Managing Your Money While Abroad

Banking and Accessing Funds

Have a financial plan in place before you get on your plane to head abroad:

听听Research your host country鈥檚 financial system, currency, and common payment methods. Is the economy primarily cash-based or will you be using a credit or debit card for most of your transactions? What is the exchange rate and tipping culture?

听听Put together a plan for how you'll access funds based on whether you'll be using mostly cash or card - and make sure you have at least two ways of accessing funds while abroad, in case one card gets stolen or compromised.

听听Know whether your credit or debit cards will charge an international transaction fee or ATM withdrawal fee, and know what those fees are. If you don't have one already, you may want to apply for a card with zero international transaction fees (which is an increasingly common perk for many cards).

听听Inform your bank and credit card company of your travel plans so their security systems don鈥檛 freeze your account.

听听Bring a small amount of cash ($100 in U.S. dollars and/or host country currency) to cover expenses over the first few days in case you have issues with your debit or credit card.

听听Know your budget

Opening a Bank Account Abroad

It is not recommended (nor always possible) to open a bank account in your host country, but if you are abroad for a year-long program you may find that having an account in the country provides convenience and savings. Your听Ed Abroad Program Manager听or program alumni may be able to provide advice if this is something you are considering.

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Methods of Payment

  • Cash: You might be using cash all the time, or none of the time, depending on where you are studying (we鈥檒l cover this at your pre-departure orientation). But assuming most students will need cash at some point during their time abroad, here are a few ways to access it:
    • ATMs: You鈥檒l need an ATM card (often the same as your debit card). This is the most common way to get money but will likely have a withdrawal fee.
    • Money exchange offices: You鈥檒l see these in airports and tourist areas. This isn鈥檛 preferred since they generally charge large fees.
    • Take cash with you: You can visit your local bank ahead of time and they can generally exchange foreign currency for your dollars (we recommend a max of $100). Call them in advance to ask if they have the currency on hand.
  • ATM/Debit Cards: ATM/Debit Cards can withdraw money, but they can also be used to make purchases in stores. The money comes directly out of your bank account instead of being charged to your credit card bill that you鈥檒l pay later. Ask your bank what the fees are to use an ATM or debit card abroad.
  • Credit Cards: Credit cards are convenient and accepted in most countries. Some cards charge a transaction fee when used abroad, so you might want to get a credit card that charges听no foreign transaction fees听(and try to choose one without an annual fee). Credit cards are convenient, but you should plan to stick to a budget and make sure you can pay your bill each month so your charges don鈥檛 accrue interest. Some credit cards may also offer you a sign up bonus of points, miles, or cash back. Sites like NerdWallet, U.S. News, and others can give you a breakdown of different credit cards and their pros/cons.
  • Apple Pay, Google Pay, and other Digital Wallets: Many locations also accept various digital wallet payments. Some countries have their own version of Apple Pay that you鈥檒l have to set up before you go, such as WeChat Pay and Alipay in China.

Budgeting

You can help manage your budget by starting to plan before you leave. Take a realistic look at what you spend in 色戒成人直播 over the same period of time as you鈥檒l be abroad, and then budget for what you may spend overseas. Develop a plan for how to access additional funds if the amount you initially budget for proves to be insufficient.
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Once you arrive, you may wish to alter your budget after you have spent some time at your program site. Make sure to have a plan in case of a larger financial emergency. Where could you draw emergency funds from if you really needed to?

Personal Expenses

The webpage provides an estimate of additional costs听not included in your program fee (see 鈥Estimated Costs not included in Program Fee鈥). This represents the cost for an average level of spending. Of course, this will vary greatly depending on your lifestyle and travel plans. When developing your budget consider the following expenses:

  • Local transportation in your host city/country
  • Personal travel plans
  • Eating out at restaurants
  • Sightseeing and activities
  • Buying souvenirs and gifts
  • Miscellaneous expenses such as books, cell phones, toiletries, etc.
  • Additional funding in case of emergencies

Cost of Living

Costs for common items can vary greatly from country to country or city to city. While building your budget, it is a good idea to look up the cost of common items in your host country. You can do so using the .

Exchange Rates

Familiarize yourself with exchange rates and what they can do to your purchasing power in another country. If the U.S. dollar is weaker than the local currency this means that your cost of living will be higher in your host country; if the U.S. dollar is stronger than the local currency, the cost of living will be lower. Exchange rate information is available on websites such as . Remember exchange rates may fluctuate.听

Safety Considerations

  • Don鈥檛 carry a lot of cash around with you. Only bring what you need for the day.
  • Carry your cash and cards in a secure location where you can see them (not in your back pocket, an open purse, or an easily accessed backpack pocket).
  • Have more than one way to access funds (such as a credit card and a debit card) and leave one of them in locked away in your room as a backup in case your wallet gets stolen while you're out.
  • Be aware of scams involving ATM machines. Use ATM machines located inside a bank (instead of on the street), watch your surroundings when withdrawing money from ATMs, and keep an eye out for any suspicious activity or unexpected charges to your bank account or credit card statement.

Smart Spending Strategies

While your personal expenses overseas may be different from what you normally spend at home, there are steps you can take to cut down costs. Here are some smart spending strategies to help you maintain a budget while abroad:

  • Food: cook your own meals, eat street food from local vendor stands, go for a picnic, or find restaurants with lunch specials
  • Shopping: shop around and compare prices. Avoid buying things close to tourist areas. Haggle when appropriate- sometimes prices are negotiable.
  • Other: Take advantage of student discounts. Find free activities and discount nights听such as free walking tours, museums with discounted nights, or restaurants with happy hours.听

Disclaimer: The information provided on this page for purely informational purposes and does not constitute an endorsement by the 色戒成人直播 or Education Abroad of any of the listed companies.