Travel Resources
Money Matters
Credit and Debit Cards
The easiest and most economical way to manage your money while abroad is to use ATM debit cards. ATM transactions will give you the best exchange rates possible. To limit transaction fees, it is recommended that you withdraw enough money for a week at a time and keep all but a day's worth of cash safe and secure in a money belt.
Make sure that your card has the Visa or Mastercard symbol on it; otherwise it may be unrecognizable in foreign ATM machines.
Most airports will have ATM machines available after you leave the baggage area so you can get cash before you leave the airport. If you are not comfortable arriving in a foreign country without local currency, change about $100 worth of cash at your bank or a currency exchange office to get you started. You won't get the best exchange rate and will pay fees, but you'll have peace of mind.
It is very important to have an alternative source of cash in the event that you lose an ATM card or one method doesn't work. We recommend bringing a second ATM or credit card as a back up.
Before you go, let your bank know that you plan to use your debit or credit card overseas. Ask what the daily limits and transaction fees are and make sure your PIN number will work overseas. Your bank will want to know the dates you are traveling and where you'll be going.
Finally, photocopy all of your cards (front and back.) Ask your bank for a phone number you can call collect from outside the U.S. in case your card is lost or stolen. (800 numbers generally do not work outside the U.S., so ask for a number with a 'real' area code.)
Cash/Traveler's Checks
Even though traveler's checks are a safe way to carry money when traveling, they are becoming a thing of the past. It is becoming more difficult to find locations to cash them, especially in less populated cities and often you'll pay high transaction fees. You may wish to bring a few to have on hand in case of emergency. If you do bring traveler's checks, leave a copy of the numbers at home. In the event they are lost or stolen, traveler's checks can be replaced if you have the check numbers.
How Much Do I Need?
Make a budget for your stay. Keep in mind foreign exchange rates - is the dollar strong or weak in that country? Is the particular region relatively more or less expensive to the general cost of living in that country?
Include a weekly break down of how much you will spend on food, entertainment, and transportation. You will probably spend money on things you wouldn't normally buy at home (i.e. theater tickets, more meals in restaurants, etc.) Those charming little trinkets, shirts or baubles from the open-air markets add up quickly!
Once you have come down to a bottom line for how much money you think you will need, double it! It his far better to have too much money than too little and always nice to come home to a bank account with money it it!
Taxes
You may need to arrange to have tax forms sent to you or have your taxes taken care of during your absence. Tax forms are usually available at U.S. consulates or embassies. It is very possible to ask for an extension.
Be sure you know what your tax responsibilities are and how to comply while you are out of the country.
* Seattle Pacific University offices are neither qualified nor experienced to give legal tax advice. If you have any questions about filing your taxes, consult with a tax expert.