Participating in an education abroad program is an investment in your future. It's important to plan ahead for funding and managing your expenses while traveling abroad. Responsibility managing your finances is an essential aspect of the education abroad experience. The following tabs contain important information regarding budgeting for your trip, utilizing credit and debit cards, and tips for saving money.
The staff at the Education Abroad office can help you determine the cost of attendance for your program. Keep in mind that there will most likely be additional costs that are not included in the pre-paid price of a program. This may include airfare, local transportation, personal travel and daily expenses. For additional assistance in budgeting and managing money abroad students can meet with a representative from the UNL Student Money Management Center and review The Ultimate Student Guide to Financing Your Life Abroad - gooverseas.com.
It's important to have up to date information about the currency exchange rate in your host country. This rate often fluctuates sometimes daily, you can obtain current exchange information at: http://www.xe.com/ or with their mobile app.
There are several ways to exchange the dollar for foreign currency. This is something that students can do before they travel abroad or when they arrive in their host country. If choosing to exchange money before you go abroad, you will most likely order money through a local bank. This may be a more expensive option because banks often don’t have foreign currency on hand and will have to order it for a fee. This can also take a week or more to receive your order.
If you chose to wait and obtain currency in another country there are a few ways to go about doing that. There will often be currency exchange booths at airports and in high traffic areas of cities. These booths should be used with caution because they often don’t have reliable exchange rates and charge a commission fee. One of the best ways to exchange the dollars for foreign currency is through an ATM. Exchanging currency at an ATM is a reliable way to obtain currency when arriving in your host country or when traveling to a country with a new currency. They often have the best exchange rate which will save you money. Some banks charge an additional fee for making a withdrawal at a foreign ATM. This may be flat fee for each withdrawal or it could be a percentage of the amount that is being taken out of your account. Check with your bank to inquire about withdrawal fees. Only exchange cash at a reliable bank, ATM or currency exchange. Never exchange money on the street, in some countries this can be a scam.