Common Money Mistakes An International Student Must Avoid In The UK

Blog Post

Common Money Mistakes An International Student Must Avoid In The UK

Written by Ernest EmekaPublished on July 27th, 2021

Coming to the United Kingdom from Africa is a dream come true for most students. The many stories of London become fulfilled when they relocate to the Kingdom.  With its education stronghold bringing thousands of students from around the world, studying in the UK comes with its benefits and risks.   The premium price for studying here means that you must avoid money mistakes.  Making financial mistakes can be unbearable, especially when you compare the exchange rate of the country with your local currency.

You can stay away from financial woes if you can avoid some of the common mistakes that many international students fall prey to in the country.  Here is some advice that can help you from financial and emotional turmoil:

Beware of frauds

When it comes to student housing and visas, fraud is rife, which makes it important for international students to be wary of some dealings.  You have to read up on some of the modus operandi that most fraudulent individuals use against international students in need.  Some students come to the United Kingdom and end up in an illegal admission setup.

You do not have a shortcut when it comes to gaining admission into a higher institution in the UK. You should do your research before accepting any dubious offer from visa agents in your country. As an international student coming to the UK, you should read about the due process of living in the country.

Do not transfer money to property owners as a ‘holding deposit’ without inspecting the property first.  You should make your payment in person with your credit card. 

Keep track of exchange rates

You do not spend money carelessly in the UK without knowing the current exchange rate with your local currency.  For countries with weaker currencies than the pounds, they have less spending power.  This could be important when making transactions like paying your tuition fees. A wrong timing could affect your finances. This means you should be mindful of the amount of money you spend often.

International students coming to the UK for the first time should be careful of what they spend. A minor money mistake can set you back financially. 

Make a budget and stick to it 

You do not assume things when it comes to your spending in the UK. You should make a realistic budget and stick to it.  While you might not think of future-proofing your finances, you should ensure that you work on a budget that can suit your lifestyle.

Finance could mess up your studies if you are not careful about how you spend your money.  You should research the amount of money that you will spend daily, weekly, and per semester. This gives you an idea of what to expect every semester without overburdening yourself with unnecessary spending.

Finally, ask older students the smart ways they save money as students in the country. You can fit into their plans or make your customized financial plans too.

Why do you have to pay for more, when you can pay for less with Pay4Me? Whether you want to pay for SEVIS or WES, Pay4Me does it seamlessly for you. ? To get started, click here to download the app.  

Download the Pay4Me App

Our custom QR code will take you to your app store to download our awesome native apps.

App StoreGoogle Play
Preview of the Pay4Me App interface showing key features
Join our newsletter

Get the latest news, releases, and more.

Articles

Address

Nigeria: 5th Floor, Brassar's' place, 69 Admiralty way, Lekki Phase 1, Lagos Island

United States: 9751 West Chinden Boulevard, Suite 100, Garden City, ID 83714

Pay4Me is a financial technology company making it easier for international students to pay their tuition and fees abroad. We offer our products and services in partnership with licensed money transmitters, financial technology companies (fintechs), and banking partners in their respective jurisdictions. All trademarks, logos, and brand names are the property of their respective owners. All company, product, and service names used on this website are for identification purposes only. Use of these names, trademarks and brands do not necessarily imply endorsement.

Virtual card services are provided through partnerships with duly licensed banking and financial technology partners, operating under licenses from Visa and Mastercard. All trademarks, intellectual property rights, and associated brand elements of Visa and Mastercard are the exclusive property of their respective trademark holders.

Study abroad loan services in Nigeria are offered in compliance with applicable state money lending regulations, under a valid State Money Lenders License, through our wholly owned subsidiary, Monivest Technologies Limited. Our in-house loan products and other study abroad loan products are facilitated through partnerships with licensed banks, fintechs, and financial technology companies, ensuring secure, accessible, and reliable lending solutions.

Savings and investment services in Nigeria are provided through our wholly owned subsidiary, Monivest Cooperative Multipurpose Society Limited, which is duly licensed and registered under the cooperative society laws of Lagos State, with registration number 19619. This entity operates in full compliance with Nigerian cooperative regulations, offering safe and legally regulated opportunities.

Pay4Me, Inc. is registered with FinCEN in the United States as a Money Services Business with MSB Registration Number: 31000231163752. Pay4Me, Inc. holds a pre-approved Money Services Business (MSB) registration with FINTRAC in Canada. Pay4Me also maintains a Special Control Unit against Money Laundering (SCUML) registration with the Economic Financial Crime Commission (EFCC) in Nigeria.

Disclaimer: Pay4Me, including its subsidiaries, is not a provider of legal, tax, immigration, or financial advisory services. These value added services are intended for general use and should not be construed as professional advice. Before using our value added services, please carefully review our Privacy Policy, Terms of Use, Fee and Refund Agreement. Nothing on our website constitutes legal, tax, or financial advice. For personalized guidance, we recommend consulting a licensed attorney, tax professional, or financial advisor.

Please note that certain Pay4Me App features or services may be restricted or unavailable in some jurisdictions due to local regulations and/or licensing requirements.

© 2020 - 2025 Pay4Me, Inc.