Settle on the amount of money you will need while abroad. Make both weekly and daily budgets and stick to them. Learn the value of the local currency and look for special student rates and discounts. Friends with foreign experience, students who have participated in your particular study abroad program are excellent sources for advice on spending and saving money while abroad. For conversion tables, consult the foreign exchange listings in a financial newspaper such as the Wall Street Journal.
The safest way to protect your finances abroad is to diversify them by using an ATM card, debit card, traveler’s checks, and credit cards. Should one form be lost or stolen you will have access to your funds through another form.
Most students access home funds through automated teller machines (ATMs). Since many ATMs abroad will only access a checking account, do not leave your funds in a savings account before departure. Otherwise, ATMs are used the same way they are here: your home checking account is debited for your withdrawal and you draw out local currency. You are charged a service charge and the current exchange rate. Although this way of accessing money is convenient, you are warned not to use it as your only form of getting cash. Be sure to check with your bank at home, to ensure that your PIN is valid abroad and to clarify what sorts of charges will be applied. Likewise, check with your bank if you intend to use a check card to access your bank account. Your bank may wish to note when you will be abroad so your access is not blocked due to suspected fraud.
Credit cards such as Visa, MasterCard and American Express are honored abroad, though not always as widely as in the United States. Credit cards make foreign currency transactions easy and are invaluable in a financial emergency. Take a credit card along, but use it wisely; plastic can be dangerous because it is easy to overspend, service fees and interest charges can be costly, and the loss or theft of a card can inconvenience you, especially while traveling. Seek advice from the issuing company as to the card’s applicability abroad and the billing rate for converting the amount of purchases abroad into dollars. Make sure to learn your PIN before departure. Contact your credit card company to find your credit limit and number to call in case your card is lost or stolen. Also let your credit card company know the dates and locations of your travel. When cards normally used in the U.S. suddenly begin being used abroad, some credit card companies will cancel the card to avoid possible fraud and other security issues.
If any of your cards are lost or stolen, you will need to contact your bank and clarify whether it is an ATM, debit, credit, and/or check card. The bank will need the number and possibly, the PIN.
Traveler’s checks (TC) are inconvenient and not used as a major source of funds. However, you may wish to carry some reserve funds as traveler’s checks . Most students only use TCs if they have lost their ATM card or cannot access funds through an ATM. TCs must be cashed at banks or a “bureau de change” and may take time to get cashed. Traveler’s checks in U.S. dollars can be used in case of an emergency abroad; and if you don’t need them, you can use them as cash when you return. Leave a copy of the serial numbers of your traveler’s checks at home; take another list with you separate from the checks themselves. As you cash in the checks, keep a tally of which ones remain unredeemed.
Although it is uncommon, students who stay abroad for a semester or longer may open a bank account abroad. You can discuss this option with your U.S. bank or with a foreign bank upon arrival.
The best way to assure yourself of adequate funds is to take more than the proposed budget.
If your money runs out and you have a credit card, you may be able to access funds:
If you do not have an ATM card or credit cards to access funds, you have several alternatives, all based on the assumption that someone at home can send you money.
Funds can be transferred or wired from home, but this process is very costly and complicated. Money can also be shuttled from a bank in the U.S. to its branch in a foreign city, if it has one. Banks, however, are notorious for keeping bankers’ hours. One after-hours option is Moneygram (1-800-542-3590), a for-profit money transfer service with 23,000 agents in 103 countries; the service charges $40 to send $500 anywhere (more for larger amounts).
Using the local AMEX Office, you can receive funds in about a day, but high fees may apply. If all else fails, turn to the Bureau of Consular Affairs. After an investigation determines that an American is genuinely stranded, a consular official will seek one of your friends or relatives to help. If no one can be found, an official may advance money, but a “limitation” will be put on your passport, signifying that it is to expire when you reach home and cannot be renewed until the loan is repaid.
Avoid the expense and hassle by bringing the necessary funds, carrying your funds in a variety of forms, and sticking to a budget.
I would like to share some pictures with all of you that students have sent me. The best way to remember your study abroad experience is through pictures. The people you meet and the places you visit are never as vivid in your memory as they are on a glossy print.
It would be a good idea to brush up on your language skills before you leave for a study abroad program. Or maybe your language skills are fantastic. Find out by taking a little test in the language of your choice and see how well you do. Discover where you make the most mistakes.
Give it a try.
Ilene
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Yesterday was the last day of class and some of the students are going on a study abroad program next semester.
Good luck!
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Studying abroad is the act of a student pursuing educational opportunities in a foreign country. Typically classes taken while studying abroad award credits transferable to higher education institutions in the home country. However, students may pursue these opportunities at any age and may not require college credit. Students studying abroad may live in a dormitory or apartment with other students or with a “host family”, a group of people who live in that country and agree to provide student lodging.
Length of study can range from one week, usually during a domestic break, to an academic year.
Topics of study can vary. Some students choose to study abroad in order to learn a language from native speakers. Others may take classes in their academic major in a place that allows them to expand their hands-on experience (e.g. someone who’s studying marine biology studying abroad in Jamaica or a student of sustainable development living and studying in a remote village in Senegal). Still other students may study abroad in order to explore topics within the framework of a different educational system (e.g. a student of English who goes to the United States to study American literature).
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My favorite videos about Studying Abroad
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Every student has a different experience in another country because success usually depends on how adaptable the person is to their new surroundings. Some students are more open-minded to a different culture than their own. Sometimes a student may have a difficult experience because they are not mentally prepared to adjust to a new cultural environment.
“I chose to study in Madrid, Spain at a private university for one semester. I had no difficulties finding an apartment with a group of Erasmus students from different parts of Europe. My credits were transferred with no problem. Not only did I get to improve my Spanish, but I had an opportunity to see a new culture. It was fantastic! I would recommend it to everyone.”
Ingrid, Sweden
“One of my most memorable college experiences has been studying abroad at the University Aix- Marseilles III in Provence, France. I had a wonderful time exploring the Provence region, learning the language and meeting people that have been brought up so differently from me. I can relate much better to people who come from other countries and have a better understanding of diversity. This experience will help me a great deal when I am working in international business.”
Mark, North Carolina, USA
“I had always wanted to go to Italy and when the chance arose at college to participate in a study abroad program in Florence, I couldn’t pass it up. My experience was everything I could have imagined and more. It is such a beautiful city with great food, art, history and fashion. It has been one of the most rewarding experiences I have ever encountered. Everyone was nice and the classes were great.”
Elizabeth, Scotland
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What things would you have to take into consideration before studying abroad?
1. Where would I prefer to study?
2. What degree programs do they offer?
3. What subjects will I be able to take for credit?
3. Would I need to know the native language very well in order to pass the subjects or would the classes be in English?
4. Do I need a student visa, or passport or other official document before I go ?
5. Where is the institution located – in the city or outside the city – what do I prefer?
Any more ideas?
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More students nowadays are interested in studying abroad. This option can be a richly rewarding experience. Students not only learn more but they become aware of a different culture and lifestyle. Some regrets when the students return are that they wished they had spent more time in the host country.
Some reasons for studying abroad
1. It is a great way to improve and learn a language.
2. You get to know another culture first-hand.
3. You increase your employment opportunities.
4. It broadens your worldview.
5. You become familiar with a new academic system.
6. You acquire new ideas and perspectives about yourself and your own culture.
Can you think of any more?
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