Financially Preparing for Your Study Abroad Adventure
Before embarking on your study abroad journey, it’s essential to take care of your finances to ensure a smooth and enjoyable experience. As someone who has studied abroad in Europe and China, I understand the importance of being prepared. Here are six crucial steps I took to financially prepare for my extended time abroad.
Step 1: Notify Your Bank
To avoid any issues with your debit and credit cards while abroad, notify your bank of your travel plans, including the dates and destinations. This will prevent your cards from being blocked, and you’ll also want to save the international customer service number in case of any problems.
Step 2: Check Your Card Eligibility
Double-check your card’s expiration date to ensure it won’t expire during your trip. Also, consider getting a card with an EMV chip, which is preferred by most international merchants and offers better fraud protection.
Step 3: Get Local Currency
Order local currency a few weeks before your departure to 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.
Step 4: Research International Partners and ATMs
To minimize foreign transaction fees and international ATM fees, research your bank’s international ATM-sharing network. This will help you identify partner ATMs where you can withdraw cash without incurring extra fees. Consider refusing foreign ATM conversion to avoid higher conversion fees.
Step 5: Stay on Top of Exchange Rates
Download an exchange rate app to stay informed about the latest rates. Record the rate of exchange before you leave, in case you don’t have internet access while abroad. This will help you budget and keep an eye out for any discrepancies during transactions.
Step 6: Organize Your Documents
Make digital and hard copies of your travel documents, including your passport, student visa, and insurance card. Also, compile contact information for your program directors, hostel, health insurance company, and emergency contacts in the country. 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 well-prepared to handle your finances while studying abroad. Remember to stay organized, plan ahead, and enjoy your adventure!
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