Financially Preparing for Your Study Abroad Adventure
As you prepare to embark on your study abroad journey, it’s essential to consider the financial implications of living in a foreign country. While every student’s experience is unique, I’d like to share the six steps I took to financially prepare for my extended time abroad in Europe and China.
Notify Your Bank of Your Travel Plans
To avoid any issues with your debit and credit cards, notify your bank of your travel dates and destinations a few weeks before your departure. This simple step can prevent your cards from being blocked while abroad. Additionally, make sure to save the international customer service number in case of any issues.
Verify Your Card’s Eligibility
Double-check your card’s expiration date to ensure it’s valid for the entire length of your trip. You may also want to consider getting a new card with an EMV chip, which is preferred by many international merchants and offers better fraud protection.
Get Local Currency Ahead of Time
Order local currency a few weeks before your departure to ensure you have some cash on hand when you arrive. Allow plenty of time for the transaction to process and the money to arrive, in case of any delays.
Research International Partners and ATMs
To minimize foreign transaction fees and international ATM fees, research your bank’s international ATM-sharing network. Find out which international banks’ ATMs you can use without incurring extra fees. You may also want to consider applying for a credit card with no foreign transaction fees.
Stay on Top of Exchange Rates
Download an exchange rate app to stay informed about current rates. Record the exchange rate in the U.S. before you leave, in case you don’t have internet access abroad. This will help you budget and detect any discrepancies during ATM withdrawals or international transactions.
Organize Your Travel Documents
Make digital and hard copies of all your travel documents, including your passport, student visa, insurance card, and contact information for your program directors, hostel, and emergency contacts. Having all this information in one place will give you peace of mind and allow you to focus on other aspects of your trip.
By following these steps, you’ll be better equipped to handle the financial aspects of your study abroad experience. Remember to stay flexible and adapt to any unexpected situations that may arise. Happy travels!
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