Cash, credit, travelers' checks?: Financial options for students studying abroad?

[Nicole Monnier]

Dear SEELANGers,

Many, many thanks for the responses, both on- and off-list, regarding money
management for students studying abroad - every last one has been very
informative.

I'd like to pass along to the SEELANGS public one particularly sound
suggestion made off-list: that the student set up a new, short-term joint
account with a parent for the duration of the semester or year abroad. This
gives the student the convenience of ATM access, while the parent back in
the States can monitor the account and also make occasional
deposits/transfers, thus keeping no more than a necessary minimum amount in
the account at any time (rather than risking the student's/parent's entire
savings). Finally, the account can be closed upon the student's return to
the US, frustrating any later attempts to get money out of it.

The same respondent also suggested informing the bank of the trip before the
student's departure for Russia; apparently, US banks occasionally freeze
accounts that have been accessed from Russia for fear of fraud.

Relieved and enlightened,

Nicole


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Dr. Nicole Monnier                      email: monniern at missouri.edu
Assistant Professor of Russian          phone: 573.882.3370
German & Russian Studies Dept.          fax:  573.884.8456
University of Missouri
Columbia, MO  65211

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