Lifestyles of the New Chinese International Students

International students used to be synonymous with overcrowded apartments and instant noodles. Now, however, the majority of overseas students, especially those from China, own at least 1 luxury bag.

I remember discussing dress options with my Chinese friend Ashley for a university dance- I wore Forcast ($50), she wore Chanel ($5,000). Another friend regularly spends thousands of dollars per week on crystals to improve the feng shui of her house. Recently one of the well-heeled Chinese students opened up the doors of his multimillion beachfront home - complete with a selection of luxury cars in the garage - to a magazine, showing how differently the new wave of Chinese students live.

The rooftop pool of a $17mil property bought by a Chinese investor for his children who are studying in Sydney

Well-decorated apartments in prestigious neighborhoods, sports cars, designer items and expensive nights out. This lifestyle is fast becoming common among young Chinese students.

Australia is a popular education destination for middle class China because of its livability, as well as its geographical proximity to China compared to other Western locations such as Canada or USA. A lot of students are attracted to Australia not just because of the internationally-recognized universities, but also because of the opportunities for residency. Fed up with pollution and food contamination scandals back home, some young Chinese are looking to live in a place with free speech and better health standards.

In addition, studying abroad is a much more comfortable experience nowadays compared to a decade ago. The Chinese community in Australia is sizable enough to offer a strong support network for new students, who often arrive in Australia with the phone number of a relative, family friend or ex-classmate.

Regardless of your personal education budget, you can all make the most of your study experience. From the little things such as signing up for sales alerts, to shopping around for the best exchange rates, all these savings add up to make your time down under more enjoyable.

(Source: Australian Financial Review, The Canberra Times)

Changing Courses for International Students in Australia

So you’ve been studying in Australia for a while now. Any culture shock has worn off, but you can’t ignore the niggling feeling that something’s not quite right. Maybe this was what made you realize that you’re more of an Art person than Law, or maybe you were unable to enter your course or institution of choice using your original pathway. Either way, changing university courses can be a stressful period.

Here are a few key aspects to pay attention to ensure a smooth transition

Visa requirements 

As an international student, it is important to ensure that you always have a valid visa when staying in Australia. 

The Department of Immigration and Border Protection (DIBP) recently clarified its rulings on the recent trend of international students “jumping courses” under Streamlined Visa Processing (SVP) arrangements.

Students will now be able to request a course transfer to another institution – including both SVP and non-SVP providers – on the proviso that: 

1. Their new course is within the same sector for which their visa was granted 
2. Their visa was granted under an Assessment Level 1 arrangement, and 
3. They remain with, or have been studying at, their original SVP provider for at least 12 months.

 For more information, visit the DIBP website. 

Some things don’t change 

NexPay allows you to make payments to all Australian education institutions. So no matter which school you’re studying at, you can rest assured that you are enjoying the best rates available when paying for your school fees, with no hidden costs.

Foreign exchange for beginners

‘Go to that bank for the best rates’ was my first introduction to foreign exchange. I was preparing to study abroad in Australia and was confused by foreign exchange in general.

Aren’t all foreign exchange rates equal? Can’t I just use a credit card? And why do so many foreign exchange dealers claim they have the ‘lowest rates’ and ‘no bank fees’?

For students looking to undertake studies abroad for the first time, here are some things to look out for when paying university fees in another currency.

What is foreign exchange?

Foreign exchange is basically the trading of currencies. What is unique about foreign exchange is the fact that there is no central marketplace for trading, but instead currency exchange is conducted over-the-counter. 

For people like you and me, it means every dealer or bank can offer a different rate, so there is no ‘one’ exchange rate. So you might want to shop around for a better exchange rate if you’ll be making a large international payment such as tuition fees. Typically, the easier the payment process, the more you will pay in expensive exchange rates.

$0 Bank Fees

Banks usually charge a wire receiving fee. Or a transfer fee. Or a transaction fee.

A lot of foreign exchange dealers which offer no bank fees actually charge a higher exchange rate.

For example, if Bank A offers a rate of 2 MYR = 1AUD but charges a bank fee of 1AUD, the total cost of a 10AUD payment would be 22MYR.

Bank B might offer ‘No Bank Fees!’ but at a rate of 2.5MYR = 1AUD. Hence the total cost of a 10AUD payment would be 25MYR with Bank B, which is $3 more than Bank A despite not charging bank fees.

Be aware

‘No commissions!’, ‘Best rate!’ and other marketing terms like these should not be taken at face value. Always be sure to inquire about any costs or fees associated with making an international payment. (NexPay has a nifty little calculator which gives you an accurate total amount – no hidden costs)

Just by spending a few minutes doing simple cost comparison, you could save thousands off your education costs!

Australia Still The Most Desirable Place to Live

A recent survey by the Economist puts no less than four Australian cities in the top ten of the world's most desirable places to live. Melbourne took the Number One spot.

The beautiful Brighton Beach in Melbourne

It really isn't hard to understand. Australia enjoys beautiful weather, all the cities mentioned are minutes away from pristine beaches, and while the cost of living is high, Australia has good laws around minimum wages, so students working in Australia are well-paid. (Students paying their fees via Nexpay will of course have even more cash to spare!)

Melbourne has some of the best night-life, restaurants, clubs and bars - making it a popular destination for international students. Other Australian cities which have made it on to the top 10 include Perth, Sydney and Adelaide.

Come and study down-under!