Study Abroad

Finance study abroad

Banking and budgeting while abroad

It’s important to plan your budget before you leave home. Below are some tips to help you manage your finances while abroad. Be sure to also ask your program for additional guidance both before departure and once you’re in-country.

Banking tips

You may or may not be able to open a bank account in your destination country. However, you will have access to your United States bank account.
It’s best to have access to multiple types of funds (i.e. cash and debit or credit cards)
Be sure the PIN number for the debit card you’ll use abroad is four digits.
Make sure your debit and credit cards have a chip. Most international transactions require cards with an embedded chip (the small metallic square on newer cards). If your card doesn’t have one, contact your bank to request an updated version before you travel.
Ask your bank and credit card companies about any international transaction, currency exchange or ATM fees, and if they have any affiliated banks.
It‘s also a good idea to make copies of the front and back sides of your important cards in case they get lost or are stolen. Leave these copies at home with a family member.

Know before you go

Know the local currency and the current exchange rate
Familiarize yourself with local customs. Learn how people usually pay for things in your host country. For example, taxi rides in Turkey are often paid in cash, while in China, mobile apps like Alipay or WeChat are commonly used.
Do some research into the cost of everyday food and health items like contact lens solution and medicine or shampoo.
Familiarize yourselves with, and even download in advance, any apps or resources that are useful in the location you’re going.