Money and Banking

To Do List

• Review your program’s estimated budget. Know what is already covered and what you may need to purchase in-advance of departure or on-site. Create a personal budget and track expenses, if that’s helpful for you.
• Inform banks/credit unions/credit card companies of all locations where you will be going abroad or away, including when you will leave and for how long you will be gone. This includes personal travel that takes place outside the program. This will help ensure your card is not rejected for suspected fraud use when you try to use it.
• Ask if there will be international transaction fees, including ATM withdrawal fees. 
• Research the local money practice. What is the tipping culture like? Do they barter? Can you use credit cards? Cash? Apple Pay? All of the above? It is a good idea to have some cash on-hand, in case using a card is not an option or it does not work.
• There is also the option of taking a small amount of U.S. dollars (~ $100) to exchange into the local currency upon arrival (bad exchange rate). You can sometimes order money before you leave via a bank service as well.
• Make paper copies of everything and also leave copies at home – driver’s licenses, debit cards, passports, visas, etc.
• Opening a local bank account is not generally advised, unless suggested by the program. 
• Think about purchasing RFID-blocking accessories, like card or passport sleeves, wallets, bags, or money belts.

On-Site Preventative Measures

• Be aware of your surroundings and the people near you. Don’t carry large amounts of cash at once. Take some with you and keep some in hidden places at home, with doors and windows locked. 
• Use ATMs directly at banks or that are secured to a wall, and ensure no one can see you type in your PIN. 
• Do not keep wallets or cell phones in your back pocket.
• Use crossbody purses, bags, or backpacks, made of durable material that cannot be cut, and know where the zippers are.
• Beware of scams – don’t take out cash when prompted by a stranger; people dressed in costumes taking photos with tourists will expect payment; don’t accept random gifts from those you don’t know; use legitimate means of transportation, including taxis with functioning meters, and pay attention to the routes taken.

Resources