TRANSFERTA K E A G LO BA L V I E W

HOW TO SAVE MONEY WHILE STUDYING ABROAD

5 ALTERNATIVE GAP YEAR IDEAS

AUTUMN2016

CAMBRIDGE CROWNED TOP DESTINATION INTERNATIONAL STUDENTS

03Welcome.

With summer winding down, millions of fresh faced students around the world are preparing to flee the nest and head off to university. Many of them will be moving to new towns, cities and even new countries. In our ‘Back to School’ special of Transfer, we remind ourselves what it’s like to be students and look at the best places in the world to go to university and how to save money once you’re there.

There is so much more to choosing a destination for international study than just the university’s reputation. Find out which universities are the best picks for foreigners with World First’s own international student index.

For UK students looking to take on the world, we share some key money saving tips, reveal the top apps every new student needs and Chief Economist, Jeremy Cook, asks: what will currency movements mean for your school fees?

Finally for those delaying higher education, our gap year feature has some off the beaten track ideas for you to try and some of the World First team share their own experiences. So whether you’re heading off to university yourself, preparing for a gap year or just reminiscing about student life Transfer has you covered.

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TA K E A P U N T O N C A M B R I D G E

HOW TO SAVE MONE Y WHILE STUDYING ABR OAD

WORLD F IRSTERS’ GAP YEAR EXPERIENCES.

U K F U R T H E R E D U C AT I O N S T I L L R U L E S T H E R O O S T

H O W W I L L C U R R E N C Y M O V E M E N T S A F F E C T YO U R

I N T E R N AT I O N A L S C H O O L F E E S ?

S T U DY I N G I N T H E L A N D O F S TA R S A N D S T R I P E S

S I X A P P S E V E R Y N E W S T U D E N T N E E D S

5 A LT E R N AT I V E G A P Y E A R I D E A S

(Avoid currency transaction fees)

Unlike the banks who charge an arm and a leg, we don’t charge currency transaction fees and we can give you a better rate.

Call today 0203 393 3041 or visit worldfirst.com

World First is authorised by the Financial Conduct Authority.

05There is more to choosing a destination for international study than just the university’s reputation. Students eyeing up an international adventure need to take into account cost of living, tuition fees and the desirability of the host city in order to make the most informed choice. And that’s exactly what we’ve done. World First’s new international student index shows UK universities to the cream of the crop with Cambridge, Edinburgh and Oxford topping the list respectively.

Cambridge’s reputation as the third best university in the world along with its pull as an historical city and lower cost of living saw it come out on top, beating competition from across the world. The world famous Harvard University was the highest

of the US universities at ninth in the league table.

Affordability and liveability had a significant impact on which universities fared better for international students with Australian National University and the Swiss Federal Institute of Technology completing top 5 due to affordable school fees and high liveability scores.

American universities with great reputations were hurt by extortionate tuition fees with only the University of Michigan (7th) and Harvard University making the top ten. McGill University in Montreal (6th), Ecole Polytechnique Paristech (8th) and University of Bristol (10th) completed the top ten.

TAKE A PUNT ON CAMBRIDGE

New research from World First reveals the University of Cambridge as the best place for international students to

get their higher education. Renny Popoola takes a punt down to the Cam to find out more.

Cambridge crowned top destination for

international students

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Cambridge crowned as top destination for international students

Figure 1: Combined scoring for each university based on university performance, tuition fees, cost of living and city liveability

University ofCambridge

University ofEdinburgh

University ofOxford

AustralianNational

University

Swiss FederalInstitute of Technology

University of Michigan

McGill University

ÉcolePolytechnique

Paristech

Harvard University

University of Bristol

07Commenting on the results, Edward Hardy, Market Analyst at World First said:

“When choosing an overseas destination for university, the quality of the teaching is just one deciding factor. Our research shows that some of the top universities, while having a particularly strong reputation, do not necessarily deliver on some of the other important deciding factors. That could mean that they hit students with crippling course fees, are located in cities with a painfully high cost of living or just offer a poorer quality of life.

Our index should help international students with that perennial dilemma; endure three years of education at a marquee university that’ll leave you racked with debt and with few memories outside of the exam hall or choose a marginally less well respected university in a vibrant city with a lower cost of living that won’t leave you saddled with enormous debt.”

Currency movements

The recent fall in the value of the pound also means that UK universities have become increasingly more affordable for university students compared to American universities as the dollar maintains its strong run.

UK universities will be cheaper for pretty much all international students since Brexit, not just US. One good thing from Brexit: it makes UK more attractive as a study destination.

Edward Hardy added:

“The politics and economics of Brexit are not yet known and will likely take months or years to fully affect the price of the pound. In the meantime, students or their parents will be looking at a likely volatile and less-valuable sterling.

While this is a pain for Brits, foreign students will be looking at the dreaming spires of Oxford and seeing a 10% discount to the current fees. Even if you’re not studying maths you can see that has got to be worth your while.”

Methodology: Research conducted by World First in August 2016. Scores awarded to reputation (based on QS World University Ranking), tuition fees, city liveability and affordability (based on Numbeo liveability and cost of living index as of August 8 2016). All fees obtained from institution websites and brochures.

*Oxbridge tuition fees includes average college fees.

World First University Ranking for International Students

University QS Ranking15/16

Cityaffordability

Total pointsawarded

Average tuition fees (USD)

CityLiveability score

University of Cambridge, Cambridge England

University of Edinburgh, Edinburgh, Scotland

University of Oxford, Oxford, England

Australian NationalUniversity,Canberra, Australia

Swiss Federal Instituteof Technology,Zurich, Switzerland

Harvard University,Cambridge, USA

University of Michigan, Michigan, USA

University of Bristol,Bristol, England

McGill University,Montreal, Canada

Ecole PolytechniqueParistech,Paris, France

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$ 24,794.43

$ 34,339.97*

$ 28,346.00

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$ 21,283.00

$ 45,410.00

$ 4,515.08

$ 43,280.00

$ 22,175.00

210.06

203.72

190.46

237.75

201.88

167.67

219.16

167.67

188.89

183.87

75.5

72.69

74.08

76.84

135.94

68.92

66.87

68.92

83.09

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UK FURTHER EDUCATION STILL RULES THE ROOST

With University of Cambridge topping our list for international students, Edd Hardy explains why UK

institutions remain a big draw for students across the world.

When gauging the relative strengths and weaknesses of global universities it’s difficult to avoid the pitfalls of measuring universities by one thing: reputation.

However, in truth, once you’ve arrived at the campus gates, reputation will be the farthest thing from your mind if you’re dissatisfied with your surroundings or concerned that you’ve stretched your budget to breaking point and won’t last the year. That’s why we’ve put together a definitive list of the world’s top universities composed of not just reputation, but also factoring in things like the quality of life in the university’s city as well as the affordability of the surrounding areas.

The University of Cambridge takes the top spot in our research, with a healthy balance of liveability, affordability and middling tuition fees. While some institutions have a stellar reputation they’re let down by exorbitant tuition costs, poor affordability and a level of liveability that would make your tenure testing.

Some of the universities with the highest ratings may not have the best reputation (Ecole Polytechnique Paristech and Swiss Federal Institute of Technology for example), but a combination of great surroundings and affordable fees allow them to jump up the list and make the top ten among institutions that are commonly seen as leagues ahead of the competition.

Our research shows that many universities, while having a particularly strong reputation, are often far less affordable and offer a much poorer quality of life, leaving potential students with a dilemma: endure three (or more!) years of education that’ll leave you racked with debt and with few memories outside of the exam hall, or choose a university with beautiful surroundings, activities and a social life that go beyond the library and fees that won’t burn a hole in your paycheque. All for a slightly less shiny name appearing on your CV.

With the help of our index, the decision is yours.

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AUSTRALIAN NATIONAL UNIVERSITY

ETH ZURICH (SWISS FEDERAL INSTITUTE OF TECHNOLOGY)

MCGILL UNIVERSITYGBP is down by 11.59% since Brexit against the AUD.

The AUD has done relatively well this year. A rebound in commodity prices has kept Australia’s export revenues buoyant whilst cuts in global interest rates have kept the AUD in demand due to its comparatively higher central bank rate. The balance of averages moving forward however is that we see some of this overvaluation in AUD slide out of the price as inflation locally remains weak and political pressures elsewhere limit investor appetite for risk.

GBP is down 10.1% since Brexit against the CAD.

As oil goes, so does the Canadian dollar. Global oil prices have rebounded this year as demand dynamics continue to improve; Asian demand has improved but supply issues will keep the price from heading too much higher than $55 a barrel. A lot of how the CAD will perform in the coming months will be how well the economy recovers following the Ft McMurray fires and their impact on oil production. The Bank of Canada is forecasting a strong bounce back and any disappointment will hurt the Canadian currency in late 2016.

How will currency movements affect your international

school fees?If you decide to take the plunge and study abroad, be prepared

for how currency movements will affect your expenses. World First Chief Economist, Jeremy Cook, walks us through how the pound has performed against currencies of the universities in our league table.

GBP is down 8.82% since Brexit against the CHF.

The Swiss franc has maintained its reputation as a quiet currency through most of this year and ever since the Swiss National Bank let the CHF freely float back in 2015, it has operated in a rather predictable range. For clues on what happens in Switzerland we must look at what happens in Europe and through the European Central Bank. If the euro strengthens, via higher growth and/or diminished political risk, then higher inflation in the Swiss franc should allow for CHF weakness. Inflation pressures are notoriously difficult to build at the moment however.

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TSINGHUA UNIVERSITYGBP is down 8.59% since Brexit against the CNY.

We haven’t heard much from China this year, in fact with the markets focused almost exclusively of political dealings in the developed world issues in China have been largely ignored for a while now. We are almost entirely in the dark as to how well the Chinese economy is growing at the moment. We are of the opinion that it is not just us who doesn’t know where Chinese GDP is; we doubt the Chinese authorities really have an idea of what is going on. In a period of weak global demand we expect that policymakers will want to keep the CNY weak but stable.

UNIVERSITY OF MICHIGAN OR HARVARD UNIVERSITY

GBP is down 11% since Brexit against the USD.

We see the Fed raising rates by the end of this year. Rate expectations in a post-Brexit world are a difficult beast. Markets are currently only pricing in 15bps of hikes from the Federal Reserve in the next 12 months; a number that looks surprisingly low given the recent run of strong US data. Ahead of the US elections, predictions are relatively useless although we believe Clinton would likely see a stable to weak USD as flows to emerging markets increase on improved risk sentiment. We believe a Trump win would promote USD strength after an initial knee-jerk lower however.

KOREA ADVANCED INSTITUTE OF SCIENCE AND TECHNOLOGY

GBP is down 15.54% since Brexit against the KRW.

As it has been in other emerging markets, despite the volatility elsewhere it has been a good year to hold on to the KRW. The key to how well it performs moving forward depends on the local and global fall out of the Hanjin shipping company bankruptcy. This will show up in manufacturing sectors in the coming months should commodity supply be disrupted. This would likely end flows into emerging markets in favour of safer assets.

ECOLE POLYTECHNIQUE PARISTECH

GBP is down 9.21% since Brexit against the EUR.

We are still waiting on the Brexit impact on the UK let alone on the Eurozone as a whole. If there is a Brexit impact later on down the line it’s likely to first manifest itself in the political scenarios that we see play out in the Eurozone over the course of the next year or so, be that the Italian elections, the Dutch, the French or the German elections in the late part of next year. And that could start to see a fall-off in investment spending, as well as a fall-off in consumer confidence and capital expenditure of businesses. These could all weigh on EUR moving forward.

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1. Open a local bank account

3. Make a realistic budget and stick to it

5. Make sure your bank knows your plans

2. Avoid transaction fees where possible

Are you a night owl, a shopaholic or an outdoor sports enthusiast? Whatever your hobbies and tastes, you’ll have a specific set of costs that you’ll have to adhere to in order to make the most of your time overseas. Calculate the price tag of your lifestyle and try to economise elsewhere. Most importantly, once you’ve set out your budget: stick to it.

If you already have a savings pot that you’re hoping to use to fund your education abroad, you’ll need to establish a method of getting you money from one account to another. Using an international payments provider is one way to keep costs down but still receive a consistent and high level of customer service. Another money saving tip is to make as few transfers as possible and transfer funds in bulk as this will keep transaction costs low. In short, the fewer transactions you make, the fewer costs you’ll face.

As is the case with all reputable banks, compliance and account security departments will be on full alert to detect suspicious transactions and activity that’s out of the ordinary. Should your account statement show a few trips to the shops and a train ticket to London followed by a car rental payment in Peru, it’ll likely trigger some alarms at your home branch! Make sure you inform your bank well ahead of your departure to avoid embarrassing card blocks and cancellations!

What you may find when moving overseas, particularly in mainland Europe, is that cash points, ATMs and even merchants themselves will charge you a fee to withdraw cash or make a purchase from their store. Avoid these frequent and unnecessary charges by asking about transaction fees ahead of purchase, or by withdrawing cash from the bank with which you hold an account.

HOW TO SAVE MONEY WHILE STUDYING ABROAD

When taking the plunge to study abroad, you’ll open yourself up to a host of new experiences; people, food, activities and rituals that will be completely new to you. To ensure you make the most of this unique and influential period of your life, you need to budget effectively.

Edward Hardy puts together a quick checklist on what you should consider before packing your bags.

4. Fewer, larger transfers are more cost effective than frequent smaller ones

If you’re relocating for a significant period of time, you can avoid the pitfalls and the costs of managing your money overseas by simply opening a local account. Most retail banks offer a variety of different accounts that are either free or come with a very minor monthly charge, either of which will help you manage your outgoings more easily.

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Studying abroad in America for a short-term exchange or even for a whole degree is becoming more and more popular. Last year alone, close to one million international students attended American universities and nearly 11,000 of these came from the UK. If you’re one of the many students looking to make the jump across the pond, here are a few tips to help you on your way.

Narrow it down The early bird gets theworm

Making ends meet

What can you expect?

There are more American universities on The Times Higher Education World University Rankings than any other country in the world. So needless to say, you’ll be spoilt for choice. With so many options the first step must be to decide what’s important to you. Big or small? Public or private? East coast, west coast or somewhere in-between? What’s your budget? And of course, what subject do you want to study? Once you have these basic details decided you can use a comparison site, such as colleges.startclass.com to sort by criteria and narrow down your list.

The application process can be lengthy so you’ll need to get started around 12-18 months in advance. The US-UK Fulbright Commission recommends sending a maximum of six applications, emphasising a focus on quality over quantity. Each application will likely require a personal statement, letters of recommendation, exam scores (SAT or ACT, tests which can be taken around the UK) and an application fee of $50-$100. Don’t forget, once you’ve confirmed your acceptance you’ll also need to apply for a F-1 student visa. For all the details you will need, visit: US Department of State: student visas.

The recent rise in UK tuition fees has inspired more students to look abroad. While US universities are not exactly known for being the most affordable, it’s not all bad news. As a foreign student you can apply for financial aid and even scholarships alongside your application to attend. Don’t forget, the cost of living varies across the country so choose wisely. And, by using an international currency expert like World First to access a great exchange rate you could make serious savings on your tuition fees compared with just using a bank.

Besides extreme school spirit, fraternities and roommates there are a few important differences between UK and US universities. First, make sure you’re ready to put in the extra time; US courses generally run one year longer than their UK equivalents. Not only that, but at many American universities you don’t have to declare your major until after you finish two full years of general liberal arts education. This means you’ll focus more on a breadth of topics with less of a focus on one specific subject area. The grading and structure of classes is also different. Expect your marks to be made up of more, smaller assignments. Believe it or not, sometimes you even get a mark for participation.

Above all, once you’ve dotted your i’s and crossed your t’s on your application forms, get ready for the experience of a lifetime.

SOURCE: US-UK FULLBRIGHT COMMISSION (www.fulbright.org.uk)

Studying in the land of stars and stripes

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5 ALTERNATIVE GAP YEAR IDEAS

Whilst a year down under learning to kite surf or working in a Thai bar can be fulfilling, gap years can be a time to do something completely different and gain valuable skills in new settings. Renny Popoola investigates some of the alternative gap year

programmes available – and there’s not a full moon party in sight!

Why not do a Year Here? Year Here is a gap year programme aimed at new graduates or school leavers looking for something out of the ordinary.

In the first half of the programme, graduates are put on the front line of Britain’s social services in three challenge areas: homelessness, helping the elderly and mentoring those with behavioural or learning difficulties.

This is followed by eight weeks of group work where candidates are asked to come up with solutions to problems for organisations ranging from big corporates like Sainsbury’s to local councils. The final phase is the incubatory period where candidates work in small teams to come up with a social enterprise idea and pitch for crowd funding.

The format of the Year Here programme is designed to teach participants business and entrepreneurial skills which will serve them in the world of work whilst also being able to make a difference to their local community.

Become a ‘Chad’. Yes, C-H-A-D – it’s short for charity adventurer.

Chads use their gap year to plan thrill-seeking adventures whilst also getting sponsorship from companies and individuals for a chosen charity. A charity adventure can be an opportunity to complete a challenge you’ve always set yourself or see the world in a completely new way whilst raising awareness and funds for a good cause.

From cycling across two continents to trekking across the Sahara, the more extreme your adventure is, the more publicity you can get for your chosen charity. Charities often have suggestions for the type of adventures you can do and can provide support on the logistics and planning of your adventure.

21Try some WWOOFing. The World Wide Organisation of Organic Farming offers travellers free accommodation in exchange for a few hours of work a day on the family farm.

The farms vary significantly based on region or country. Many choose to volunteer their time on a UK farm and escape urban life whilst others volunteer for the unglamorous life of crushing grapes at a vineyard in southern Italy.

The scheme is ideal for those who want to get their hands dirty, practice labouring or even become at-one with nature and appreciate landscapes of the world. Best of all you can do this for as short or as long as you want.

Learn your per favore from your por favor. If you want to get some tangible, useful skills during your gap year whilst taking some time out from the classroom, then doing a language exchange might be a good option for you.

Through this programme, you team up with another learner in a different country and live with them for a specified amount of time to learn the language. In turn, your exchange can come and visit you for the same amount of time. This not only allows you to learn the language in the best way possible – through conversing with locals – but if you want to explore the country further after your exchange you can.

Coach the Samoan Rugby international team. Volunteering on the Rugby Project in Samoa is perfect for anyone looking to get active whilst gaining some coaching skills in a new environment.

As a volunteer on this project, you will work at the Samoa Rugby Union accompanying staff on their community outreach programme, Pacific in Union (PIU). The PIU visits schools in the area to coach children in rugby and physical education, as well as teach them about healthy living.

Volunteers with more experience may also be able to work with the players in the High Performance Unit. You could also be asked to teach basic English classes to some of the players who may need it. Either way, after some time with the team, you’ll be able to claim responsibility for any winning performances.

World Firsters’ Gap Year Experiences.

If you’re feeling inspired by any of our gap year ideas, we talk to some World Firsters about their time away from work

and study.

Meeting a childhood hero in Los Angeles

Festival hopping through Europe

A year in the Big Apple

Chicken Run – South East Asia

Jasmina Barrett, Marketing Assistant

Joel Cope, Marketing Manager

Amy Turner, Social Media Manager

Georgina McWeeney, Partnerships Marketing Executive

As a young girl growing up in Serbia, I became obsessed with the TV show ‘3rd Rock from the Sun’ during my early teens. I joined the show’s Facebook fan

page and after half a dozen posts of admiration (these were the early days of Facebook when communities were still very interactive), I started talking to

a fellow fan. A quick google revealed him to be none other than David Israel, Emmy and Golden Globe award winning producer of 3rd Rock!

We remained friends over the years, partly based on my impressive knowledge of 3rd Rock trivia, and when I made my trip to L.A as part of my gap year travels, my partner and I took him out for drinks and I finally got to meet

my 3rd Rock idol.

My gap year travels took me across Europe using an Interrail Pass (a train ticket valid in 30 countries) in search of some of Europe’s most unusual traditions.

If you thought you’d need to travel further afield to find some real oddities you’d be wrong. One of the quirkiest festivals we found was also the closest to home – in England – the Ottery Tar Barrels. Every year in November a select number of individuals haul flaming tar barrels on their backs around the streets in aid of, well, not much really as the origins are unknown.

As that was an event for ‘professionals’ I was merely a spectator however I can claim to have taken part in another fairly dangerous festival – San Fermin in Pamplona, Spain – aka The Running of the Bulls. I’ll admit to taking part in this with a hefty hangover and that’s probably why I ended up on all fours with a 1,000kg Minotaur bearing down on me. Luckily for me I got away unscathed.

I spent 12 months working and studying in New York through the Mountbatten programme and it was the most amazing and exhausting year of my life. I interned full time as a Marketing Assistant for a non-profit association in Midtown Manhattan.

It was incredible to experience how different the New York working culture is compared to the UK. I also spent one night a week and occasional Saturdays in class studying International Business Management. In the precious spare time I had, I ticked off all the tourist hotspots, explored the lesser known local hangouts and took trips around the rest of America.

It was such a fun year and I made so many new friends who I’m still in touch with today. They say that New York is the city that never sleeps and I can confirm that for one year as a Mountbatten intern, neither did I.

As a fresh faced eighteen-year-old, three friends and I embarked on our first set of travels around South East Asia. Excited, we were ready to broaden our horizons and breakout from our sheltered existence. However, with a budget that didn’t stretch far, the practicalities of getting from A to B far outweighed any type of luxury. Then again, that’s what travelling is all about right – stepping out of your comfort zone? Wrong! In order to spare the pennies, we ignored advice from other travellers and picked the local overnight sleeper bus to take us over the border of Vietnam to Cambodia.

On first glance, the bus seemed perfectly fine, we all had our own bed and as our journey began, there really was little to complain about. It was only when I was awoken by not only the sound but also smell of live chickens surrounding me that I realised why people opted out of this particular mode of transport. I spent the next 12 hours sharing my bed with a flock of chickens who did not take to me too kindly, an unpleasant experience to say the least!

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SIX APPS EVERY NEW

STUDENT NEEDSWith the first days of university just around the corner, there is so much to

think about. Whether you are jetting off to a foreign country and wondering

how you’ll make new friends or you’ve just touched down in London and are

learning how to navigate the city, the world of apps has you covered. Melissa

Ginsburg rounds-up the essential apps both inside and out of the lecture hall

to make the transition from home life to student halls a little bit smoother.

Revise and organise

Welcome to the classroom of the 21st century. With Evernote you will always have your class notes, handouts and projects at your fingertips. This intuitive app creates your own mobile study hub—you can upload and annotate your notes, add photos, record audio and even collaborate with fellow students. Say hello to organisation.

Manage your budget

From textbooks to takeaways, student life can get expensive pretty quick. Mint helps you make sense of your money. The app brings all your accounts together in one place so you can track exactly how much you’re spending and saving. And, in case your funds start dwindling down, it has a handy budgeting tool to show you where to cut back. Consider Mint your personal accountant in your pocket.

Transfer money abroad

If like many students you’ve travelled abroad for university, chances are you’ll need to pay your tuition fees and living costs in a different currency. That’s where the World First Money Transfer app comes in; with just a few clicks you can make international transfers cheaper, faster and easier. You can even lock in a rate for up to three years and setup regular international transfers to keep your mind at ease.

Get moving

Moving to a new city or even a new country to study? Covering a multitude of cities around the world, from London to Lisbon and Manchester to Madrid, you will never get lost again with Citymapper. ‘Making cities usable’, this simple transit app (think: walk, bike, bus, train or taxi) will plot a route to get you where you need to go on time.

Eat, drink and be merry

Fending for yourself for the first time doesn’t mean you have to go hungry. The Photo Cookbook – Quick & Easy (£2.99 on iOS) helps you think outside the dining hall. Ideal for first time cooks, the app features step-by-step instructions accompanied by high resolution photos. Not a budding top chef? Don’t worry, there’s always Deliveroo.

Meet people

New in town? Make friends with likeminded people outside of the classroom using the Meetup app. With over 27 million members globally, Meetup brings together thousands of people every day in a staggering 179 different countries. Whether you’re studying in the UK or further afield, you can join ‘meetups’ in your local area based around shared interests so you know you’ll have something in common. Alternatively, if you’re feeling adventurous, you can even host a ‘meetup’ yourself.

All available on iOS and Android

(Trust a genuine currency expert)

Don’t trust the banks’ call-centers to handle your currency transfer. Speak to a currency expert in three rings.

Call today 0203 393 3041 or visit worldfirst.com

World First is authorised by the Financial Conduct Authority.