Students should research their destination country’s use of cash, credit cards, and other alternative payment methods and should plan to travel with multiple payment methods targeted towards their host country’s habits.
Travelers should plan to have access to two to three different payment methods while abroad (for example, some foreign currency in cash and a credit card). This will ensure that you always have access to money when you need it.
Credit and Debit Cards
In most countries around the world today you can use a credit or debit card for many, if not all, transactions. Visa and MasterCard are the most widely accepted cards globally.
When using your credit/debit card during your travels, please be sure to consider the following:
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- Before traveling internationally, contact your bank and/or credit card company to let them know that you will be traveling – where, for how long, and any other countries you plan to visit or will have a layover. If you do not do so, you risk having your card frozen for potential fraud when you attempt to use it abroad!
- If you do not yet have a card with a chip and pin, you should request a new card from your bank as this is the most common and secure form of purchasing abroad.
- Many credit cards charge foreign transaction fees, typically up to 3% of each purchase. Find out what sorts of fees apply and explore other payment options if the fees are high.
Cash
It’s recommended that students bring some cash in local currency with them, even if they plan on mostly using their credit/debit cards. It’s good to have a back-up in case your card gets lost or stolen. The amount of cash students should bring varies by program location and duration.
Currency Exchange
Before traveling, research the currency in your destination country and the current exchange rate. Keep track of exchange rate fluctuations by using sites such as Oanda, Xe.com, and Yahoo!.
At many U.S. banks, you can exchange currency for a small service fee. Some may have a minimum amount requirement. Depending on the currency, your bank may need to mail the requested currency to their branch before you can pick it up, which may take several business days. We suggest contacting your bank at least two weeks prior to your departure in order to allow enough time before you travel. You can also exchange money at most international airports, but the exchange rate may be less favorable to international visitors.
Once you are in your host country, you can opt to exchange money at currency exchange offices, hotels, restaurants, or retail shops, but be prepared to pay extra. You may need your passport as identification whenever exchanging money.
International ATMs
Withdrawing money from your U.S. bank account at an ATM is often the easiest way to access cash abroad. Contact your bank to determine which ATMs will function with your American ATM/debit card, to confirm that your card has a 4-digit PIN, and to learn about any fees associated with withdrawing funds at foreign ATMs.
Alternative Payment Methods
In some countries, alternative payment methods are more common than cash or credit/debit cards.
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- In China, smartphone mobile payments have become the most prevalent payment method. ATMs are uncommon there and we strongly recommend that students set up a mobile payment method prior to travel.
For more information on the costs associated with our study abroad programs, how financial aid is applied, and on scholarships, please see Billing and Financial Aid.