I typically do not give advice on things (I'm usually the one asking questions), but when I was reading this thread I felt the need to lay this factor out there and provide one simple piece of advice...do NOT open a foreign bank account (offshore) for your semester abroad. There are too many reasons to list, but I'll give you just one:
1. The US Internal Revenue Service.
My father is a tax attorney and he has people breaking down his door for him to help them negotiate their deals with the IRS regarding this very recent crack-down on foreign accounts:
http://www.bloomberg.com/apps/news?p...d=arcHWfbfzcis
The bottom line is this: If you have or had a foreign bank account, and file a US tax form and forget to "check the box" (or the person doing your taxes for you forgets to check the box), you filed a felony level false IRS document.
The current penalty people are facing are min 5 yrs in jail, and a fine of up to 125% of the highest value of the account in the last (I think) 10 years.
Now - I know people will say, "if you file your taxes correctly, you have nothing to worry about." True - but why chance it for a semester abroad.
Others may read the article and say, this can't happen to me... True, not everyone may get prosecuted to the same extent but the grace period to "come forward" and declare all foreign accounts ended on 9/30. Either way, that is a list I would not want to be on, and you would be on it before you graduate.
Do yourself a favor and do what the rest of us who went "abroad" did...
Ask our parents for money when they came to visit us each month, and don't be afraid to use your credit card (after all - you're not buying cars and luxury goods during those 3 mo., and if you are, you can afford the fee anyway.)
I would file this under "not worth the hassle" (or potential hassles)...