Students need to think about their daily financial needs and plan ahead for studying abroad. How do you get money? Is it possible to have a checking account abroad, or to use your home-based account overseas? Are checks accepted for rent and everyday expenses? Are there ATM machines? Who will pay your bills? These are a few of the questions you need to answer before going abroad.

The important thing about establishing a system for taking and using money overseas is early planning. It will be necessary for a student to consult with his or her home bank regarding things like the ability to use an ATM card in the new host country. Remember, PIN digits are required for ATM machines; and be sure to check the expiration date of your ATM / CREDIT cards! Also, it is a good idea to write down the contact numbers of the various ATM/ CREDIT cards you will be taking with you while abroad. Often these numbers vary if you are calling outside the U.S. so it is important to know which number to call.

• Credit Cards
  Students should take at least one major credit card abroad. The card should be in the student's name--not his or her parent's name. Credit cards are immensely useful for medical or financial emergencies. Credit card applications may take some time to process, and students should apply early. Some credit cards may also work as ATM cards. Students should check with the issuing banks to see what services are available and where.
  Most stores and restaurants honor major credit cards.
  
  In some cases, a credit card can be used to obtain a cash advance at a bank. Although cash advances usually can be done for a favorable exchange rate, there is usually a charge for this service. It is possible, however, to avoid the fees generally charged for a cash advance by having someone at home in the U.S. deposit money into the account before the cash advance transaction is undertaken.
  
  Some U.S. credit card companies have started charging an extra percentage for purchases made abroad. The amount ranges from 1 to 2 percent. Students should check with their credit card companies before departure to determine the exact charge.
  
  
• ATM Cards
  Past students in many countries have reported that an excellent way to have money transferred is through an ATM. In some countries, it will be just as easy to use an ATM as it is at home. ATM cards provide a convenient way of getting cash, making deposits and transfers, and verifying account balances.
  
  To get an ATM card a student must first open an account at a bank or credit union in the U.S. (done before departure). Most U.S. banks and credit unions offer ATM cards. They are usually connected to a checking or share draft account. Students should check with the bank to make sure the ATM card can be used to access funds abroad. The bank will issue the ATM card and a personal identity number (PIN). Students need to make sure the PIN has the correct number of digits to be used abroad. The requirements vary by country. Typically, it should only be 4 digits.
  
  Once abroad, the ATM card and PIN can be used to withdraw money from the U.S. account. There is no waiting period; money deposited in the U.S. is immediately available for withdrawal abroad. There may be limitations on the amount of cash accessible per transaction, and there may be fees. The ATM system enables access only to money on deposit. Students should check with their home bank to see what options are available.
  

  Make sure to have more than one Checking Card, in case one gets lost or stolen. Before departure, keep one in your wallet and one in your suitcase, and upon arrival place the “backup” card in a safe place in your room. If your card does get stolen, you can easily call your Bank and have the Lost Card cancelled. Before departure, it is also a good idea to make copies of your cards, in case you need to contact your Bank and give them your credit card/checking card number.

  Before departure, it is also a good idea to make copies of your cards, in case you need to contact your Bank and give them your credit card/checking card number.

• Exchanging Money After Arrival
  Money may be exchanged at banks, foreign exchange offices, airports, some tourist information centers, and sometimes at travel agencies. Banks offer the best rates. Hotels, train stations and tourist shops often offer less favorable rates. A passport is usually required for exchanging money.
  
  
• Other Ideas
  Western Union can be used to have money sent from home in a very short amount of time (sometimes minutes). In most instances Western Union will issue local currency at competitive foreign exchange rates. To view more information, please visit: http://www.westernunion.com
  
  
• Power of Attorney
  Students are encouraged to arrange for a relative or other responsible party to have Power of Attorney for the time they are abroad. This arrangement cannot be established once the student is abroad as it requires notarization. The person assigned the Power of Attorney can then help with financial transactions as they will be empowered to:

1. Make deposits and withdrawals in the student's U.S. bank account
2. Write and sign the student's checks
3. Endorse and cash or deposit checks and drafts made out to the student
4. Pay credit card and other bills
5. Arrange for overseas money transfers
6. Receive and check the student's account statements
7. Open and close other accounts in the student's name
8. Access the student's safe deposit box

Arrangements must be made with the bank for a specific individual to have the Power of Attorney, and the accounts to be covered by the Power of Attorney must be specified. The designated individual will retain the Power of Attorney until written notification is provided or the accounts covered are closed.