Heading to study in Singapore, Australia? Here’s how to plan your finances!

Singapore and Australia are among the most popular education destinations for Indians. As both these countries have a high standard of living, and the expenses of completing your education there are high too.

As per Australia’s student visa requirements, students need AU$20,290 per year for living costs alone. Singapore is among the top 10 costliest cities in Asia and living costs for students are estimated to be S$4,700. Therefore, it is essential that a student knows how to manage her finances to successfully complete their courses here.

Among the many options available, the most lucrative is winning a merit-based scholarship or fellowship. These include scholarships offered by universities, government and sports scholarship. At some universities, you may also get a scholarship based on gender or ethnic background.

You could also look at Education Loan to finance your education. If you take a loan from Indian banks/NBFCs, you will get a tax rebate on the interest paid on loan. It is important to remember that financing your education through Education Loan increases the overall cost of education, and you will have to repay the same once you start earning post your course is complete.

Employment opportunities

Luckily, you can also be gainfully employed even while studying in both these countries. This can help plan your finances much better. In Singapore, the Ministry of Manpower regulations allow international students, on a Student Pass, to work part-time during the term. Students can take up paid employment for up to 16 hours a week. During official vacation, there is no limit on the work hours.

Similarly, in Australia students holding student visa can work up to 20 hours a week during the term. There is no limit on work hours during official vacation. Volunteer and unpaid work are also counted toward the 20-hour limit. Any work that the student has to do for earning their course certificate is not counted towards the limit.

Unlike in Australia, any work that you do during the term in Singapore has to be under an industrial attachment programme conducted by your university. In other words, you can only take up internship related to the course you study – and not take up any work other than this. Since most universities do have partnerships with industrial houses finding gainful employment under this rule is not difficult.

It is important to remember that while one can enter the country before the course begins on a student visa, one cannot start any employment before the course starts. If one manages the finances well, it is possible to earn enough money to not just finance your education but also save some for the future.

Managing cost of accommodation

Among the biggest cost layouts for students abroad is housing. Both in Australia and Singapore, it is not a norm for students to live on campus. Students typically go to local universities and continue to live at their homes during studies. Foreign students, nevertheless, can choose to live on campus – where the hostel facility is available. The best option for most is to rent a private room with a family. In Australia, weekly accommodation can cost anywhere between AU$85 and AU$440. Campus accommodation being the most economical and private accommodation being the most expensive.

The costs are not too different in Singapore. Private, shared flats can cost around S$400 per person per month. If you choose to live in a private hostel, the cost would vary based on the facilities provided and quality of the accommodation offered. Do not decide on these without first visiting the hostel. The rates for these can vary from S$140 per month to S$440 per month. You could also choose to rent a flat of your own – this is the costliest option available and can cost over S$1,000 per month. Housing development board flats are a cheaper option – a single room in a flat can cost S$250 per month to S$1,000 for a whole flat.

Most universities provide the breakdown of the cost of living on their website for overseas students. Make sure to take a look at it, and plan accordingly.

One of the best ways to save the extra money that you earn is by remitting it to your family in India. You can also remit to your own Indian bank account. 

Via HDFC Bank wire transfer, you can easily send home money. The process is simple and safe:

You’ll need the following details:

- Your bank account number 

- The name of the recipient 

- The recipient’s bank name and address 

- The recipient bank’s SWIFT code 

- The recipient’s bank account number 

- Any other information your bank requires for wire transfer

You will have to fill in the wire transfer form, either online or offline. The home currency is automatically selected when you enter the recipient’s bank details. Once you have filled in the form, you have to pay the required charges. Wire transfers usually take 24-48 hours.

Now, you can do International Money transfers easily!

Want to do a Wire Transfer? Click here to get started. 

You can read more on how to transfer money from Singapore to India here!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.