Tips for Accessing Money Abroad
- Take a debit card and a back-up credit card
- Tell your bank and credit card company that you will be abroad
- Know your credit card pin number. Be aware of ATM and foreign transaction fees! Ask your bank and credit card companies about their international fees before departure and plan accordingly.
Debit and Credit Cards Abroad
The most convenient and preferred method of obtaining cash abroad is by using a debit or ATM card to withdraw money from U.S. accounts. This method offers many benefits, including favorable exchange rates and greater accessibility and security. ATMs are located conveniently around the world, most of them adhering to common US systems such as PLUS and CIRRUS. Machines are usually available 24/7 unlike foreign banks, which may close early in the afternoon or have limited weekend hours. Machines issue cash in the local currency, eliminating the need to exchange dollars or pay exchange commissions (but they may charge service fees for withdrawals). Check with your bank at home, to ensure that your Personal Identification Number (PIN) is valid overseas and to clarify any charges that may be applied.
Although convenient, please note that service fees can add up. A listing of ATM locations worldwide can be found at:
Credit cards make foreign currency transactions easy, and can be invaluable in a financial emergency. We suggest taking a credit card along, but use it wisely. Service fees and interest charges can be costly, and the loss or theft of a card abroad can be a serious inconvenience.
Notify your bank ahead of time that you will be using your account in certain countries abroad so that when your overseas charges appear, they will not freeze your account.
Make copies of your credit and debit cards and customer service numbers and leave these in a safe place at your residence abroad, as well as with a trusted family member or friend back home. This will make canceling your cards much easier if lost or stolen. Credit card charges are based on the exchange rate on the day that your bank or credit card company processes the transaction. If the merchant is slow in submitting your charge slip, the bill could differ from what you expected.
With many credit cards, you can obtain a cash advance against your account from a foreign bank. However, they often begin charging a high interest rate on the amount advanced, immediately. Be aware of cash advance charges, before you use this service.
Not all businesses will accept credit cards. Depending on the country, you may need to show your passport or other identification for financial transactions such as exchanging money or using a credit card.
Get accurate information from your bank and/or returned study abroad students who have been to your anticipated destinations before departure.
Currency Exchange
Although we recommend withdrawing local currency via a debit card (see above), currency can be exchanged at most international airports (often expensive) prior to your departure, at the international airport of your destination (often expensive), and at most major banks and railroad stations abroad. Bring a small amount of cash in the foreign currency to have upon arrival abroad for your convenience Banks, travel services like American Express or AAA, as well as airports can provide this service.
Banks abroad afford you the fairest exchange rate available, but you can expect to pay a commission (which varies from country to country) every time you exchange currency.
Currency exchange rates are updated daily at https://www.oanda.com/currency/converter.
Transferring Money
If needed, money can be sent from home in a variety of ways. A quick (and expensive) way is by cable transfer from your home bank to a bank abroad. You might want to visit your hometown bank before your departure to obtain a list of the overseas correspondent banks to which money can be transferred by cable and to authorize those individuals who can initiate cable transfers on your behalf. To pick the money up at the overseas bank, you will need identification (e.g. your passport). Your hometown bank may process cable transfers through a major, internationally recognized bank, which will in turn probably have to deal with a comparable internationally recognized bank. The correspondent bank abroad can then complete the transfer to a local bank at your study abroad location.
Western Union has convenient world-wide offices to send money if the situation is urgent. Be aware of the transaction fees involved (as well as any limits to the maximum amount of money allowed for transfer) which may vary depending on your location and the method you are using to send the money. Western Union allows online wiring as well as the more traditional method of visiting the agent office and wiring money overseas from that location.
You will not be able to use personal checks abroad.
