OBTAINING MONEY ABROAD
Money Matters
Because it may be difficult obtaining the currency of your destination in the Unites States (check with your bank), it is recommended that you bring approximately $200 US in denominations of 10’s and 20’s to have money on hand. When you arrive, you can use a debit card to withdraw local currency from the ATMs in the airport and elsewhere - just confirm that these outlets in fact exist in your destination country.
An easy, safe, and cheap way to deal with finances while would be to bring or have access to:
- US $200 in cash
- A debit card for regular use
- $200 dollars in traveler’s checks
- A credit card for larger purchases and in case of emergency (Visa and MasterCard are the most commonly accepted)
Check out www.oanda.com/convert/classic for the latest information on exchange rates.
Personal spending habits differ significantly indicate exactly how much it will cost to live abroad. The amount you spend will be determined by your lifestyle and budget. In general, you should find that the cost of living is typically lower than in the US. We recommend that you have available $1,000–$3,000 per semester – don’t bring it all in cash!
Traveler’s Checks
Traveler’s checks can be very difficult, as most banks will not exchange them and those that will often have long lines and odd hours. If you choose to bring traveler’s checks, airport exchanges are the best place to exchange money. Cashing a personal check issued by a US bank is virtually impossible in many foreign countries.
Debit Cards & Credit Cards
For most students, a debit card is a very convenient way of obtaining money, as you don’t need to worry about banking hours or exchange rates. Make sure you have your PIN number memorized, not written, and verify that your magnetic strip is working, and that it works on the CIRRUS or PLUS systems. ATMs are easily accessible in many countries. It is also wise to bring a Visa or MasterCard.
A credit card is the easiest and fastest way to get extra cash in emergencies. You may not want to use this often because of fees and interest. Be sure to obtain and memorize your PIN before leaving the USA and verify that your credit card works on the CIRRUS or PLUS system.
Safeguarding Your Money
Be careful with your money, especially in bus and train stations and when riding public transportation. A money belt worn inside your clothing or a pouch worn around your neck is recommended for safekeeping. In public places, purses should be tucked up under your arm or carried in front of your hip, and wallets should be carried in your front pocket. You may want to carry an extra copy of your picture identification and traveler’s checks in this manner as well.