Travel Resources

Money Matters

Bank Accounts

Before leaving the United States, check with your bank to find out if there is an affiliated bank in the city in which you’ll be studying. If so, you may be able to transfer funds directly into a local account.

If you are studying abroad for only one semester, it may not be worth your while to open a bank account in your host country, due to the fees and paperwork involved. If money must be sent from home, there are three methods which can be used:
• Place money in an American account for which the student has a debit card. This is the most immediate and cheapest method.
• Purchase a bank check in foreign currency drawn from a bank in the city, or a major city close to where the student is located and send through the mail.
• Wire the money, and it will arrive within 24 hours. The student need only go to the bank to which the money is wired, identify himself or herself, and pick it up.
All methods are very effective. Wiring money is fast, but it is also quite expensive. Your local bank can provide complete details on all three methods.

Cash/Traveler’s Checks

Take about $200 in cash, in the local currency, to cover your needs immediately upon arrival. If possible, try to get some coins for vending machines, phone calls, or for making change.

Some students take most of their money in traveler’s checks. Most brands are readily accepted, especially in major population centers. However, check with your program to ensure that traveler’s checks are readily accepted in your host country.

When cashing traveler’s checks overseas, banks generally offer a better rate of exchange than tourist bureaus, train stations, hotels, or a variety of entrepreneurial black marketeers. It is worth checking out several banks for the best exchange rates and transaction fees.

Just how much money should you take? Make a budget for your stay. Keep in mind 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 breakdown of how much you will spend on food, entertainment, and transportation. You will probably spend money on things you wouldn’t normally buy here in the States (i.e., movie tickets cost a small fortune in most of Europe). Those charming little trinkets, shirts, or baubles from the open-air market add up quickly!

Once you have come down to a bottom line for how much money you think you will need, double it! It is far better to have too much money than too little.

If you have difficulties budgeting your money, divide it into monthly increments and put enough for each month into envelopes. Label the envelopes and open one per month. It’s like getting an allowance again. Just don’t forget where you stash it all. Another way to budget your spending money is to meticulously keep track of every dollar, rupee, centime, mark or yen that leaves your wallet.

Credit and Debit Cards

All students should consider taking a major credit card such as Visa, MasterCard, or American Express. In many countries, you may use your card in an ATM to get cash.

• Make sure your card is eligible for ATMs and cash advances.
• Contact the ATM networks on which your card is valid to ask for their international locations.
• Before you leave, double-check with your bank that your card will be valid abroad.
• Sometimes personal identification numbers may change overseas and you will have to be assigned a new one.
If you take a debit or check card with you overseas, make sure the card has either a Visa or MasterCard symbol on it. If not, it may not be recognized by foreign machines, thus rendering it unusable.

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 to 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.