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Deciding the best way to send, receive and bring money to a foreign country can be very confusing. Each student handles their financial transactions while abroad in their own way, and below is a listing of a variety of methods that have been tried. You may not be able to open a bank account for a short period of time. If you are planning on using a check or credit card, know your PIN number. Also, check with your financial institution to see what ATM machines are available to you worldwide.

Important notice: Remember to plan for independent travel expenses as well as for incidents not covered in the program price. Foreign transfers take time to process before being available to you and can be quite expensive. It is recommended that you speak with your bank and other students who have studied or traveled abroad regarding their suggestions for your particular situation!

ATM/Debit Cards

This method of accessing money is the overwhelming preference of students who have traveled abroad. You should make sure that you have a four-digit PIN number that does not start with a zero.  Consult your bank for advice on the availability of these machines such as CIRRUS, PLUS, and VISA.   ou should make sure that you notify your bank with your travel plans to ensure that your card does not get cancelled whil you are abroad.  Bank Cards are debited in local currency so keep an eye on the exchange rate. 

A newer alternative to traditional ATM/Debit cards are prepaid debit cards.  With these types of cards, you or anyone you designate are able to add money to the card online or by phone. 

Cash/Foreign Currency

Before you leave the U.S., it is strongly recommended that you purchase $50-$150 in foreign currency for food, drinks, taxis or any other immediate needs upon your arrival. Do not carry any more than that unless you are willing to risk losing it. Some foreign currency will be necessary initially and it may not be possible to exchange it at the airport upon arrival.

Credit Cards

VISA is one of the most widely used and accepted credit cards worldwide. MasterCard and American Express may also be used. American Express cards can be used to purchase Traveler’s Checks. The Discover Card is not accepted abroad. If you plan to use cash advances, check with the issuing bank to make sure that it will be accepted by overseas banks in the country you intend to visit. Many banks and credit card companies have initiated anti-fraud measures for your benefit. It is good practice to notify your bank and credit card company of your destination and duration abroad so they do not deactivate your card when they see a variety of purchases from abroad.

Traveler’s Checks

You have the option to bring money for incidentals in traveler’s checks. They can be replaced in case of loss or theft. They should be purchased in U.S. dollars. Be sure to make two copies of the check numbers, and give one copy to a family member or friend. Keep the other copy for yourself and separate them from the actual check. Should you lose your checks, you will need to provide these numbers in order to obtain replacements. American Express Traveler’s Checks are accepted in most places. They may be cashed at banks, or at exchange offices. Such facilities are conveniently located in larger cities.  Traveler's checks are becoming less commonly accepted and you may be charged a higher exchange rate for using them.  NOTE: AAA members can purchase American Express Checks at no cost. 

Wiring Money

Funds may be wired to you from the U.S. through any U.S. bank that has a corresponding bank in the city where you are staying. Funds will be received within 2 to 10 business days from the time the wire is processed. Wiring fees are generally paid on the US side, but occasionally on both. BEWARE! This can be expensive.

American Express

American Express maintains a wire service open to cardholders and non-holders. This generally takes two days to arrive in Europe. AmEx takes a hefty commission on the sum of money being transferred, but it is a quick way to get cash. Once someone has sent the money through AmEx, call the AmEx office that you will be picking it up from to see whether or not it has arrived. You may receive them in Traveler’s Checks. You can also write personal checks against your U.S. account. This is a free service although the commission for the services still applies. You would then be able to conduct transactions at ATMs and AmEx dispensers. Withdraws are automatically debited to your bank account. You must specifically enroll in EXPRESS CASH and know your PIN NUMBER to receive cash.

Call 1-800-221-7282 to receive a list of offices.

Money Orders

AmEx money orders are available at most convenience stores throughout the U.S. for a nominal fee.  Relying on this system requires planning ahead and knowing your needs some time in advance. Allow two weeks for the money to reach you via airmail. Upon receiving it, take it to the AmEx office and present it with your passport.

Personal Checks

These cannot be cashed outside of the U.S.

Other Suggestions

In a genuine emergency, use the U.S. State Department, especially in an “out of the way” place. A cashiers check or money order may be sent there, then it is wired to the nearest consulate or American Embassy. The passport is your general I.D. This costs about $15 and is supposed to take 3-4 days from the time the State Department receives the check. Call Citizen’s Emergency Center (202) 647-5225 or check out the website at www.travel.state.gov for more info.

For the most up-to-date exchange rates, please visit one of the following currency converter websites:

http://www.oanda.com/convert/classic

http://www.expedia.com/pub/agent.dll?qscr=curc&&zz=1120572992019&

http://www.xe.net/ucc/full.shtml