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Money Matters

Money Matters

Power of Attorney

It is strongly recommended that you select a trusted, responsible contact and grant them power of attorney. Do this in addition to granting parent/guest access to your student account. Completing the written power of attorney documentation allows your contact to take care of most unanticipated financial affairs while you are gone. Without power of attorney, it’s difficult or impossible for your contact to obtain information about your financial aid, complete financial aid paperwork, or resolve other financial and legal matters due to federal student privacy laws. Information for obtaining power of attorney

Bringing Money Abroad

  • Credit and debit cards can be a useful way to pay for things abroad
  • Major U.S. credit cards, such as Visa, American Express, and MasterCard are widely accepted around the world
  • It’s typically not necessary to open a foreign bank account. However, you should bring a means of accessing and withdrawing from your U.S. bank account in addition to having a U.S. credit card. 

Foreign ATMs usually accept cards from U.S. banking institutions. However, it’s your responsibility to confirm if your card will work overseas. Note: many credit card companies charge a service and a foreign transaction fee. Call your bank or credit card company prior to departing to inform them that you will be using your cards abroad, and ask about your daily withdrawal limit.

Track your expenses

  • You don’t want to run out of money halfway through your stay!
  • Keeping an expense record can be very helpful

The amount you spend is determined by your personal lifestyle (shopping, socializing) and your goals (additional travel, activities, etc.) while abroad

Exchanging for Foreign Currency Pre-departure

Check with your local bank for pre-departure foreign currency exchange. Major international airports have banks, money exchanges, and ATMs that will give you a fair exchange rate. However, we encourage students to exchange a small amount of foreign money before you arrive. Wells Fargo can send the foreign currency right to your mailbox, or you can order it in person. US Bank works with Travelex to offer home delivery as well.