With a careful approach to managing your finances, the opportunity to study abroad can be an exciting and memorable experience. Take advantage of finance tools like the Vision prepaid card, online banking and online bill paying services to ensure that your finances are well taken care of while you’re out of the country.
Simplify Payments While Abroad
Think about how much you will spend while you’re abroad. Go to the bank on a weekly basis and withdraw enough cash in the local currency to make purchases. Alternatively, use a Vision prepaid card to eat out and make purchases while abroad with no worry of interest charges or overdraft fees.
Online Tools to Track Your Finances
You can access your important financial accounts from virtually anywhere in the world. Create an online account for all of your bills. Your health insurance bill, student loan accounts and many other bills can be tracked from a distance. Set up an alert on an online calendar as a reminder of important bill due dates. To be really safe, create automatic monthly payments to your creditors from your checking account.
Use Bill Paying Services
If you won’t have time to watch over your finances while studying abroad, use a bill paying service. These types of services will receive your bills, scan them for you, make a payment from your account with your permission and send you electronic copies of all correspondence.
Entrust Your Finances to a Loved One
Alternatively, assign a trusted friend or relative to receive your bills each month and authorize him or her to pay bills on your behalf from your checking account. This option is the most ideal approach if you will be studying in a location with little access to the Internet.