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Money Matters Abroad
Transcript of Money Matters Abroad
Understand exchange rates and how they work. It may be helpful to exchange some money before you leave to familiarize yourself with the currency of your host country.
Use this helpful budgeting sheet from Northwestern University to calculate your expenses and your income:
Preparing to have access to your money abroad and budgeting your money will help you have a smooth study abroad experience.
Contact Your Bank
Let your bank and credit card companies know when you are traveling so that they do not put a security freeze on your account when you need your money most!
Credit Cards and Debit Cards
Make sure that these cards have a chip and that you know your PIN. Visa and MasterCard are more widely accepted than other credit cards.
Ask them about international transaction fees and ATM fees. Know how much they will charge you to have access to your money.
Ask banks if they have any partner relationships with banks in your country. This may help you avoid extra fees.
You can put in an order for foreign currency at your bank or with AAA if you are or someone in your family is a member.
Scan the back and front of cards and put in a safe place in case they are stolen.
It is preferable to withdraw cash from ATM's that are indoors. If you withdraw from an outdoor ATM, make sure that you are in a safe area and you hide your PIN. Do not withdraw cash at night.
Be prepared to use more cash than you are used to. Watch out for those ATM fees!
Cost of Living
Use a cost of living calculator to help you figure out how much you might spend on a meal, transportation, and entertainment.
How much money you need will depend on your own spending habits. If you are on financial aid, make sure to see Diane Barrett in the Financial Aid Office to get a clear understanding of your financial aid package. Things to consider include:
How often will you walk or will you need to use public transportation?
Will you be visiting museums, going out in the evening,etc?
How often will you eat out vs. preparing your own meals?
How much money do you want to set aside for additional travel not included with your program?
Talk to students who have returned from studying abroad to ask them about the cost of living and expenses to anticipate.