When thinking of Budgeting for Study Abroad – your best bet is reading Half the Luggage, Double the Money: The Ultimate Guide to Financing your Life Abroad. It’s quite a heavy read, so we’ve summarized below some good things to consider when coming abroad.
- Keep your Bank Account from home
A lot of banks will charge an ATM and transaction fee when you come abroad. Check to make sure your bank has good international connections and that you won’t be charged for transactions before using your card at every opportunity.
- UK Bank Accounts
Banks here in the UK will not open up an account for short term study abroad students. We can provide you with a letter requesting they do, but whether or not the bank accepts this is at their discretion.
- Credit/Debit Cards
Make sure you tell your credit/debit card provider when you travel to avoid getting your card declined. Most places in Europe have moved on from the swipe cards. Check with your provider to see if you can be provided with a card that has a chip.
Write down important numbers ahead of time, like your card company’s hotline for stolen/lost cards.
Also, be aware of any interest on transactions and foreign transaction fees.
Ultimately, travel with at least some cash. It helps you out of any tight situations.
- Traveller’s Cheques
Do yourself a favour and get a pre-paid credit card. Traveller’s cheques have been fading out in most exchange stores. MasterCard and Visa both have options for these pre-paid cards.