Finances and Banking

Managing your money while abroad is very important. Creating a budget will help you stay on track. Understand the local currency, and be aware of foreign transaction fees for credit and debit cards.

Budgeting

We suggest you create a budget before you go to keep you on track. Keep exchange rates in mind while planning these costs. Be sure to meet with Financial Aid to review your study abroad budget worksheet, which will give you an idea of your expenses and see if financial aid can be applied.

Tool to estimate your costs

Compare cost of living to U.S.

Local Currency

We suggest you convert enough money to the local currency before you leave to get you through your first 3-4 days of traveling and while you get to know the area where you will be staying. You can get international currency at EFX Currency Exchange in Rochester (note that they have limited hours and you may need to call in advance if you need a less popular foreign currency).

Consider buying a money belt to keep cash safe, but if you don’t, travel with your money in multiple locations on your body and carry-on bag while traveling to your host country. Once in your host country, only carry the money you will need for each day.

Currency converter tool

Bank Cards

ATMs and debit cards are the most convenient way to access your money abroad. Be aware of extra fees for doing so. Contact your bank to tell them when and where you will be traveling internationally. They may suspect fraudulent charges and block your card if you do not. 

Find out if your bank has ATMs in the city where you will be staying or if it has relationships with foreign banks that may make it cheaper to access your money. We don’t suggest using traveler’s checks. For safety reasons, it is best to use ATMs in other countries that are in well-lit, public areas (preferably attached to a bank).

Learn more about foreign transaction fees for credit cards

Find international ATMs for Visa cards

Find international ATMs for MasterCard