To have a successful experience abroad and avoid financial stress, it’s wise to learn the value of the local currency and live within a budget whenever possible. You should also have a contingency plan for unexpected situations. The best way to prepare is to talk to students from your program who have returned from abroad about how much they spent, and to consult country travel websites, your trip coordinator, the International Centre, and your host institution about estimated expenses (as applicable).
Before you travel, research different ways to carry and access money abroad -- such as credit card, debit card, travelers cheques, or cash – and decide which is best for you. Consider a combination in case one method fails. It’s always helpful to have some local cash or U.S. dollars on hand when you arrive to pay for local transportation and meals.
If your signature is required for any official or legal document while you are away, consider making arrangements for a parents/relative/someone you trust to have “Power of Attorney” which will give them authority to sign documents on your behalf; create a budget and look for student travel discounts.
ATMs are increasingly available overseas. Although it varies by country, “Plus”, “Star”, and “Cirrus” systems seem to be the most widely used abroad. Notify your bank and credit card company of your destination and travel dates so that they can authorize your purchases made abroad. You don’t want to be stuck in a situation where these companies have frozen your accounts because they suspect your cards have been stolen. You should also verify your card and PIN number’s compatibility with machines abroad – some machines don’t accept PINs over 4-digits. Keep in mind that depending on your card you may be charged with a foreign transaction fee and may have a limit on the amount you can withdraw daily. To avoid surprises - ask about this!
Humber is pleased to offer an International Mobility / Study Abroad Bursary to assist students who are completing part of their academic program abroad. This bursary provides eligible students with financial support for an approved period of academic study or work placement outside of Canada.