Banking and Other Tips
Here are some tips to help you manage your finances:
- Choose a bank close to campus. All banks are not the same. Shop around for the best service package to meet your needs.
- When transferring funds from one bank branch to another, allow 15 days. Carry enough money on which to live or bring a bank draft with you. Your new bank will refuse you access to your money until the transfer is complete, unless it is a bank with computer-assisted multi-branch banking services. Confirm arrangements with your bank long before leaving home.
- Remember you will spend almost one third of your year's budget during the first week on fees, books, rent, setup costs, etc.
- Banks will not give you funds from parents' personal cheques (even key account or other special status cheques) until the cheque clears the bank or the cheque is certified.
- Having money wired or transferred from foreign banks is very unreliable. A delay of three months or more is not unusual. Carry traveller's cheques instead.
- In the last week of every month, rework your written budget to ensure you are still on track. Make adjustments to your weekly expenditures as needed, but always run the total through to the end of the year.
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