Job Discussion Forums

paintyourtarget · Joined: 11 Apr 2014 Posts: 7 Location: United States

I'm going to be teaching in Asia for a year; I'm arriving early August, and my job starts in September--meaning I won't get my first month's pay until the end of September. My understanding is that once I get paid, it'll be in the local currency and I can set up a local bank account. Until then, and possibly throughout academic year, I might have to spend my USD in a foreign country.

What's the most efficient/economically sound way to spend money in your home banks? Should I just get a credit card with zero foreign transaction fees, and just use it everywhere that accepts cards (though I've heard the conversion rates on these cards might not be ideal)? If so, would it be wiser to get a Visa or MasterCard with no transaction fees? I only have a year's worth of credit history, and only one non-store card (a Visa)--I don't know if it's better to diversify and get a MasterCard.

What are the other alternatives for long-term travel and foreign money expenses? Should I just stock up on traveler's checks and use them until I get my wages in the local currency? Is there any way I can just use a debit card and not have to deal with transaction fees and such? I'm just completely unaware of my options. Thanks!

nomad soul · Joined: 31 Jan 2010 Posts: 11454 Location: The real world

It would help to know which country you'll be working in. Better yet, post these questions in the relevant country discussion forum.

By the way, traveler's checks aren't that common anymore.

Sashadroogie · Posted: Sun Apr 27, 2014 6:36 am Post subject:

Sterling drafts are still popular in some quarters.

bansheebeat · Joined: 02 Oct 2013 Posts: 86

1) Take your ATM/Debit card
2) Find an ATM
3) Withdraw money

There will be transaction fees yes, but you don't really have another option. It depends on what country you'll be in, but relying solely on a credit card may be impossible (i.e. in Thailand it would be).

fpshangzhou · Joined: 13 Mar 2012 Posts: 280

Check with your bank and see if they have a sister bank in your target country that offers free ATM withdrawals. I bank with a major bank in the states and they have an agreement with a sister bank in China, and I get free withdrawals using my ATM debit card. Depositing money back into your account is completely different topic altogether.

Cheers,

Aaron