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Students are usually exited to start their lives abroad. During the waiting period, they take measures that wind up their lives at home. As far as their finances are concerned, they often close their accounts.

Although many students going to study abroad usually opt to close their bank accounts, they often take it for granted that the process is simple. The fact, however, is that there are quite a number of formalities that have to be completed. Therefore, they need to start the process in good time so that they will not be forced to leave before tying up any loose ends.

For those who receive remuneration, there are other additional steps that have to be tackled. Those who have to take care of taxes should be aware of current laws in India. For example, they must understand that the taxation year ends in March and hence submit the necessary papers covering the months they have worked. Another thing is that after staying abroad for more than 180 days, their statuses change to Non Resident Indians with consequential implications.

It is a good idea to have just one credit card that gives the best advantage and it should be one that the student will be able to use abroad without complications.

Since other people will carry on the tasks, relevant authorization and required details are necessary to avoid deadlocks later. They should not assume that since those taking over the responsibilities are the parents, the process would be automatic. Whatever circumstance they are in, they should bear in mind that red tape will not let processes to go as fast as assumed. It is therefore important that they get to know all the necessary steps and follow them accordingly and in good time. Otherwise, they may find some ghosts stalking them abroad!