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MANAGING YOUR MONEY
Studying abroad requires smart planning in terms of finances. You need to think about how you’ll access money while you’re gone and what forms of money you’ll want on hand. At minimum, you should have an account with a bank at home. And in some situations – depending on where you plan to study and the duration of your stay – you may want to open a bank account in your host country as well.
The benefits of using a bank account while studying abroad include:
Before You Go: A Checklist
Notify your bank of your travel plans. If you don’t, unfamiliar spending patterns may raise suspicions that the card is being used fraudulently, which could cause a suspension of your account until you call and verify the charges – and in a foreign country, this can be a major inconvenience.
Sign up for online banking and paperless bank statements so you can access your account information wherever you are.
Lighten up: Carry only the plastic you’ll actually use. Leave all your other check/ATM cards and credit cards at home in a safe place.
Get some cash in the currency of your first destination. That way, you’ll have money for that very first taxi or train ride to your ultimate destination – without having to stop or pay the excessive exchange rates often charged at airports.
Find out if your bank has branches and/or ATMs where you’re going, or if it has affiliations with foreign banks. In both instances, you’ll save money by avoiding ATM fees.
It’s common knowledge that travelers should never carry all their money in a single wallet or purse – and for safety and convenience, you’ll want to carry multiple types of money as well. Here’s the basic menu.