Spending Habits

Individual expenses will vary greatly.  You will probably spend more money overseas than you do at home. It is very common for students to overspend at the beginning of their time abroad.  You should begin by determining how much you spend here on items such as laundry, meals, and recreation.  For example, if you currently live at home and your laundry is "free", then that will be an additional cost while you are overseas, because you will have to pay for your laundry expenses.  You should then determine how much you will spend on the following:

• Food (groceries and dining out)

• Local travel (buses, taxis, subway)

• Postage

• Weekend excursions

• Recreation

• Souvenirs

International Currency

Students tend to overspend during their first month in a new country.  Remember, the exchange rate for the dollar can vary dramatically.  If you see a good exchange rate, you should take advantage of the opportunity because the exchange rate may be poor the next day.  Please remember that if the exchange is poor, you will need to budget more carefully because your dollars will not have as much spending power. Note that taking out money at an ATM abroad will incur foreign transaction fees. Check with your bank to see what their foreign transaction fees are.

Currency Exchange

American currency can be exchanged for foreign currency at most international airports prior to departure, at the international airport of your arrival destination, or most major banks abroad.  You should try to have some local currency with you when you arrive in your host country.  This could be done in the airport prior to your departure.  You should have enough money for taxis, a meal and phone calls.  Do not change a large amount of money in the airport; the exchange rates are usually poor. 

Each time you exchange money or change from one currency to another you will probably lose money.  Do not change more money than you can use.  The fee for changing currency varies from one to three percent.  Banks usually give the best exchange rate, and hotels and airport exchange counters have poorer rates.  Be sure you consider the fee for the exchange before you exchange your money.  It usually makes more sense to change a large amount at once.  You will need to have your passport with you to exchange money.