Keeping a tag on your personal accounts can be quite a task. Once you get abroad, the amount students spend above what they pay the College varies greatly according to the individual student. The average monthly expenses include rent, utility bills etc. In the first month you may have to spend some money on apartment deposits, telephone installation, electricity connection etc. The amount of money spent by you will vary from university to university because from state to state the costs also vary.
How to Take and Send Money Abroad
Personal Checks
It is virtually impossible to cash personal checks abroad. Students should not expect to cash personal checks abroad.
Traveler’s Checks
Traveler’s checks are a much safer method of carrying money than cash, and they are valid indefinitely. Traveler’s checks must be purchased and signed by students before they leave for their trip. They can be purchased either in dollars or in foreign currency. Traveler’s checks sold by American Express, Cooks, or any of the major banks (Citicorp, Chase Manhattan, etc.) can usually be cashed abroad with no difficulty. It is preferable for students to take initially as much money as possible in traveler’s checks so as to avoid the necessity of transfers from the U.S. It is also possible to purchase Traveler’s Checks in foreign currency. This eliminates having to pay commissions when changing money. American Express has recently introduced the Travel’s Check Gift Voucher—a Traveler’s Check that can be sent to you overseas. Check with your bank for more information.
Foreign Drafts
We have found the foreign draft to be a fast, reliable, and relatively inexpensive way of transferring money. You can buy a foreign draft in dollars or foreign currency from your bank. The draft should be made out to (payable to) the student and mailed directly to him or her via an express mail service such as Federal Express or DHL. Drafts must be drawn on a correspondent bank abroad with which your bank maintains a banking relationship. The name of that foreign bank will usually be written somewhere on the draft, and it is to that bank that the student will go to cash the draft.
It is always important to know the name and address of the bank overseas to which funds are being transferred. This information must be obtained from the American bank, as not all overseas banks can receive transfers from the U.S. This information should be relayed to the student, otherwise confusion and delays will occur.
Foreign drafts are probably the best method of transfer and are definitely preferable to cashier’s checks, which are frequently as difficult to cash as personal checks.
Foreign Cables
In emergencies money can also be cabled overseas. While theoretically this is the fastest way to transfer money, caution is advised, since in practice cables may take several weeks for delivery. They must be sent to a commercial bank, not to an individual or post office box.
Money Orders
According to American Express, American Express money orders may be purchased at many stores or at some banks. Each individual money order costs $1.50 and may be made out for a specified value up to $199.99. Money orders should be made out to the student using the exact name as it appears in the passport. Do not mail blank money orders. Money orders can usually be cashed only at an American Express travel service office at the exchange rate in effect at the time of cashing. Some offices permit money orders to be exchanged for cash dollars or dollar traveler’s checks, but this depends on local policy.
Plastic (Credit Cards and ATM Cards)
Automatic Teller Machines (ATM’s) are becoming increasingly available overseas. In addition many banks will give cash advances in local currency charged to the major credit cards. Check with your bank and/or credit card company for a list of banks and ATM’s in your program city. Don’t forget your PIN number.
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