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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. You should do this in addition to granting them parent/guest access to your student account. Completing the appropriate written power of attorney documentation allows your contact to take care of most unanticipated financial affairs while you are out of the country. Without power of attorney, it is difficult or impossible for your contact to obtain information on 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

Major U.S. credit cards such as Visa, American Express, and MasterCard are widely accepted around the world, so credit and debit cards are the most useful way to bring your money. It typically will not be 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. Please note that you will not need to bring the full contents of your wallet. Gift cards, club memberships and the like will not be used abroad, and it is a hassle to replace them and cancel memberships should you lose them.

Foreign ATMs usually accept cards from U.S. banking institutions. However, it is your responsibility to check with them to see if your card specifically will work overseas. Most credit card companies charge a service fee and a foreign transaction fee. Find out what service charges your individual debit or credit card may have. Call your bank or credit card company prior to departing. Inform them that you will be using your debit and /or credit card abroad, and ask about your daily withdrawal limit.

Keeping an expense record can be very helpful. The one thing you do not want to happen is to run out of money halfway through your stay. The amount you spend will be determined largely by your personal lifestyle and your own objectives in participating in a program.

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, it is wise, especially for students arriving in a smaller community, 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.