UVM Study Abroad Pre-Departure Guidebook
Section 1 Before You Go:
Money and Banking
- Know the local currency and exchange rate. Learn to think in the foreign currency.
- Visit a currency exchange website in order to track the local currency trends. Some good sites are: http://www.xe.com/ucc/ or http://www.oanda.com/
- Create a sample budget for some extra personal expenses not covered in the program fee: money for going out at night, souvenirs, and other incidentals.
How to carry your Money:
- Don’t carry large amounts of cash. It is a good idea to change a small amount of money into foreign currency before you arrive in your host country.
- You can change money at any international airport; however, the exchange rates and fees are not the most favorable.
- You can carry the rest of your money in the form of traveler’s checks, credit cards, and/or debit cards.
Credit Cards/ATM Cards/Travel Cards:
- Be sure your credit card is usable abroad.
- Before you leave call your bank to inform them that you will be using your card abroad.
- Find out what fees will be associated with your international transactions.
- Get important phone numbers in case your card is lost or stolen.
- Fraud is widespread; only use ATM machines attached to banks.
- Check out the Visa Travel Money card
- this is a re-loadable debit card that is accepted world-wide: http://usa.visa.com/personal/cards/prepaid/visa_travel_money.html
Last modified April 26 2012 10:19 AM