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Currency Exchange and Financial Planning Tips.

Okay, so you're going all the way to Russia for your MBBS – nice! That's a huge step, and I'm sure that you must be just thrilled. But come on, studying abroad has its own constraints, and how to handle your money abroad is certainly one of them. I've been there myself (not in Russia, but I know the struggle!), and I'd like to share some tips with you to help you stay afloat financially as you pursue your degree.

 

The Ruble Rules: Getting a Grip on the Currency

 

To begin with, let's get back to basics: the Russian Ruble (RUB). It's not dollars, it's not euros, it's a whole different ball game. The exchange rate between your currency and the Ruble? Well, it's always changing! Imagine it's like the weather – subject to all sorts of factors, from global politics to what's happening in the Russian economy. So, staying on top of those changes is essential if you want to get the most for your money (or should I say, Ruble!).

 

Cracking the Currency Exchange Code: How to Get the Best Deal

 

Exchanging money is where it gets tricky, but with some forethought, you can avoid being taken for a spin. This is my tried-and-true strategy:

 

• Be an Exchange Rate Detective: Don't use the first rate you come across. Log on – Google Finance, XE.com, Bloomberg – they're your friends! These sites will provide you with the true exchange rate, giving you a point of reference to compare to.

• Balance Your Options: You have several options for exchanging:

  * Banks: They're safe and generally have nice rates, but might cost you a higher transaction fee. Call around, compare, and get the best overall deal at a bank.

Currency Exchange Bureaus: Super convenient, especially in airports and train stations. They might offer better rates than the banks, but always, always, always* compare and negotiate, especially when you're exchanging a big amount.

* ATMs: Withdrawal of Rubles directly from your debit card can prove to be a godsend. Just keep in mind those pesky international transaction fees and bank and ATM fees as well. And of course, don't forget to inform your bank you are traveling overseas so they won't freeze your card!

* Online Sites (My Personal Fave): Services like Wise (previously TransferWise) and Remitly are a savior. They generally have better exchange rates and less fee structures than banks, and you can send money directly into a Russian bank account or even on to a pre-paid card. That easy!

• Airport Alert!: Don't trade at the airport like the plague! They charge awful rates because they know you're stuck and desperate.

• Small Bites Are Best: Don't trade a large lump sum at one time. Trade smaller chunks in intervals, and you can ride out the swings and hopefully catch some of the good swings.

• Keep Your Receipts: For real, keep all your receipts! You'll be needing them for your records, and you never know, you might even have to use them for taxes down the road.

• Don't Be Afraid to Haggle (Occasionally!): If you're at a tiny exchange center, especially if you're having a lot of money exchanged, it can't hurt to try to haggle them down a bit. The worst they could do is say no!

 

Beyond Exchange Rates: Building a Financial Fortress in Russia

 

Alright, you've got the exchange covered. Now let's talk about maintaining your finances in Russia when you're actually living there.

 

• Budget 101: Get a Grip on Where Your Money's Heading: Create an in-depth monthly budget. I mean detailed – tuition, rent, food, transportation, books, entertainment, even that random snack you buy at the supermarket. There are just so many budgeting spreadsheets and apps out there, so find one that works for you and stick to it. Track your spending like a hawk, and you'll be surprised where you can cut back.

• Bank on It: Open a Local Account: Having a Russian bank account is a lifesaver. It makes it so much simpler to pay rent, receive money from home, and shop online. Compare various banks, find student-friendly banks with minimal fees, and discover one with a lot of ATMs around.

• Student Discounts Are Your Superpower: Don't belittle the strength of your student ID. It can be used to discount restaurants, museums, movies, and even your fare. Flash that ID like it was a badge of honor!

• Become a Home Chef: Eating out daily will drain your pockets faster than you can yell "borscht." Learn some simple dishes at home. Russian cuisine isn't as bad as all that, and you can always attempt to cook recipes from home to avoid missing home.

• Freebies Are Your Friend: Your university probably has a lot of freebies – libraries, internet, recreation facilities. Use them!

• The Part-Time Hustle (Maybe): This depends on the rules, so inquire from the Russian immigration authorities and your university. If you can work part-time, tutoring, translation, or online freelance work are good options. Every little helps!

• Make Your Family Aware: Talk with your family about their financial needs. Agree on an open system of communication to send you money when you require it.

• Emergency Fund, Just in Case: Things do happen. Build a small emergency fund to cover the unexpected like medical treatment, flight cancellations, or other unexpected things that come up.

• Regular Check-Ins: Stay on Top of Things: Keep an eye on your budget and your finances on a regular basis. Are you reaching your targets? Is there something that you can adjust? Make the requisite adjustments.

 

The Bottom Line

 

Your finances as a student of MBBS in Russia do not have to be scary. A little planning, a little investigation, and plenty of discipline will allow you to derive more mileage out of your rubles and focus on what is important – your studies. Remember that being money-smart is something that will reward you for the rest of your life. You can do it! Now go conquer your studies in Russia!

 

SIMPLE ADMISSION PROCESS

No hefty donations, no entrance exams, no hassle for documentation just your dream MBBS study and you. RUS OVERSEAS does everything for you from scratch. We make sure you don’t have to do rounds of rotation and get fed up with the process of admission. From beginning to end, we are with you.

 

THE PROCESS

Eligibility: 

• 50% in PCB (40% for SC/ST/OBC) in Class 12.
• Minimum 17 years by December 31 of the admission year.
•   NEET Qualification: Mandatory for Indian students.

 

Invitation letter: 

After RUS OVERSEAS submits your documents in the university. The university issues you an invitation letter. 

 

Visa process: 

Once the invitation letter arrives. The company will start your visa processing and in a few days you will be on the plane to Russia. 

HOW RUS OVERSEAS HELPS YOU IN YOUR JOURNEY

RUS OVERSEAS has the experience of more than a decade. Our team is supportive and cares for the students wholeheartedly. We are available 24/7. Your one stop solution for MBBS abroad is us. We at RUS OVERSEAS will never disappoint any student or parent in their fulfilling journey with us.

 

CONTACT US

Phone: +91 9560533703

Email:  info@rusoverseas.com