You do not need to hold money in a foreign account where your college is based. If you have money in your account back home, you can fund your study abroad through money transfer services such as MoneyGram.
Using a service like MoneyGram can help you fund your bank account abroad so you don’t need to use your local bank in a foreign country. Many students use MoneyGram today.
Their commission is much lower than other transfer services. It also depends on which country you are sending from, and the amount you want to send at a time.
You can also read our article about the best bank accounts to open while studying abroad.