It is a good idea to keep close track of how you spend your money now so that you can gauge your personal spending habits and learn to budget your money carefully. Be aware that small expenses tend to add up and that you will have many such items to purchase while abroad such as bus and train fares, snacks, stamps and postcards, newspapers, beverages, gifts, telephone cards and books. Bear in mind that spending varies widely from person to person according to personal habits, resources at hand, and the amount of travel that is done.
---Know the official currency used in the country where you will be staying
and the approximate rate of exchange to the U.S. dollar.
---Exchange a small amount of money prior to your departure (or immediately
once you're there) in order to have some cash-on-hand upon arrival.
---Make a small guide that lists various amounts of money in U.S. dollars,
and their value in the other country's currency that you can keep in your
wallet to refer to while shopping.
---A small calculator or currency converter is invaluable when traveling.
---Remember to have your passport with you as identification when you exchange
money.
Foreign currency can be obtained through larger banks and even through the Internet. If you are from a small town and do not have easy access to large banks which exchange currency, you can exchange money in the airport before your international flight departs. However, exchange only a small amount of currency in the airport since airports have poor exchange rates.
It is wise to have a small amount ($100-$200) of currency before you depart, as this will allow you to survive comfortably until you can find a bank to exchange larger amounts of money. This is especially important if you arrive on the weekend, since many more essential services are closed on weekends and local official holidays that are different from what you will encounter in the States.
You will get a better rate for your dollar in the host country than in the U.S. Banks will offer a better rate than hotels. Try to anticipate how much you will need for a particular country (during a multi-country trip). It is costly to convert all your money to a new currency because each time you convert, you pay a commission. Coins cannot be changed if they aren't used.
Traveler's checks are the safest and most convenient way of carrying large amounts of money, since they can be refunded if lost or stolen but cash cannot. Traveler's checks are available at most banks. Be sure to keep a separate record of the serial numbers of your traveler's checks in a safe place while you are away from home. Remember to cross off the number as you cash the checks so you have an accurate record of your traveler's checks.
MasterCard, Visa and American Express credit cards are accepted in many countries. The services offered will vary from card to card and country to country. Credit cards (VISA, MasterCard, American Express) or bank cards (VISA, Plus, Cirrus, etc.) offer access to Automatic Teller Machines (ATMs) or cash advances in most countries.
Availability of ATMs varies widely from country to country. Check with your bank or credit card issuer to learn whether your card can be used at your study site. Charges: Before you go, ask your bank or credit card company about finance and service charges. For ATM and debit cards, there is usually a charge for using the local machine AND a charge from your home bank for every transaction. PIN: Be sure your PIN is no more than 4 digits long and is in numerals, not letters, as the numeric/alphabetic keypad of U.S. phones is often not the standard in other countries. Your bank can give you instructions for changing your PIN, if necessary. Cash Limits: ATMs often have a daily cash limit of the equivalent of $200-$300. Plan ahead if you will need larger sums of cash, or use traveler's checks. Inform your financial institution, i.e., bank or credit card company, if you plan to use your card(s) overseas. They have the right to put a hold on your account if it suddenly shows unusual activity. If you tell them ahead of time that you will be traveling, they will know that you are the one making charges and not someone who stole your card.
KNOW YOUR CREDIT LIMIT!!!!
---Obtaining a crdit card with a $500 limit may be a lifesaver in emergency!
