What You Need to Know

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ATM Cards
Credit Cards
Traveler's Checks
Bank Drafts & Cashier's Checks
Transferring Funds
Banking Abroad

You'll need to plan how to handle finances abroad for start-up funds when you first arrive in your host country and for the duration of the semester. There are several ways you can manage your personal spending money abroad. Here are some basic tips from seasoned travelers:

Have some local currency with you when you arrive overseas. You may not have the opportunity to cash traveler's checks right away.
It is risky to carry large amounts of cash. Keep cash for short-term needs. Manage your finances during the semester with ATM cards, traveler's checks, and credit cards.
Banks give you a much better rate of exchange than a Bureau de Change or currency exchange booth. You pay an exchange fee or commission each time you exchange currencies. Estimate your weekly expenses and pay the commission on one transaction rather than paying on a number of smaller exchanges.

ATM Cards

In many countries, the simplest way to access cash is through an Automated Teller Machine (ATM). An ATM card, either for your account in the U.S. or a joint account with your parents, provides access to funds from any bank that is linked to an international ATM system such as PLUS or CIRRUS. Be sure you know your PIN number for ATM cards you will use overseas. Keep the numbers in a safe place and do not give the numbers to anyone in order to maintain the security of your accounts.

Daily withdrawals are usually limited to $200 or $300. Exchange rates at ATM machines abroad are very good and you avoid commission fees. However, like ATM machines in the U.S., you may have an additional transaction fee.

Be aware, not all ATMs abroad are linked to international systems, so check the machine before you try to use your card in it. Some smaller towns may not have service available at all. Your local bank will be able to provide you with information on cash-point locations and procedures for using your ATM card overseas.

If your ATM card is also linked to a credit line, such as VISA, MasterCard, or American Express, you may be able to access cash through an ATM. In Italy, only VISA and MasterCard provide access to cash in designated automatic machines.

Credit Cards

A credit card such as VISA, MasterCard or American Express can be very convenient for large purchases, cash advances, or emergencies. Credit cards usually give you the best rate of exchange.

In general, VISA and MasterCard are more useful for shopping and entertainment. With an international PIN, you can access cash advances at automated teller machines, but cash advances against credit cards incur interest charges. American Express is not as widely accepted in local shops and restaurants, but does provide access to American Express offices located in just about every major city. You must be an American Express member or indicated as a user on your parents' card to use American Express services. With your AmEx card, you can purchase and cash traveler's checks with no commission charge, cash personal checks (up to $1,000 per month) and use the AmEx wire service to receive funds.

Services that are available for each type of card vary from country to country. You should ask the bank that issues your card for details and procedures overseas.

Traveler's Checks

Traveler's checks are still one the safest ways to handle money overseas because, with a few simple precautions, they can be replaced in case of loss or theft. We recommend that you take a portion of your money with you in traveler's checks. Bring traveler's checks in U.S. dollars, in denominations ranging from $20 to $100 (to take advantage of fluctuating exchange rates.) Buy a well-know brand of traveler's check, such as American Express or Thomas Cook. These are easily cashed worldwide.

You can cash your traveler's checks as you need. Remember that you pay an exchange fee or commission each time you change currency. As a precaution, you should keep the serial numbers of your traveler's checks separate from your purse or wallet. If the checks are lost or stolen, they can be replaced if you have the serial numbers.

Bank Drafts & Cashier's Checks

You may opt to take a portion of your funds overseas in the form of a bank draft or cashier's check. It will take several weeks for your check to clear, so do not expect to have access to these funds immediately and bring enough money in another form to cover your expenses during the first month.

Your Syracuse University Center abroad will provide you with a letter of introduction at a local bank to facilitate cashing the check. Most banks will provide you with a cashier's check or bank draft in a foreign currency. Whenever possible, have your American funds converted into the currency of your host country by your bank in the U.S. before sending a cashier's check abroad. This will save you a great deal of time in getting the check processed overseas.

Transferring Funds

If you find yourself short of money during the semester, there are a number of ways to transfer funds overseas; ATM cards and credit cards are the most convenient. If you do not have a credit card or access to an international ATM network, there are other options:

Cashier's Checks:
Your parents may purchase a cashier's check in the currency of your host country and send it to you by Express Mail or Federal Express in care of our center overseas. The check should be made payable to you.
Western Union:
Western Union will transfer cash abroad and charge it to your credit card, however, this can be very expensive. Typical fees for transferring $500 vary between $40 and $75, plus a $10 credit card fee.
Wiring Money:
If you have a local bank account, your parents can wire money to you. There can be substantial fees for both the sender and receiver of funds, and the transfer can take anywhere from two days to several weeks. You must inquire at the bank about the arrival of funds; the banks do not notify you when money arrives.
American Express:
If you and your parents are American Express members, they can pay for a money transfer with a major credit card. You can receive the transfer at the local American Express Office.

Banking Abroad

Banking privileges for students vary widely from country to country. As part of your on-site orientation, you will be provided with information on local banks. Here is an overview of recommended banking procedures for our Syracuse Centers abroad.

Beijing:

We suggest that you bring an ATM card (linked to an international system such as CIRRUS or PLUS), traveler's checks and/or a VISA or MasterCard for cash advances. You should be aware that cash advances through a credit card incur interest charges.

Hong Kong:

We suggest that you bring an ATM card and/or credit card and traveler's checks. Accounts can be opened at Hong Kong Bank, and ATM machines are readily available at subway stations and throughout the city.

The best way to get money in Hong Kong is with a VISA or MasterCard (with an international PIN). If your credit card is also an account debit card, you will get the best exchange rate and not be charged interest. Another alternative is traveler's checks, which are easily cashed and replaceable if lost or stolen.

If your parents must send you money, we recommend they purchase a cashier's check at their local bank (made payable to you) and send it to you by special delivery in care of our center overseas. If your parents are American Express members, they can wire money to the American Express office in Hong Kong.

Florence:

The best way to get money in Florence is with an ATM card linked to a VISA or MasterCard. Many U.S. banks offer checking account debit cards linked to the VISA or MasterCard network. There are no interest charges on withdrawals from your account. You may have to pay a transaction fee that is determined by your home bank, but it is usually more economical than the commissions charged at exchange banks. Traveler's checks are easily cashed and replaceable in case of loss or theft. Remember to keep a list of check numbers in a safe place, separate from the checks themselves.

We do not recommend that you open a bank account in Florence. Italian accounts are less convenient and more expensive than in the U.S. and carry closing fees and heavy overdraft charges. Few places in Italy accept personal checks.

If your parents need to send you money, they should send a cashier's check, money order, or international money order to you at the Florence Center. If your parents send you a bank draft, it must be sent in this exact way, to this exact address:

Cassa di Risparmio Agenzia 1
Viale Matteotti 20 r
150132 Firenze, Italia
your name, presso Syracuse University (presso means c/o)

When the bank draft arrives, the bank will notify the Florence center and they will notify you. You will need to bring your passport and a letter signed by the Director to collect your money at the Cassa di Risparmio bank.

London:

Madrid:

We suggest that you bring an ATM card, credit card, and/or traveler's checks to Madrid. If you wish to open a local bank account, you will receive a checkbook and may write a check to yourself to receive cash. Most businesses, however, will not accept checks in payment for goods or services. Our bank in Madrid is:

Banco Español de Crédito (Banesto)
C/Miguel Angel, 17
28010 Madrid
SPAIN

Strasbourg, France:

The Syracuse Center in Strasbourg has made special arrangements for student banking at:

Credit Industriel d'Alsace Lorraine (CIAL)
14, rue de la Nuée Bleue
67000 Strasbourg
FRANCE

At orientation, you will be provided with information on opening a non-interest bearing, non-checking, no-cost account. We strongly encourage you to open these accounts to facilitate financial transactions pertaining to the program: textbook purchases, cash allowances for bus passes, refunds, excursion deposits, etc. You may also use CIAL for your personal banking needs, but are in no way obliged to do so.

CIAL bank will cash Syracuse student traveler's checks free of commission charges and funds may be wired to the CIAL bank at a charge of $35 to $40. Personal checks can take four weeks or more to clear Strasbourg banks, so we do not advise you to transfer funds in this way. It is much more efficient to have an international bank draft issued in euros and made payable to the student via a Strasbourg bank, such as Credit Industriel d'Alsace Lorraine (CIAL).

VISA and MasterCard cash advances can be obtained at most banks in Strasbourg. American Express services are also available.

Finances Abroad