London, 31st July 2025: Every year, more students than ever are packing their bags and heading to study in another country. As per the press release by the Open Doors report, the United States welcomed a record 1.1 million international students in 2024, contributing over $50 billion to the US economy. But leaving home for studies is not just about booking a flight or choosing a course. Many students face major challenges when managing their finances across different countries and currencies.
Research shows that most international students rely on personal and family savings to fund their education abroad, and according to the Open Doors 2023 report, 60% of all international students receive the majority of their funding from outside the host country—including personal funds, family support, and aid from home-country governments or universities. This makes it essential for students to understand how foreign exchange works, how to transfer funds internationally, and how to avoid hidden fees. Yet, many arrive unprepared for fluctuating exchange rates, unpredictable banking rules, and the high costs associated with cross-border transactions, often leading to delays in payments or unnecessary financial stress during their transition.
Sonal Kapoor, Global Chief Business Officer at Prodigy Finance, says, “At Prodigy Finance, we disburse funds directly to universities in their local currencies, so students don’t have to worry about large tuition conversions or unexpected bank fees. But even with this support, honest conversations about managing finances abroad are still missing from most pre-departure checklists. Understanding how to handle living expenses, exchange rates, and international transfers is not just helpful, it’s essential to thriving as an international student.”
Having knowledge of foreign exchange can make a significant difference in how students manage daily life abroad. From paying rent to covering groceries, most expenses are handled in the host country’s currency, making it essential to understand exchange rates, conversion fees, and the value of tools like prepaid forex cards. These help students avoid high international transaction charges and stay in control of their budgets.
Since 2007, Prodigy Finance has provided over $2.3 billion in funding to more than 45,000 students from 150+ countries. Its ongoing impact studies show that international education can lead to significant career growth and financial mobility for students worldwide. Through years of working closely with global student communities, Prodigy Finance has also identified a common challenge. Many students arrive well-prepared academically, but are financially underinformed, particularly when it comes to managing everyday expenses in a new currency. As a result, they often lose money to hidden fees, poor exchange rates, or avoidable financial losses that basic forex education could help prevent.
To address this gap, Prodigy Finance is encouraging students, lenders, universities, and families to reinforce the importance of forex and financial education, not just as a formality, but as a practical skillset that students carry with them. From understanding how currency markets work to selecting the right international payment tools, this knowledge helps students manage their finances confidently and stay focused on their academic journey.