Study Abroad

Study Abroad Pre-departure Information for Parents and Guardians

GETTING MONEY OVERSEAS

ATM and Debit Card

You can withdraw funds from your US primary checking account in the local currency with an ATM cash card, or Debit Card at ATM machines overseas. This is the easiest and least expensive way to obtain cash while overseas. Check with your bank for applicable charges. Your bank can also confirm that your card is activated for international useand give you a list of partner bank ATM locations in your host country. The card must be linked to a checking account, not a savings account. ATM machines may not be available in extremely rural locations.

It is recommended that you change your PIN to a four digit code before departure.

Credit cards

MasterCard & Visa are the most commonly accepted cards, American Express less so, and Discover even less.

N.B.: Your credit card bill will reflect the exchange rate on the day the credit transaction was processed, which may be more or less than what you thought you were paying at the time of your purchase. Always ask your credit card company in advance what the rate will be because you may have a choice.

Traveler's Checks

Traveler’s checks are widely accepted and replaceable if lost but can be inconvenient to convert to cash. Traveler’s checks are sold by several agencies and major banks throughout the United States, usually at the rate of one percent over the value of the checks you are buying. If you are an AAA member or American Express cardholder, you may purchase traveler’s checks at no additional fee.

You may cash traveler’s checks overseas at banks, stores, money exchange kiosks etc. for a fee, so shop around for the best deal. If you purchase American Express Traveler’s Checks, your student may cash them at their offices abroad. Before you leave, check for the locations abroad. Be sure to keep the receipts for traveler’s checks separate from the checks, in case replacement checks are needed.

American Express offers check-cashing privileges to its clients. Any American Express office will cash personal checks from a U.S. account at no charge. Up to $1000 can be cashed; the first $200 may be provided in local currency, the rest in American Express traveler’s checks, with the regular fees applying.

Bank Transfers/Drafts

Bank transfers/drafts are used for emergencies only. If you think you might need to use bank transfers, or want to take your initial currency in the form of a bank draft, visit your bank in the United States before your student leaves and ask them for a list of their correspondent banks. Let them know who is authorized to initiate cable transfers to you. Once in your host country, you can contact (telegram or phone) your bank at home and receive the money usually within 48 hours.

Be advised that you will probably have to pay the cabling charges both ways, in addition to a commission charged by your U.S. bank. Money can also be cabled from home through American Express; this type of transfer will take two to five days and the charge varies according to how much money is sent. Alternatively, you can notify your home bank and request that a bank draft in your name be mailed to you (registered), at a specific bank and location. Bank drafts may take up to three weeks to clear.

In most cases it is not advisable or necessary to open a bank account in the host country unless your student will be there for more than one semester.

Local Currency

It is a good idea to take enough local currency with you to pay for initial expenses before you can get to an ATM – although there are ATM’s at most international airports. It is also possible to exchange money at currency exchange bureaus at the airport. Some countries restrict how much currency you can bring in or out. Check with the appropriate embassy or consulate for any such requirements. Travel guidebooks always include information on how to get money: consult a recent edition for latest updates.

N.B.: Check current exchange rates on www.xe.com.

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