International Travel Handbook

MONEY MATTERS

MAKING A BUDGET
Formulate a budget and plan how you will manage your resources. Consult your sponsoring office at Harvard, hosts abroad, and students who have gone to your host country. Include housing, food, books, phone calls, international and local travel, and research materials. Confirm what your financial aid, grants, scholarships or loans will cover, and whether you will need additional funds. Students on financial aid should meet with their Financial Aid Officer.

CARRYING MONEY IN YOUR HOST COUNTRY
Find out what forms of currency are common in your host country, and take several forms of money. A money belt, worn under your clothes, is advised for countries where it is best to keep your passport, emergency contacts, travelers’ checks, and credit cards on your person at all times.

Credit Cards
Credit cards usually offer the best exchange rate, but you may not always be able to use them. Notify your credit card company that you will be traveling overseas, so they do not think your card has been stolen and block usage. Make plans to pay your bill from abroad.

ATM Cards
In some countries, you can withdraw funds from your home bank account in the local currency using ATMs. Make sure your card is compatible with systems in your destination country, and that your pin is usable in that country. There may be transaction fees and withdrawal limits. Let your bank know to expect foreign transactions from your account, so they do not block use of your account from abroad. Learn how to monitor your bank account transactions online. Maintain only a moderate balance in your ATM account while abroad in case your bank account is accessed without your permission. Challenges to unauthorized use of your ATM card must be presented to the bank immediately.

Travelers’ Checks
American Express will cash its own travelers’ checks at no charge. Foreign banks cash travelers’ checks for a fee, and many retailers, hotels and railroad stations will accept them for payment, and return the balance in local currency. Travelers’ checks can be purchased in U.S. dollars and in some foreign currencies. Find out which is used in your destination country. A benefit of purchasing travelers’ checks in U.S. dollars is that you can use them when you return to Cambridge if you don’t spend them while abroad.

Cash
Take some dollars in small denominations to convert to local currency upon arrival at the airport. You may be able to convert some currencies before you go. It is best to have some local currency when you arrive so that you can pay airport and local transportation fees.

Local Bank Accounts
It may or may not be possible to open a local bank account in your host country, depending on banking policies in your host country and the duration of your stay.

CURRENCY CONVERSION WEBSITES
XE Currency Converter
Money Central

WORLDWIDE ATM LOCATORS
Mastercard
Visa

Next Section: Legal Matters

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