Credit cards can be convenient when making purchases, though not all merchants accept them. Those who do may add on a service fee. The amount charged to your credit card bill is based on the exchange rate on the day that your bank or credit card company processes the transaction. Keep a separate record of your credit card number and the telephone number to call in the event of theft. You may also wish to purchase extra traveller's insurance available through some credit card companies.
Bank accounts overseas Most students wait until they arrive in the country to set up a bank account.
Your study abroad program coordinator and past visitors will likely have advice on how and where to go about doing this. Become acquainted with the banks and services closest to you, their hours of operation and the various accounts available. Many foreign banks operate on very different hours than in Canada, or may only process certain transactions during certain hours. While you may be able to use your Canadian bank card to withdraw cash at some foreign banks, many foreign banks have their own bank cards that allow you to make withdrawals from their bank machines without incurring huge service charges. There are many advantages to having a foreign bank account, depending on the duration of your stay.