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Make a Money Plan

Have a financial plan in place before you get on your plane to head abroad!

  • Decide which credit or debit card(s) you plan to take with you. You should have at least two ways of accessing funds while abroad.
  • Inform your bank and credit card company of your travel plans so their security systems don’t freeze your account.
  • Familiarize yourself with your banking policies before you go – most companies charge international transaction fees or ATM withdrawal fees. Make a budget for those fees.
  • Understand your host country’s financial system, currency and common payment methods.
  • Know the exchange rate and tipping culture.
  • Create a budget so you don’t run out of money
  • Talk with your family about what you might do if you need extra money while abroad
  • Could they add money to your account or Venmo you?
  • What would you do if your wallet or phone was stolen?
  • Bring a small amount of cash ($100 in U.S. dollars and/or host country currency) to cover expenses over the first few days in case you have issues with your debit/credit card.
Methods of Payment
  • Cash: You might be using cash all the time, or none of the time, depending on where you are studying (we’ll cover this at your pre-departure orientation). But assuming most students will need cash for small purchases such as coffee, using a public bathroom, snacks and water, here are a few ways to access it:
    • ATMs: You’ll need an ATM card (often the same as your debit card). This is the most common way to get money but will likely have a withdrawal fee.
    • Money exchange offices: You’ll see these in airports and tourist areas. This isn’t preferred since they generally charge large fees.
    • Take cash with you: You can visit your local bank ahead of time and they can generally exchange foreign currency for your dollars (we recommend a max of $100). Call them in advance to ask if they have the currency on hand.
  • ATM/Debit Cards: ATM/Debit Cards can withdraw money, but they can also be used to make purchases in stores. The money comes directly out of your bank account instead of being charged to your credit card bill that you’ll pay later. Ask your bank what the fees are to use an ATM or debit card abroad.
  • Credit Cards: Credit cards are convenient and accepted in most countries. There is often a transaction fee when used abroad, so you might want to get a credit card that charges no foreign transaction fees (and try to choose one without an annual fee). Credit cards are convenient, but you should plan to stick to a budget and make sure you can pay your bill each month so your charges don’t accrue interest. Some credit cards may also offer you a sign up bonus of points, miles, or cash back.
  • Apple Pay/Google Pay and other Digital Wallets: Many locations also accept various digital wallet payments, Apple Pay being the most common. Some countries have their own version of Apple Pay that you’ll have to set up before you go, such as WeChat Pay and Alipay in China.
Be on the lookout and prepared:
  • Don’t carry a lot of cash around with you.
  • Carry your cash and cards in a safe location where you can see them (not in your back pocket or loose fitting purse).
  • If you have more than one credit or debit card, always leave one in your room so you have a backup.
  • Be aware of scams involving ATM machines, watch your surroundings when withdrawing money from ATMs and keep an eye out for any suspicious activity or unexpected charges to your bank account.
Opening a Bank Account Abroad
It is not recommended (nor always possible) to open a bank account in your host country, but if you are abroad for a year-long program you may find that having an account in the country provides convenience and savings. Your Ed Abroad Program Manager or program alumni may be able to provide advice if this is something you are considering.

Disclaimer: The following is provided for informational purposes only and does not constitute an endorsement by the University of Colorado Boulder or Education Abroad. CU Boulder Education Abroad is not an agent for these organizations.

Last Updated June 2025