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Mentor Advice

Question

What are the best means of providing money for my child once he/she is abroad (i.e. travelers checks, ATM, credit card)?

3 Replies from Mentors

  • mentor picture Isabel
     
    Isabel
    Junior Year Student
    Loyola Marymount University
    Although I financed my entire study abroad experience, I believe the best means of providing money...
    Although I financed my entire study abroad experience, I believe the best means of providing money for your child once he/she is abroad is to provide them with a debit card or credit card that provides the lowest fees when using the card internationally. For example, many credit cards will charge a percentage of the purchase price to cover converting fees. In addition, debit cards may charge this converting fee on top of an additional fee to withdraw the money from the ATM. In terms, of traveler’s checks, I found that many of my peers found it sometimes difficult to use them at small, locally run businesses. During my time abroad I chose to use my debit card to withdraw money from the numerous ATMs all over Europe. I found it easier and more convenient to withdraw cash when I needed it, instead of using my credit card and racking up credit card fees.
  • mentor picture Janeth
     
    Janeth
    Junior Year Student
    Loyola Marymount University
    Depending on your bank, withdrawing cash from an ATM may be the most effective way of providing...
    Depending on your bank, withdrawing cash from an ATM may be the most effective way of providing cash for your son or daughter. Some banks have partner banks abroad and through them you can withdraw money without any non-bank fees. There may still a conversion fee, however credit cards also work well but make sure to check with your bank to see if there are any additional fees for international purchases. Travelers’ checks are also a good option; if you lose the check you can report it and be refunded the money. I would recommend checking with your bank and seeing if they have partner banks abroad and if so, ATM may be the best and cheapest way to provide money to your child. Credit cards would be good for bigger purchases, but for everyday things, it is important to have cash on hand.
 
 
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