"Money Tips: Financial Plan before Departure" by Amna Al Obaidi

You may think that there is little you can do financially wise before departure, other than making a budget for your study abroad semester or year. I am here to show you that there is a lot you can do to prepare and make a financial plan prior to studying abroad in Amman, Jordan. These tips are focused on students departing from the United States and studying specifically in Amman. However, if your home or host location vary, there are ways you can adjust these tips to suit your specific location and needs.

Plan I

There are a few financial plans you can do when spending the semester in Amman. One plan is to bring a budgeted amount of US dollars in cash to your study abroad location. And, once you are at your host location, in this case, Jordan, you can go to any Western Union or money exchange place and exchange your US cash. You can exchange all the cash that you have brought with you at once OR you can exchange a set or desired amount every few weeks or month or however you want to go about it. In my case, I have found that Western Union has a very minimal fee when exchanging, as opposed to other locations, so I recommend you go there to exchange.

TIP ONE: The airport has a very hefty exchange fee. You must pay for your visa at the airport either with a card (like a Visa or MasterCard) or Jordanian dinars (you cannot use US dollars). So, I would recommend you either do a money order for foreign currency prior to departing from your home location OR you exchange a small number of US dollars at the airport – just enough to pay for the visa.

Plan II

Some students studying abroad do a money order at their local bank in their foreign currency, so that when they are at their host location, they have money to last them that month or that semester, depending on their financial plan. If you would like, you can bring US cash to exchange at your host country or come into your host location with foreign currency – it is up to you.

Plan III

Some students on the program opened a travel credit card in their home location. There are many cards that have minimal to no foreign transaction fees which, are Visa or MasterCard, which you can use in stores that take card in Amman. If you would like to take the card route, just be wary that not all places here take card, so you should have cash on you, but card is available at most locations. So, you cannot go wrong if you have both as options.

Some students studying abroad use their Visa or MasterCard even if it has a fee but do so with your own discretion. Fees can add up, so be sure to call your bank and ask about the fee percentages beforehand. If you can have a Visa or MasterCard that you are comfortable using with minimal foreign transaction fees, then you are set while studying abroad. Card can also be always on you as a backup or emergency option, when you are out of cash. But I recommend that you always have Jordanian cash on you. I have been to many places that do not take card, and it can be a hassle to search for an ATM when you are traveling outside of Amman.

TIP TWO: Very few places in Amman take Discover card, so I would recommend that if you have a Discover card, only use it when buying Ubers or hold off on using you Discover card while abroad all together.

TIP THREE: Depending on where you live in Amman, budget wisely for transportation. There are a few ways to go about transportation (there is Uber, Careem, Jeeny, and taxi). Uber takes the same cards they do in the US, however, Careem and Jeeny do not. You may want to pay for transportation solely in cash, which if you do, be sure to have small bills and always change on you, as not all drivers can give you change. But, if you would like to take the card route, make sure that your card does not charge foreign transaction fees, or if they do that it is minimal, and that you are able to use a card for Careem and Jeeny, which do not take some cards that you are able to use in the United States.

TIP FOUR: I recommend using card when paying for transportation, as that can be one of the hefty expenses on your budget, and you may not want to use your cash on this daily expense. However, depending on your financial plan, you may want to use cash for this – it is entirely up to you.  

TIP FIVE: Be sure to call your banks prior to departing and tell them that you are studying abroad, so that if you are using your card while abroad, they are aware and will not suspect fraud.

Plan IV

Another plan that you can take is to withdraw money from an ATM whenever you need it. This is an alternative to bringing a lot of cash with you or using card while abroad but can also be used in conjunction with other plans. ATMs are widely available in Amman. ATM does charge a fee but depending on which location and bank you are withdrawing from; this fee can be minimal. Just be aware that fees can add up if your card charges a substantial amount for international fees as well as the fees from withdrawing at your host location. In all cases, ask your bank about what fees they charge and the best banks for you to withdraw from at your host location.

TIP SIX: Some ATMs and some cards do have a maximum daily withdrawal limit, so plan when you need to withdraw depending on the bank and card.