Hello, Nigerian international scholars! Truthfully: managing exchange rates is really what makes your money go and keep pace. Get it wrong, and your studies can be totally derailed. From paying school fees, paying rent, sending remittances back home, to paying for your research, every naira, dollar, euro, or whatever counts.
This is all about being smart about money when you’re abroad studying. We’re talking about advice on how to save, de-stress, and be smart while exchanging money.
Why bother with exchange rates, anyway?
Wherever you are – England, Canada, America, losing your naira at the wrong time or exchanging in shady services loses you an arm and a leg! As a foreign scholar, you have to get wise to know how all this foreign exchange business works. The shifting of the currencies, those enigmatic transfer fees, black market dealings, and all those web pages all come into play in determining how much you end up with as a share of the cash.
So, from here on out, let’s discuss some resourceful methods of exchanging money that are just the currency exchange tips for Nigerian scholars such as yourself:
1. Know Your Rates (Like, Seriously)
First, first: understand how exchange rates really function. The official Central Bank of Nigeria rate and unofficial parallel (a.k.a. black market) rate could be light-years apart. Scholars should know this:
- The latest exchange rates you can find
- To what extent the banks and money websites tack on markups to the rates
- To what extent the time differences can upset the market hours
Use apps or websites like XE Currency, Google Finance, OANDAÂ to follow what happens day to day. That way, you will exchange your naira when the rates are in your favor and thereby maximize your scholarship or allowance.
2. Do Not Convert Naira Overseas (If Possible)
If you still have naira in your Nigerian bank account, don’t exchange it to some other currency when you leave. You will usually pay exorbitant fees and terrible rates. Instead, before you leave:
- Exchange a part of your naira for the money of your destination country (dollars, pounds, etc.).
- Open a domiciliary account (a dollar account) and shift your money in advance when the rates are good.
- Make your family help with conversions when they are back in Nigeria and send the money through a money transfer agent.
This prevents horrendous rates and those completely bonkers international charges.
3. Utilize Those Currency Exchange Apps Wisely
- There are a number of financial companies that simplify life for Nigerian scholars program in terms of transferring money at affordable rates. These include:
- Chipper Cash
- PayDay
- Grey.co
- LemFi (previously Lemonade Finance)
- Flutterwave Send
They enable you to send naira or foreign currency, exchange it within the app, and send it to your local bank account. If you’re in Canada, your parents can send you naira and exchange it for Canadian dollars in Grey and send it to your Canadian account. It is quick, and the exchange rates are generally better than in banks.
Always double-check the following: the markup they’re charging on the exchange rate, the sneaky hidden fees, how much you can send, and how quickly it takes for withdrawals. This is necessary.
4. Turn On Rate Warnings and Budget Like a Boss
Smart scholars make use of warnings to alert them when the rates are good. XE, and even Google have warnings that can be turned on.
Determine your monthly requirements as far as the money you live off is concerned. This will help you avoid converting naira into a different currency when the rate takes a sudden dip. Scholars who only do so when they have no other option lose to others who plan and purchase in bulk.
5. Steer Clear of Exchange Booths (Unless Absolutely Necessary)
Those Bureau de Change outlets, especially near airports, will leave you broke. Steer clear of them unless it’s a pure necessity. Use these instead:
• Withdraw small sums of cash from native bank ATMs.
• Convert naira cash into foreign bank currency using those safe online sites.
• Join other Nigerian scholars and exchange currencies if possible.
With a school scholar finance network, it’s simple to transfer cash around and with someone you trust.
6. Select the Best Bank Account
Not every bank account is created equal. Some of them charge extortionate fees for sending money overseas. As a Nigerian scholar:
- Go with banks that get positive word-of-mouth from scholars within school.
- Check whether or not they will let you deposit foreign exchange in there in the first place.
- Ask if you can use your Nigerian debit card there and what exchange rate they will charge. You can also make use of multi-currency accounts (like Wise, or Payoneer). They enable you to keep numerous currencies and exchange them at near-real exchange rates.
7. Keep Everything on Record
Track all of the currency you exchange, transfer, and withdraw in ATM withdrawals. This comes in handy to:
- Keep an eye on where your money is going.
- Catch any stealth fees or scams.
- Keep your endgame in hand when going for grants, college aid, or visas.
Apps like Spendee, Money Lover, and YNAB are great budgeting tools that scholars can use.
8. Get All You Can Out of Those Scholarships
There are scholarships in which you get paid in foreign currencies. If this applies to you:
- Enquire whether the scholarship includes any exchange fees.
- Ask if they can transfer money to your foreign (home country) bank account so you won’t need to exchange money back and forth.
- Ask the individuals at the scholarship for any tips that they might have for money exchange.
Heads-up: organizations offering scholarships (e.g., UNESCO, DAAD, Chevening and Erasmus) usually possess students’ funds regulations. Make sure you read those.
Watch Out for Online Scammers!
Daydreaming about fantastic rates, some scholars are deceived by online scammers who promise amazing deals. Take care, and:
- Never send money to people you encounter online who are not known to you.
- Discover platforms through student networks or alumni networks.
- Utilize only legitimate services, either Nigerian or where you are studying.
Make your money work for you so it can be used to learn and not find its way into some scammer’s pocket.
Join the Nigerian Students Association
Each country appears to have a Nigerian Students Association or equivalent type of club. You are generally able to access:
- Guidance on good exchange rates today..
- Saving plans with friends or ways to buy currency in large quantities.
- Friend’s advice on how to send money safely.
Support like this is something banks simply are not able to offer. Scholars helping fellow scholars is the way of the future.
Conclusion
If you’re a Nigerian scholar studying abroad, being skilled at money changing is just a matter of being ready and knowing. If you learn the ins and outs of when, where, and how to exchange your money, you can be in control of your finances, save some money, and live less anxiously so that you can concentrate on school.
Never lose sight that to be a scholar is not just about books; it is also about being smart with your life, and your money. Stay on your toes, stay connected, and stay smart!
Currency exchange for Nigerian scholars, Best currency exchange practices, Nigerian scholars abroad, Money transfer for Nigerian scholars, Exchange rates for Nigerian scholars, Naira exchange abroad, Money transfer apps for Nigerian scholars, Scholarship money exchange tips, Foreign exchange for Nigerian scholars, Nigerian scholars studying abroad
