Debit Cards and ATMs
ATMs are available in an ever-growing number of locations throughout the world, especially throughout Western Europe, connecting U.S. ATMs with those abroad. If your bank is part of an international network (check on this in advance) you can use your ATM card to obtain cash in the local currency from your bank account in the United States. Generally, the exchange rate is favorable because it's the same one the banks get when exchanging money. Most banks will charge an international issuing fee, please check with your provider to understand withdrawal fees. 

In order to use ATMs abroad, your PIN code must be no longer than four digits. Be sure to memorize the numbers, and do not write them down and put the code in your wallet! You can get information on whether your host country has ATMs on your network by contacting: www.mastercard.com or www.visa.com. 

We recommend that you inform your bank that you will be traveling and using your card from multiple international locations, this will limit the potential of your accounts being frozen. Sometimes your account will still be locked, if this happens call your bank and verify that it is you using the card and it has not been stolen. 

Credit Cards
Credit cards are good for emergencies or major travel expenses. They also offer good rates of exchange. Before you go, find out what privileges cardholders with your credit card have when abroad. Again, it is advisable to let your credit card company know that you are traveling abroad before you leave. The most commonly accepted cards are Visa and MasterCard and are a great resource should you face a financial emergency. 

Any credit cards you use must be in your own name as per your passport. Be sure to record your credit card number and emergency card numbers in a separate place in case your card is lost or stolen, it is also advisable to leave these details with family members at home too. The amount you get charged will be dependent on the current exchange rate of the day you made the purchase. 

Traveler's checks and Traveler's Cards
Traveler's checks are the safest way to carry money abroad, however they are becoming increasingly difficult to cash. We do not recommend using them as your sole access to money but using them as a back-up should you not have access to any ATM card. 

Traveler's cards are a fantastic alternative to traveler's checks and are a prepaid card that is able to be reloaded once empty. Traveler's cards work the same as traveler's checks in the sense that they are able to be replaced should you lose it, unlike cash which can never be replaced. These cards are available from companies such as American Express, Bank of America, Western Union, MasterCard, Visa or AAA.

Wiring Money
Cash or traveler's checks can be wired to you through companies such as Western Union or an American Express office (located in major cities). This service is fast but expensive.

Postal Money Orders
A family member or friend can buy a money order from a U.S. post office and send it to you. You'll be paid the amount of the money order at your local post office. Postal money orders have the advantage of being inexpensive, but the disadvantage of being slow: they take as long to get to you as an airmail letter. 

Opening a bank account
Opening a bank account is not always necessary, as most students will only stay in Europe for an average of 12 weeks. However, if you are studying at Ulm University, then it will be necessary to open a bank account as you must pay your housing from a German bank account, on a monthly basis. Your institution will help with this process. If you plan to open a bank account overseas, it is recommended that you arrange for your U.S. bank to wire the funds.

How much money to take overseas?
We recommend taking only a small amount of cash with you for food, taxi's, etc. Once arriving at your host institution we recommend using a local ATM to withdraw cash.