Study Abroad: Thinking about Money

Suggestions on how to handle money abroad

Key Points

Watch the Exchange rate
Do not think in dollars
Never exchange money outside of official banks or exchange offices

Suggestions on how to handle money abroad:

• Have a budget and know what you can spend. Keep a daily expense account for the first couple of weeks to be able to plan a budget for your entire stay.
• Be prepared. You will spend more money on arrival than at any other point. You don't know where to find the best bargains yet and the exchange rate will take some getting used to.
• Leave a photocopy of your credit card with your parents in case of loss or theft. Having a credit card in your name will be extremely useful, but know what your credit limit is on the card before you leave.
• Set up an account at your home bank for an international debit card (ATM). This is the best, easiest, and safest way of accessing money in most foreign countries and for your family to be able to send you additional funds. Usually this means obtaining a Visa/Master Card/American Express debit that has international privileges. You may want to shop around for a bank that does not charge high fees for overseas withdrawals (sometimes as much as $5.00).
• MasterCard Worldwide ATM Locator: http://www.mastercard.com/cardholderservices/atm/
• Do not bring a Discover Card. Most countries do not have the facilities to accept Discover.
• Have at least $200 in local currency with you on arrival. Check with your bank to see if they have the amount of currency you need. Currency may have to be ordered if it is not a common currency. Have enough money to get you through the first few days. You may not be able to gain access to your new bank account abroad for several days, or to an ATM machine that works, so plan accordingly.
  http://www.bankofamerica.com/foreigncurrency/
  www.americanexpress.com
• Traveler's Checks - These are a safe option (record numbers in a separate location), but normally have a service charge when exchanging them for local currency.
• Do not bring personal checks from the USA -These checks are extremely difficult to cash while abroad

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