It is important to understand your banking options while
overseas and develop a strategy prior to your departure. Your
program orientation should cover this information and usually
will provide you with written supplemental information. If
they don't, be sure to ask for it.
Banking
ATMs can often be used to obtain foreign currency from foreign ATM units. Ask your American bank whether your ATM will work in the country where you plan to study.
Students often open a bank account in the country they visit depending on the length of study. Your program orientation will usually cover this in detail. It is possible to transfer money from home via cable or a money order. Research money transfers before you go abroad.
Credit Cards
Use your credit card overseas mainly for emergencies, because fees and interest rates can be very high. However, possessing a popular credit card can help you obtain funds in an emergency. American Express® offices let you cash a personal check for up to $1,000, with $50 in cash and the rest in traveler's checks. Visa® lets you get a cash advance against your account from a foreign bank.
Credit cards are not accepted as often abroad—especially in developing economies—as they are in the United States. This is especially true for small markets, bazaars, and shops offering souvenirs and unique gift items.
Currency Exchange
An internationally recognized credit card can help you get funds in an emergency. But keep it mainly for emergencies: Fees and interest rates can be very high.
- American Express offices let you cash a personal check for up to $1,000, with $50 in cash and the rest in traveler's checks.
- Visa lets you get a cash advance against your account from a foreign bank.
Credit cards are not as widely accepted abroad—especially in developing economies—as they are in the United States. This is especially true for small markets, bazaars, and shops offering souvenirs and gift items.
Use the currency converter at StudentUniverse.com.
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