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[scampster]

So I'm moving soon and I am starting to try and figure out logistics. Last time I lived abroad, the US government took care of all the details to get me started. I'm on my own this time. I'm trying to decide how much cash I should bring with me, as I am sure there are limits on ATM withdrawals and I will have to cover things like first months rent + security deposit on an apartment. But traveling with a ton of cash also makes me nervous.

I'd particularly like to hear from other expats about things like this and any other money details I should be thinking of, particularly before I get my first paycheck! (Fortunately, my end date here and start date there are the same so I should have a paycheck from here dribble in after I start there).

[cs_prof]

Unless you are going to some really wild place, a bunch of certified cashier checks could help you out.
Also it would be helpfull bringing with you a credit card with say $20,000 credit limit. Or, better, five credit cards with $4000 limit on each - just in case some are lost or stolen. Debit cards with the Interac logo also can help. Just ask your bank to raise the withdrawal limit before you leave. It makes sense testing this limit in the ATM next door to your bank branch and get everything set before the departure. Weird things may happen unexpectedly.

[antiphon1]

Traveler's checks would work, too. 

[chaosbydesign]

Tell your bank you're going away before you go. Mine canceled my card the first time I came to the US.

I'd take probably $5000 cash if you can. I don't know how things work where you're going in terms of using debit cards from the US, but I do know that my UK debit card does not work in some US places -- it seems to depend on what type of card machine they have, and (I think) where you are going they use a type of card that you cannot get here. It will only take a week or so for you to get a card there, though.

[zyzzx]

How quickly will you be able to set up a bank account? And will you be able to arrange for wire transfers from your current account to the new one? I maintain a joint account in the US with a trusted family member, so they can take care of that sort of business for me.

When I first moved overseas, I did not bring enough money with me. Leases here require a total of 3 months rent up front (first, last, plus deposit), and it had to be paid in cash. I had to go the ATM and withdraw the maximum (usually $300 for US cards, which is not a lot when you're talking rent) every day for over a week, and still ended up having to borrow some cash to get my apartment. I do not recommend this. ATM fees/exchange fees can be a killer.
I would bring enough to cover at least the costs of getting and setting up an apartment, particularly if you think you will find a place quickly. Foreign checks may take time to clear (over a week in this country), credit/debit cards are not likely to be useful in paying rent, and you will need a big wad of money all at once.

Traveling with large amounts of cash is a little nerve-wracking at first, but you get used to it. I have regularly traveled with many thousands of dollars for field work (including into 5 digits on one occasion). I remind myself that nobody knows I have it, so it's not like I will be targeted for it. Put it in a moneybelt, try not to think about it, and open a bank account as soon as you can.

Of course, I live in place that is not terribly with it in terms of international banking, and where cash, not cards, dominates. Strategies for somewhat more civilized places may be different.

[monsterx]

I would absolutely not bring any certified cheques.   It's a big world, and there might be places where you can cash these without long waits and huge fees, but on the occasions when I've had to cash these abroad (because someone in the US thought it would be an appropriate way to send money overseas for some reason), there have been hefty fees and long waits to get the money. 

1. if you might need to transfer money back to the US (to pay student loans, for example) check that your US bank has an BIC number, if not, open an account with one that does
2. take cash enough for a few days and then some - maybe 1000$ and some local currency if you won't be arriving in a context where you can change money
3. rely on your ATM card to get more money in local currency from the machines
4. have a credit card with a high limit available

Open a bank account as soon as you can where you are, especially if you'll be getting paid in local currency.  However, you'll probably need a local bank account to make payments locally, since US banks still use 1970s technology and are not practical for making foreign direct transfer payments.   

[humpty_dumpty]

It's hard to give advice without knowing what country you're going to. Or at least some general region - West Europe, former USSR, etc. E.G., in Russia ATM cards are the way to go, but you'll want one issued by a bank that has a good distribution of branches and ATMs in the city you're going to stay at. On the other hand, I wouldn't bring anything in the way of travellers' cheques, and cashier's checkes in my city would be next to worthless. In general, though, I think nothing beats locating an international banking network that has a branch where you're going, and allows you to open one account over here, another over there, and online transfer of funds from one to another. City Bank is an example that first comes to mind, not an ad, I don't recommend that particular bank, just know it can be done with them. This way you can have something in the way of $1000 for your immediate expenses, and keep the rest on the cards - it's always preferable to have minimum of cash on travelling.
 
It's also good to change the exchange rates for the local currency at your present location and where you're going to stay. These can vary dramatically. E.g.,  when I first went to Germany in '98, I lost about 10 % of my pocket money by buying the marks in my home country, as compared to what I would have if I changed roubles into dollars at home, and dollars for marks in Germany. But I would have become another 15% poorer if I carried my roubles to Germany and tried to exchange it for marks over there. It's not a consideration if you're going from one developed country to another, but some thirld-world currencies can be tricky.

[notaprof]

Travelers checks are a pain in the neck in some places but they are safe because they can be replaced if lost or stolen.  Cash or cashiers checks are just gone.  Travelers checks are not as easily accepted as they used to be in shops etc. but you can certainly take them to a bank and have them cashed as needed in most places in the world.  The  transaction time even in a bank can take longer than you would expect in some less developed places but it does work.

You can carry $9,999 in cash on you as you travel but I believe you must report amounts of $10,000 as you leave the US and go through customs in the host country.

My study abroad students report that Bank of America does not charge any ATM service fees if you use an affiliated bank and they were able to find affiliated banks easily throughout Europe and Australia/New Zealand and in some large capital cities of South America and Asia. Most students traveling to most countries in Africa are advised to bring all their funds in travelers checks although you may be able to use your ATM to access cash.  If your study abroad office sends students to the location where you are moving, they may have advice on the easiest way to deal with money matters in that specific location. 

And do report to your ATM bank and any credit card companies about where you are planning to travel, including any stops along the way or else they may shut down your ATM/credit card with your very first attempted charge.  I had a student going to a country in southern Africa and she reported that to her bank but they shut off her card because she tried to charge a meal at the airport where she had to make a plane change in the neighboring country.  Getting the card reinstated does not take that long but involves international phone calls and can be inconvenient and you have to be able to tell the bank the last place you used the card and the amount you charged.  It used to be an issue that the keypads overseas rarely have letters on them, only the numbers so if you remember your PIN as a word, you should relearn as a number because you probably can't remember which letter is on each key once you are facing a keypad without letters. 

Most banks will allow you to have a second ATM card and I would recommend getting a second card as a spare and keep it in a separate location from the one you carry and use daily because it can take two weeks or longer to get a replacement card.  They will not send the replacement card overseas.  It will be sent to your address where they mail your statements and someone will have to activate the card from the number you have listed as your home number on your account.  I know this from personal experience when my son had his ATM stolen in Costa Rica.  He would have been without access to cash for almost 3 weeks but I had insisted he have some emergency funds available in travelers checks and that tided him over until the new card arrived (by Fed Ex for $75) from me after I activated it from our home phone number.  Just to be safe, I copied all the information about activating the card and waited until he actually received the card before I activated it from home.

Good luck, safe travels and happy adventures in your new location!

[bacardiandlime]

Each time I have moved internationally I have brought a small amount of cash. I arranged a wire transfer to pay the rent and deposit before I arrived.
International banking can be a major PITA. Regarding notaprof's example of banks not sending replacement cards abroad: American Express WILL. Most cities in the developed world have an Amex office, and you can get your new card sent to that office and pick it up from there.

[science_expat]

I wouldn't bring a lot of cash but, as earlier posters have said, simply set up a new bank account ASAP and transfer funds from the US into it.

I do think it's a good idea to let your US bank and credit card company know that you'll be abroad so they don't stop your cards.

[galactic_hedgehog]

I wouldn't bring a lot of cash but, as earlier posters have said, simply set up a new bank account ASAP and transfer funds from the US into it.

I do think it's a good idea to let your US bank and credit card company know that you'll be abroad so they don't stop your cards.

I agree.  To be totally honest, I don't remember what we did when we moved abroad, but it was probably this.

Also, check with the two institutions (US and foreign) as to who has the better exchange rate for the transfers.  If the US has a better rate, have them exchange the funds and then transfer.  If your new bank has it, transfer in $ and let them make the exchange.

And don't forget to send us a postcard.

[wet_blanket]

Depending on where you're going, you may be able to open up a local bank account before you go.  It will be a hassle in that you'll probably need to send (email/fax) copies of your passport, visa, job offer, and - tricky - a local address (maybe your work address?  Your boss's home address?  You can change it once you get there).  Then you can transfer money electronically.

Re exchange rates: these days you almost always get a better rate doing the exchange at the destination.  This means carrying US$ to where you're going or sending your electronic funds in US$.

[scampster]

Thanks everyone for your advice! In response to a few specific comments:

I'd take probably $5000 cash if you can.

Ha! I wish I had $5000 laying around! I can manage to bring up to 2k straight out if necessary, but I wasn't sure if I should be clearing out my bank account to do so.

When I first moved overseas, I did not bring enough money with me. Leases here require a total of 3 months rent up front (first, last, plus deposit), and it had to be paid in cash. I had to go the ATM and withdraw the maximum (usually $300 for US cards, which is not a lot when you're talking rent) every day for over a week, and still ended up having to borrow some cash to get my apartment.

This is what I want to avoid! As for how quickly I can set up a bank account, I think I need to get issued an ID number from the government first, which I can't do until I am on the ground.

 

1. if you might need to transfer money back to the US (to pay student loans, for example) heck that your US bank has an BIC number, if not, open an account with one that does
2. take cash enough for a few days and then some - maybe 1000$ and some local currency if you won't be arriving in a context where you can change money
3. rely on your ATM card to get more money in local currency from the machines
4. have a credit card with a high limit available

Thanks for mentioning the BIC number. I have a credit union here, so I will have to look into that. This seems like a reasonable plan, assuming ATMs work with my card (as CBD noted they might not).

It's hard to give advice without knowing what country you're going to. Or at least some general region - West Europe, former USSR, etc.

Western Europe. Not in a big city, but in a tourist/university town.

Each time I have moved internationally I have brought a small amount of cash. I arranged a wire transfer to pay the rent and deposit before I arrived.

So did you find a place to live before you arrived? I was planning on finding a place when I got there (and looking at the local ads, it seems most places are available immediately).

[bacardiandlime]

Each time I have moved internationally I have brought a small amount of cash. I arranged a wire transfer to pay the rent and deposit before I arrived.

So did you find a place to live before you arrived? I was planning on finding a place when I got there (and looking at the local ads, it seems most places are available immediately).

Yes. In one case I have had a place arranged by the place I would be working (they had a relationship with a local professor who rented out an upstairs apartment in his house), another time I found a rental online (in these cases it was just going to be me and a couple of suitcases). Most recently, I took a one-week scouting trip to future city about a month before moving in order to find a place (I was also going to be shipping a houseful of furniture....).

[galactic_hedgehog]

So did you find a place to live before you arrived? I was planning on finding a place when I got there (and looking at the local ads, it seems most places are available immediately).

Do you have something set-up for when you arrive?  For us, new arrivals were put-up in the university guest house for a few weeks whilst they looked for their own digs.