10 Things Your Graduate Should Know About Money before Travelling Abroad

Graduation season is upon us, and many new graduates will be heading abroad to seek new experiences before starting new careers. There are a few important things to know about money before heading off that will reduce your stress as a parent/guardian, and increase their confidence as they head out on their own for the first time.

1. Alert your bank and your credit card companies. Let them know when you will be travelling, and where you plan to travel. This will help avoid the frustration of finding out your bank has frozen or cancelled your cards once you are already out of country.
    
2. Pre-order some local currency for your intended destinations. Allow 1-2 weeks for your bank to have sufficient time for your money order to arrive before your scheduled date of departure.
    
3. Make sure your PIN is an appropriate length to be accepted overseas. Some ATM machines and foreign banks limit your PIN to 4 numbers, so if you have a longer number, you may need to update it before you go.
    
4. Your debit card may only work in certain ATM machines. There are symbols on the bottom of your card (ex. Cirrus) that indicate bank card compatibility. If any of the symbols on the bottom of your debit card appear on the top of the ATM, your card should be compatible.
    
5. Does your credit card charge foreign transactions fees? What are their fees, and does a different bank offer a credit card with zero transaction fees? Check with your bank to find out your options.
    
6. Make sure your credit and debit cards have EMV chips (the rectangular chip that you insert into the card reader). Many foreign merchants may not be able to process your payment without it.
    
7. Pack an extra credit card! Whether it has a low limit, pre-paid, or a second card you already have, make sure you have a back-up source to access money. It is very difficult for a bank to send you a new credit or debit card while you are travelling, and they will not re-activate a card that has been suspended or cancelled due to suspicious activity.
    
8. Keep your cash and cards spread out in more than 1 location. In the case of pick-pocketing, you will have access to a second card, or stashed cash. Pick locations that are difficult to access, and you will remember the location of. Keep less valuable items in your easily accessible wallet or purse if you are planning on shopping, and your larger amounts of cash and credit cards in a money belt, hidden pocket, etc.
    
9. Take a photo of your credit cards, debit cards, and passport. Email it to yourself and leave a copy with a family member or friend at home. You will have easy access to your important card and document numbers should any issues arise.
    
10. Keep a low profile, and don’t draw attention to yourself with flashy jewelry, electronics, or displays of cash. Pick-pockets look for targets in touristy areas, so do what you can to reduce your risk of becoming a target.