Guide to managing money as an international student in the U.S. or Canada
Living and studying overseas means mastering far more than your course material – you also have to learn how to manage your money in a new financial system. For international postgraduate students in the U.S. or Canada, even simple decisions like opening a bank account, signing a lease or getting paid for on-campus work can feel like navigating a maze.
That’s why managing your money well isn’t just about budgeting for university students. It’s about knowing the rules, planning for the unexpected and building smart habits that support your long-term success.
Here’s your guide to doing it right – from arrival day through graduation.
Set up your financial foundation early
Before your classes even start, take these critical first steps:
Open a local student bank account
Most major banks offer international student bank accounts with low or no monthly fees. Bring your passport, visa, university ID and proof of address to open one. Ask whether they offer debit cards, international wire transfers and mobile banking.
Get a phone plan and local number
This is essential for verification codes, job applications and payment apps. Prepaid plans may be easiest to start with.
Understand currency exchange and fees
If you’re converting money regularly from your home country, use services with lower fees than traditional banks – Wise and Revolut are popular options.
Ask your university about on-campus financial support
This includes emergency funding, budgeting workshops and peer financial mentors. You don’t need to figure it out alone.
Learn the income rules tied to your visa
International students on F-1 (U.S.) or study permits (Canada) face specific limitations around work:
- In the U.S., you can work up to 20 hours/week on campus during the academic year. Off-campus work requires curricular practical training (CPT) or optional practical training (OPT) authorization.
- In Canada, you can generally work up to 24 hours/week during school terms and full time during breaks under your study permit.
Know these rules inside and out. Working beyond legal limits – even by accident – can jeopardize your visa status.
Tip: Track your hours and keep documentation. Some schools require reporting even for authorized work.
Create a budget that reflects real life
You’ll need to budget for:
- Rent and utilities
- Groceries and personal items
- Phone and internet
- Transportation (bus, train, Uber, car)
- Textbooks and academic tools
- Visa renewal, travel and emergencies
Use a tool like YNAB, Mint or a Google Sheet in your home currency to start. Then slowly convert to local currency as you get more comfortable.
Pro tip: Include a “transition buffer” in your first two to three months. Many students underestimate initial setup costs.
Understand how credit works – and when to use it
Credit can be helpful for building a local financial record – but it must be used wisely.
- In the U.S., you may qualify for international student credit cards or secured cards. Use them sparingly and pay them off monthly to avoid interest and build a history of on time payments to improve your credit score.
- In Canada, many banks offer credit cards to students with proof of enrollment and no credit history. Start with a low limit.
Why it matters: Understanding how to build credit in the U.S. can help you later with housing, job offers or even permanent residency.
Plan ahead for internship and job transitions
You may face periods with no income – especially during OPT application processing in the U.S. or if your co-op/internship is unpaid.
To manage this:
- Build a savings cushion before you graduate.
- Budget for a month without pay, even when working, to recognize your first paycheck will arrive after you have completed your first pay period.
- Ask your university about short-term financial assistance if your OPT or work permit is delayed.
- Learn to spot visa-safe ways to earn, like on-campus roles or co-ops tied to your program.
Don’t forget: Travel, graduation fees, job relocation and health insurance often hit right after school ends.
How MPOWER Financing can help
Managing money abroad sometimes requires outside support. When tuition deadlines, visa costs or internship transitions push beyond your monthly budget, MPOWER Financing helps international students bridge the gap.
MPOWER offers:
- No-cosigner student loans for F-1 visa holders in the U.S. and study permit holders in Canada
- International student loan amounts from US$2,001 to US$100,000, covering tuition and living expenses in the U.S. and university-invoiced expenses in Canada
- Fixed interest rates, no prepayment penalties and no collateral required
- Support for international postgraduate students at over 500 approved universities
- Free access to Path2Success, a platform with international student resources like career prep tools, OPT/CPT guidance and budgeting support
MPOWER understands the financial realities international postgraduate students face – and helps make long-term planning more manageable, even when life abroad gets unpredictable.
Financial independence starts now
The sooner you take ownership of your money, the more confident and independent you’ll feel. You don’t need to be perfect – just consistent.
Track what comes in and what goes out. Know the rules of your visa. Use your university resources. And if a tool like MPOWER helps expand your options, use it to stay focused on your degree, not just your next bill.
