Money Matters

Budgeting for Personal Expenses
The amount students spend above what they pay the College varies greatly according to the individual student the cost of living in the host country. Students studying in Europe or Perth, Australia will pay more for meals and incidental expenses than students studying in Nairobi or Quito. Students will also need to review exchange rates as that may also determine whether one should plan to spend more or less in dollars. Returning students suggest that an average of $1,500 extra for Short-Term, $2,000-$3,000 for Long-Term programs, and $2,500-$3,000 for Extended-Term programs is realistic. Students may be able to make it on less than these amounts if they are careful and restrict independent travel plans.

How to Take Money Abroad
We strongly encourage students to consider several methods of accessing and bringing funds to their study abroad site. ATM cards may be "eaten" by certain machines, credit cards may not work for an unknown reason, etc…Make sure you have a "back-up" plan for the methods selected.

Personal Checks
It is virtually impossible to cash personal checks abroad. Students should not expect to cash personal checks abroad.

Plastic (Credit Cards and ATM Cards)
Automatic Teller Machines (ATM's) are becoming increasingly available overseas. If you select this method, make sure you are able to check your account balance and that you are aware how much the ATM fees will be. Most banks will charge a fee to use ATM in international locations. They typically also charge a conversion fee for currency exchange as well. It is recommended you bring both an ATM card and a credit card. The credit card could be reserved for "emergencies." Many foreign 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.

Traveler's Checks
Traveler's checks are a much safer method of carrying money than cash, and they are valid indefinitely. They are a good option for students traveling to countries where they may have limited ATM or credit card facilities. 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 some foreign currencies. 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. Some students (particularly in Europe) have reported difficulty in cashing traveler's checks so please check with past participants or a member of the CIP if you have any additional questions.

International Bank Wires
Some students may be able to open local bank accounts at their program site (the ability to do this depends on local banking laws, account fees, etc…). In this case students may receive money wired to them from a bank account in the US. You will need to check with your bank to determine fees and the appropriate process.