Money

Budgeting

We recommend planning your budget ahead of time so you have an idea of how much money you’ll need and your potential expenses.

Some countries will require you to show you have enough money in your bank account to support yourself during your time abroad before allowing you into their country or issuing a student via or study permit, so familiarize yourself with the country of your choice and budget carefully.

Currency considerations

We suggest changing some money before you leave, and don’t depend on the currency exchange booth being open at the airport when you arrive.

While Canadian dollars can be exchanged for local currency in most countries, internationally American dollars are the most versatile and easily transferable. In many countries you can use American dollars as local currency.

Some currencies from smaller countries or those with currency problems may be difficult to exchange back to Canadian dollars once you leave the country. Try to exchange or spend your foreign currency in the country prior to your departure.

Banking and credit/debit cards

A few banking recommendations:

• Travel with a credit card if possible. Many hotels will not check you in without a credit card and it is good to have access to extra funds in emergencies.
• Call your credit card company before you leave so they know you might use your card abroad. Also, keep a copy of the back and front of your credit card in case it is lost or stolen, which will help you in reporting the loss.
• Contact your bank to ensure your debit card will work at your destination and to determine the type of usage fees charged. Some banks abroad allow only a certain number of digits in a PIN. If your PIN is not the correct length, your card will not work.
• In many countries, your account must be designated as chequing in order to access your funds. You will be a target for crime after you have used an ATM, so beware of scams, people creating a distraction, groups of small children, or overly friendly people. Don’t keep all your money in one place in case your pocket is picked or bag is snatched.
• Before you leave, research the country you will be visiting to find out the best combination of cash, credit card, debit card and travelers’ cheques for your needs and country, as purchasing may not work the same as it does in Canada.
• If you are staying for a longer period, visit your local bank and ask which bank they deal with in your host country. It can be difficult to open a bank account in a foreign country as a visitor, so your local bank may be helpful. Also talk to your local bank about the best way to manage your funds and banking activities while overseas.