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Establish a Power of Attorney to Handle Financial Matters Back Home

When students study abroad, they usually only bring with them the supplies they'll need for the duration they're studying in the United States. Traditionally, students do not transfer over their entire financial savings; instead only transferring what is needed at a specific time to an American bank account. HTIR Work-Study USA, Inc. (HTIR) recommends students select a person back home they trust to legally handle financial affairs while they're living abroad. In the United States, this designated person is a power of attorney. Giving a person the legal ability to cash or deposit checks, make wire transfers to your account in the United States, or pay bills back home provides students with peace of mind as they earn their degree while away. Many countries have a process to establish a power of attorney. It usually involves filing paperwork with appropriate signatures, allowing the person named to act on behalf of the student in situations where the student,being in America, is not available to act.

Get started with establishing a power of attorney early on, well before you plan to arrive in the United States. And once you have a power of attorney established, set up a communications schedule with the person so you can keep up to date on your accounts' activities. As many financial accounts have online monitoring access and abilities, you may be able to follow and track everything happening while living in the United States.

One additional recommendation is to gather a list of phone numbers, email addresses, mailing addresses and contact information for each of your financial accounts to bring with you, in case you need to ask a question or address a problem while you're away.

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