Every year participants on our programs work hard, save as much money as possible and then wonder how they can get it home safely. Over the years, InterExchange has heard some unfortunate stories about participants who carried their earnings in cash and had it all stolen before they reached home. Never carry large amounts of cash!
Transferring Money
If you have a bank account in your home country, you should be able to transfer money to it fairly easily, especially if it is a U.S. dollar account. The transfer usually costs you approximately $30 and may take 3-4 weeks to appear in your account at home. In most countries your bank will charge between 0.5-1.0% of the total sum to withdraw cash from the account. Please consult directly with the bank regarding international money transfers and associated fees.
The best-known companies for sending money are Wise, Western Union and MoneyGram. Both charge variable fees depending on how much money you’re sending and where you’re sending it.
Money Orders
International postal money orders may also be a good option for some participants. The fee varies depending on the destination country and is usually between $3 and $8.50 per money order. Each money order can be a maximum of $700 and there is no limit to how many can be sent in a given time period. International postal money orders are generally issued in U.S. dollars and then converted into local currency at the time they are cashed according to the current exchange rate. Most large post offices should be able to offer this service.
U.S. Bank Account
If you open a U.S. bank account during your program, it is also possible to leave it open and use your ATM card to withdraw money as you travel as well as after you return home. Most ATM cards can now be used internationally. There may be ATM fees that vary from country to country but this still may be a good option for you. It is also easy for you to close your account by mail after returning home.
Please note:
It may not be possible to cash a U.S.-based check in your home country, so please make arrangements with your employer to receive your last paycheck before you leave the country.
Funds may be delayed for a few days if deposited into a bank other than the bank that issued the check. Checks have an expiration date, so be sure to cash or deposit your paychecks before they expire.
If your employer pays you through direct deposit, make sure you leave your American bank account open until after you have received your last paycheck.
