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Four financial steps you must take before you ‘Japa’ out of Nigeria



The idea of moving is frequently exciting. Moving involves much more than just trying new activities and meeting new people, though. Moving abroad actually comprises less exciting yet very significant concerns; finances.

This is due to the possibility that, if you don’t adequately plan, you may run into some frustrating and challenging circumstances. You can even miss out on the chance to improve your financial situation. But you shouldn’t experience any issues if you keep in mind the details below.

• Be aware of the exchange rate

Nigerian travelers and students usually have limited financial resources. Foreign exchange rates might therefore easily have a favorable or negative impact on your ability to spend. Understanding how foreign exchange rates operate and whether your home currency is strong or weak will help you manage your money effectively and prevent running out.

The value of the British pound differs from that of the Euro and the American dollar. When visiting a foreign country, it’s important to consider the exchange rate or the value of your home currency in relation to the local currency. The value of the dollar is typically lower than that of the pound or the euro, but it is frequently higher.

Although it frequently has a higher value than other currencies, the dollar typically has less value than the pound or the euro. According to Forexbroker, consider the exchange rate using a licensed currency broker that can help you create your budget.Read more

• Find out the most efficient method for sending money

You can certainly pay for your tuition using an international wire, but there are a number of drawbacks to this. To begin with, a lot of banks throw on outrageous fees, so you will ultimately pay quite a deal extra just to move your money.

Additionally, if certain crucial information, such as your legal name and account numbers, are omitted, international wire transfers may be sluggish or even end up in the wrong location.

• Find out if a foreign bank account is required and update your local bank

Contacting any financial institutions you depend on and informing them of your vacation intentions is one of the most crucial things you should do before leaving.

READ ALSO:If you must ‘japa’ do it right, or else…, Nigerian govt counsels citizens against illegal migration

By getting in touch with them beforehand, you may help ensure that your bank or credit card provider won’t disable your cards while you’re traveling abroad and prohibit you from using them. If they discover that your card is being used outside of your own country, they might take this action because they might view it as suspicious behavior.

It is typically extremely simple to alert banks and credit card firms. You can inform your bank that you will be traveling abroad by calling them or by speaking with staff members at a nearby branch. You may manage your trip arrangements through your online account with several banks.

You may not need to bother about this step if the university where you are studying provides you with a student account. Others, however, stipulate that you need a local bank account in addition to your US bank account in order to be eligible for loans and scholarships. Ask your school what regulations they follow.

• Ensure you are covered by travel insurance

If you have travel insurance that can pay for unforeseen costs, managing travel disruptions can be much less expensive.

Traveler protections offered by the best credit cards for travel include baggage insurance and trip delay insurance.

Travel insurance benefits are subject to varied conditions depending on the card issuer.

Most of the time, you must pay for your vacation in full with a credit card, though certain card issuers may only require you to use an eligible card for a portion of it.

Additionally, card issuers frequently impose various restrictions on the coverage you receive and the types of charges that qualify for protection. Be sure to read the details before making travel arrangements.

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