|
| Student Travel and Money | Only you can decide how much money you need to take with you. The amount needed for you will depend on your lifestyle in addition to the local costs. You will necessitate enough money to cover all expenses not included in your program fee. For this reason you should get to know precisely what your program fee covers and what it does not.
Cash
It is helpful to get $50-$100 in small denominations of foreign currency before you leave. Depending on the country you are going to, you may need to order the currency from your bank six weeks beforehand. You may have unpredicted expenses directly upon arrival, and it is better to have money on hand. If you do carry cash, mainly in a large city, do not put it all in one place. Take care to carry your money, cards, passport, and traveler's checks under your clothing in either a money belt or a thin purse. This will guarantee you will always have some cash on your for any emergency.
Debit Cards
 A debit card is excellent for international travel as it lets you to remove money from your bank account in your country in the currency of the host country. Use a debit card as your major way to get cash. If you make a decision to use a debit card abroad, be sure to ask your bank for a card that has Visa or MasterCard logo on it. Be aware of cultural differences at the same time as using your debit and credit card. It is more common in the U.S. to use cards to pay for a small meal or even just a soda. Though, you may meet dissimilar attitudes abroad where it is harder to use your credit card for small purchases. You may need to be prepared to carry more small amounts of cash than you are used to.
Credit Cards
All major credit cards (Visa, MasterCard, American Express, etc.) are generally used in most countries. Though, if you are planning to travel to a developing nation, check with your bank to confirm that your card will work in your host country as well as in the countries to which you may travel.
Traveler's Checks
Traveler's checks are a convenient and safe way to carry money. On the other hand, they frequently have a higher exchange rate than debit or credit cards. In addition depending on your location abroad, they may be simple or hard to cash. When cashing traveler's checks, you will need proper identification, frequently your passport. Care for your important documents. If your traveler's checks are lost or stolen, the company that issued them will put back them at their full value, as long as you have a record of their serial numbers.
Wire Transfers and Bank Drafts
If you think you might need to use bank transfers or have your initial funds sent to you in the form of a bank draft, visit your bank before you leave and ask them for a list of the correspondent banks in your host city.
Opening a Bank Account
Not everyone will need a domestic account once they arrive in their new city. If you do, however, remember there are two kinds of banks abroad. The majority of banks offer you checking and savings accounts, and some banks will let you to keep your money in dollars.
Exchange Rates
Shop around before converting money as the exchange rate changes radically from place to place. Also, be advised that the quoted rates will be dissimilar for buying than for selling. Before you leave a country, convert any loose change into bills. The majority of places will not convert loose change into another currency.
|
|
