Major American credit cards such as Visa, MasterCard and American Express are widely
accepted globally. However, please note that most businesses charge an additional
fee for the use of a credit card. Purchases made with credit cards are billed in the
local currency and the credit card company converts the amount to dollars. Students
should speak with their bank prior to departure to understand if they are eligible
for a credit card with no international fees.
Since most credit card companies are major financial institutions, they receive the
bank conversion rate, which is far better than may be obtained by converting travelers'
checks or cash. Many money exchanges in Europe allow the use of a Visa or MasterCard
to obtain cash for an often steep fee.
The most common and convenient way for students to obtain local currency at all campuses
except Buenos Aires is to withdraw cash from a local ATM. Cards marked "Plus," "Cirrus,"
or that have a red star symbol are widely accepted, although not all ATMs accept all
cards. European ATMs only accept four-digit pin numbers, so before departure, be sure
to check with your bank to determine whether or not your current ATM card has an international
PIN. Also, be aware that banks charge fees for ATM transactions, and sometimes fees
are charged both by the bank that provides the ATM card and the bank that operates
the automated teller in Europe. Students typically withdraw large amounts of money
at a time to reduce ATM fees, and then store cash in a secure place at their program
location. Local program staff will provide students with advice on managing money
during orientation upon arrival.
In Buenos Aires, we recommend that students bring American dollars to convert onsite
as the conversion rate is typically better for cash.
Although American Express is not as widely accepted for purchases as Visa and MasterCard,
an American Express card offers unique advantages. With offices located in all major
cities, American Express will quickly replace lost or stolen cards. American Express
will also cash personal checks for American Express cardholders, provided the arrangement
has been made prior to departure from the United States.
Digital disbursements are monthly payments that students receive to cover a portion
of their meals while abroad. These funds are included in the student's room and board
fee. All campus-based programs utilize digital disbursements.
In order to receive digital disbursements, students must have a U.S.-based bank account
with a debit card and access to online banking. Although International Programs partners
with Chase Bank to distribute digital disbursements, students can receive the funds
through any U.S.-based bank.
Students will be sent detailed instructions prior to departure that will help them
to set up their digital disbursements. Detailed instructions are also available here.
Each month, students will receive an email asking them to accept their digital disbursement.
Students are responsible for completing this in a timely manner, and should be careful
to select a password for their digital disbursement account that they will easily
remember. Resetting the password while abroad can be challenging so students should
be sure to note their password in a secure place or utilize a secure digital password
manager.
International Programs students can take advantage of a variety of resources to prepare
financially for their program. Students will be invited to attend Financial Literacy
workshops, and will have the opportunity to to discuss finances at their orientation
sessions.