By far the most convenient and preferred method of obtaining cash abroad is by using a debit or ATM card to withdraw money from U.S. accounts. Students  have found this method to offer many benefits, including favorable exchange rates and greater accessibility and security. ATMs are now located in almost every corner of the world, most of them adhering to systems widely available in the U.S. such as PLUS and CIRRUS.

Machines are usually available 24 hours a day, seven days a week, unlike many foreign banks, which close early in the afternoon or have limited weekend hours. Furthermore, the machines issue cash in the local currency, eliminating the need to exchange dollars or pay exchange commissions. Be sure to check with your bank at home, to ensure that your Personal Identification Number (PIN) is valid overseas and to clarify what sorts of charges will be applied. Your PIN should be a four-digit code.  

Although this way of accessing money is convenient, please note that service fees can add up. A listing of ATM locations worldwide can be found at: 

• • • • • MasterCard 
        •  Visa 

Credit cards make foreign currency transactions easy, and they are invaluable in a financial emergency. We suggest taking a credit card along but use it wisely. Service fees and interest charges can be costly, and the loss or theft of a card abroad can be a serious inconvenience when you’re traveling. Check to see if your card has a grace period for payments. 

Banks and credit card companies often have policies to minimize the risk of identity theft and these can involve cutting off access to the card if charges suddenly begin appearing overseas. Notify your bank ahead of time that you will be using your card abroad so that when your overseas charges appear, they will not freeze your card account. 

Make a list of your credit and debit numbers, expiration dates, and customer service numbers and leave copies in a safe place at your residence abroad, as well as with your family or guardian back home. Having this information together in one place will make canceling your cards much easier if they are lost or stolen. 

The amount charged to your credit card bill is based on the exchange rate on the day that your bank or credit card company processes the transaction. If the merchant is slow in submitting your charge slip, the bill could be a bit different from what you might have expected. 

With many credit cards, you can obtain a cash advance against your account from a foreign bank. However, they begin charging a high-interest rate on the amount advanced immediately. 

Not all businesses will accept credit cards. Depending on the country, you may need to show your passport or other identification for financial transactions such as exchanging money or using a credit card. 

Recently, banks in most of the world outside the U.S. have switched their credit card security system from the “swipe and sign” system to a “chip and pin” system. The merchant or machine gets data from a chip embedded in your card and you verify by entering a PIN, instead of getting data from the magnetic strip and having to sign. Check with your credit card vendor and/or bank to see if this new chip and pin card is available to you. 

Before you leave the U.S., you should try to get accurate and timely information from your current bank and from credit card agencies. You can also discuss this with returned study abroad students who have been to your anticipated destinations.