How to obtain money from the U.S.
Always check with your program or someone who has lived in your new host country (a returnee or an international student) to find out the best way of banking for an extended period of time.
- Cable transfer: U.S. banks can telex money to foreign banks. This process can be completed in a matter of hours/days, and there is a fee.
- Bank draft: Many American banks have reciprocal agreements with banks abroad. Again, there is a fee.
- Parents can send money to you care of American Express: There will be a fee. You do not need an American Express card to take advantage of this service.
- International Postal Money Order: This can be purchased at a local post office, then sent to your account at the foreign bank. This takes time, since the check must be mailed to you abroad.
- Credit Cards and ATM/Debit Cards: You will get a better exchange rate on your purchases if you pay with a credit card. Do not rely exclusively on your credit card or international debit card (ATM) - These cards can be demagnetized or destroyed.
- Budget your funds carefully! The dollar's value fluctuates, so if you are not careful you will spend much more than you intend. Be aware that food and other necessities may be much more expensive in your host country than they are in the United States. To check currency conversions, log onto: http://www.oanda.com/converter/classic.
