Study Abroad

Study Abroad Pre-departure Information for Students

ACCESSING MONEY OVERSEAS

ATM

You can withdraw funds with your ATM card at an ATM machine, without having to enter the bank. This is the easiest and least expensive way to obtain cash while overseas. We recommend notifying your bank that you will be using your card(s) abroad and confirm that your card is activated for international use.

You will probably be charged a fee for using an ATM not owned by your own bank – check with your bank for applicable charges and ask if they have a partner bank in your host country.

Note: ATM machines may not be available in rural locations.

Other Options

Credit Cards

Credit cards are now widely used in most countries and are convenient for making purchases but ask your credit card company about foreign transaction fees before you go. In addition, avoid using your credit card to obtain a cash advance (in local currency) as this can involve many hidden charges. Check with your bank and/or credit card companies for their fees.

Note: your credit card bill will reflect the exchange rate on the day your credit transaction was processed, which may be more or less than what you thought you were paying at the time of your purchase.

Traveler's Checks

Traveler’s checks are replaceable if lost. However, some vendors are reluctant to accept them and it can be inconvenient to get them cashed. Traveler’s checks are sold by several agencies and major banks throughout the United States, usually at the rate of one percent over the value of the checks you are buying. If you are an AAA member or American Express cardholder, you may purchase traveler’s checks at no additional fee.

You can cash traveler’s checks overseas at banks, stores, money exchange kiosks etc. for a fee. Shop around for the best deal. If you purchase American Express Traveler’s Checks, you may cash them at their offices abroad. Before you leave, check for the locations abroad. Be sure to keep the receipts for traveler’s checks separate from your checks, in case you need replacement checks.

American Express offers check-cashing privileges to its clients. Any American Express office will cash personal checks from a U.S. account at no charge. Up to $1000 can be cashed; the first $200 may be provided in local currency, the rest in American Express traveler’s checks, with the regular fees applying.

Bank Transfers and Drafts

Bank transfers/drafts are used for emergencies only. If you think you might need to use bank transfers, or want to take your initial currency in the form of a bank draft, visit your bank in the United States before you leave and ask them for a list of their correspondent banks. Let them know who is authorized to initiate cable transfers to you. Once in your host country, you can contact (telegram or phone) your bank at home and receive the money usually within 48 hours.

Be advised that you will probably have to pay the cabling charges both ways, in addition to a commission charged by your U.S. bank. Money can also be cabled from home through American Express; this type of transfer will take two to five days and the charge varies according to how much money is sent. Alternatively, you can notify your home bank and request that a bank draft in your name be mailed to you (registered), again at a specific bank and location. Bank drafts may take up to three weeks to clear.

In most cases it is not advisable or necessary to open a bank account in the host country.

Local Currency

It is a good idea to take enough local currency with you to pay for initial expenses before you can get to an ATM – although there are ATM’s at most international airports. It is also possible to exchange money at currency exchange bureaus at the airport. Some countries restrict how much currency you can bring in or out. Check with the appropriate embassy or consulate for any such requirements. Travel guidebooks also usually include information on how to get money.

Check current exchange rates on www.xe.com.

Study Abroad Office
Administration Building, 2nd Floor
Monday - Friday, 9 a.m. - 5 p.m.

Phone: 410-704-2451

Fax: 410-704-4703
Email: studyabroad@towson.edu