. Furthermore, since the duration of my study abroad is fixed at one year, I'm uncertain if I'll be able to open a bank account in Malaysia during that time.
I found that in Malaysia, there's no service like the one available in some other countries, where people with Japanese bank accounts can open accounts overseas or handle other foreign currencies. Additionally, the foreign currency accounts offered for expats often don't include Malaysian Ringgit. Wise, on the other hand, covers a wide range of currencies, including the Singapore Dollar, and provides real-time exchange rates. This allows me to keep track of potential exchange opportunities. Although my monthly salary from the company might be a bit tight, I'll keep an eye on the rates while continuing with my preparations for the study abroad journey.
While some may have concerns about the security of placing a large sum of money into Wise, many people around me use the service without issues. I'm not overly anxious about security, but I'm also cautious about keeping large amounts of money in one place.
As part of my preparations for studying abroad, I'll carefully consider not only the cash I'll be carrying but also how much money to allocate to which accounts.
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