Money Matters

Personal Expenses

Be sure to plan ahead and save for expenses that may not be included in your program fees and may not be covered by financial aid. Here are a few items that are often not included in program fees:

• Meals (many programs cover no meals or offer partial board plans)
• Visa fees and related expenses, which may include traveling to a consulate to obtain the visa
• Housing and key deposits
• Room and meal expenses during breaks
• Immunizations and Medical expenses
• Optional field trips/excursions
• Fees for using athletic facilities or joining a gym
• Cost of independent travel during breaks/weekends
• Gear, special equipment or clothing for your program

Debit Cards and Credit Cards

It is best to consult the specific information that your program has provided in the pre-departure materials regarding the recommended way to handle funds while overseas in your host country. 

• In general, it is a good idea to have several methods to access your funds while overseas in case one method fails – a debit card (to access local currency from an ATM), credit card, and some US dollars in cash for emergencies.
• Be sure to tell your debit card and credit card banks your travel dates and countries that you intend to travel to so that they don't block your cards due to fraud prevention. 
• Check with your debit card and credit card banks about international finance charges. 
• If possible, obtain a small amount of the local currency ($100 to $200 worth) in the U.S. before arriving overseas so that you have pocket money for taxis, buses, or other miscellaneous expenses when you first arrive. You can do this either at an exchange currency window in the airport you fly out of in the US or at an ATM machine at the airport when you arrive in your host country.

Transferring Money

There are two main ways to receive funds while abroad:

1. If you need more funds while abroad, generally the easiest way to receive them is to have a family member deposit those funds into your checking account. Then you can access the funds at an ATM using your debit card.
2. If you are not using a checking account while abroad, Western Union is a very convenient and relatively inexpensive way to transfer funds from one country to another without paying hefty bank wiring fees.

Working Abroad

• Most countries do not permit foreign students, including US study abroad students, to engage in paid work anywhere including on campus. Because you will typically enter the country with a student visa, you will not automatically have the right to work in your study abroad country. 
• Without a formal work permit from your host country, you will not be able to work legally during study abroad. When planning your budget for study abroad, you should assume that you will not be able to earn any money during that semester.
• Study abroad students are also not eligible to earn federal work study wages while they are living overseas and should plan to make up for those funds with personal savings or student loans, if eligible.