Managing Your Money

Another good idea that becomes absolutely necessary abroad is managing your money.

Depending on the country, the exchange rate might give you far more or far less buying power. However, the point is that you're going to need your funds not only to live and eat and provide basic necessities, but also to go on all the wonderful excursions and explore the museums, shows, etc. that are available in your host country.

A little budgeting and some planning can go a long way toward seeing everything you want to see without having to call home for money. You certainly want to avoid spending the entire last month of your trip eating beans for every meal because that's all you can afford.

Exchange Rates

You'll probably want to figure out the basic exchange rate before leaving for your host country. While abroad you'll need to be using the local currency and exchanging money can be tricky as you don't want to end up with too much foreign currency at the end of your trip.

Also keep in mind that exchange rates not only vary over time, they also vary depending on where you exchange your money! Banks or exchange bureaus generally provide fairly standardized and decent rates. In some countries, hotels may actually provide better rates. In general, exchanging money with someone on the street (often known as the "black market") is illegal and should be avoided.

ATMs

Increasingly the network of ATMs throughout the world is growing so you might be able to access your bank account while abroad depending on your bank and ATM card. Talk to your adviser or do some research on the country to which you are going as well as talking to your bank.

Credit Cards

Often some of the best exchange rates can actually be found by using your credit card. Contact your credit card company to find out the policy on exchange rates as well as the privileges you will have as a cardholder abroad.

Traveler's Checks

Traveler's checks remain one of the safest ways to take money abroad. They can be replaced if they are lost or stolen. Traveler's checks can be acquired in a variety of different currencies although American dollars are probably the most widely accepted.

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