Money Issues
Spending Money on the Program
Your room and board, academic costs (except books and supplies), and group travel within Spain as part of the program are covered by the program, beginning when you are met at the airport in Madrid and ending in Valencia after breakfast on May 16. Vacation time and additional travel, personal expenses (i.e., entertainment, clothes, gifts) are not covered by the program. The amount of spending money you will need will vary with each individual. The program carries money for emergencies.
In the 2000 program, students spent between $600 and $2,000. Most students recommend an amount of about $1,200 for the semester. Another way of looking at what your private costs might be is to know that the cost of living in Spain is about the same as it is in the United States. Some things are cheaper but others are more expensive (Click here to see a cost comparison list). What you will have in Spain that you probably don't have in the United States are the added expenses for souvenirs and gifts, personal travel, and probably a more active social life than at Earlham.
Exchanging Money
Spain is part of the group (officially known as the Schengen Countries) that will be using the common currency, the euro, as of January 1. The Spanish currency, the peseta, will still be legal tender until March 1 but you might as well only use euros. In fact, you not accept pesetas as change back on purchases. One Euro is currently worth about 90 cents. It is probably a good idea to have a little bit of US cash with you ($100 or less) but the majority of your cash money should be held or gotten through traveler's checks. Some suggest that you exchange a small amount of money prior to traveling to Spain (your bank can do this) but you can always exchange some money at the airport (either at point of departure or upon arrival in Spain). Usually the exchange rate is better for traveler's checks than it is for cash once you're in the airport or in Spain. Remember also that you may want to reserve some US currency for the trip home.
Traveler's Checks
If you take your money in traveler's checks, American Express brand checks are still the most recognizable and easiest to exchange. There is an American Express office in Valencia (Calle Cirilo Amorós, 88; tel: 963-74-15-64). If you need additional money on the program you can have it wired through this office. Most banks will exchange traveler's checks (look for a little sign on the bank's door or above it w/lots of flags from different countries). If you take traveler's checks, make sure to keep a record of the numbers of the checks and leave a copy of the numbers with someone in the United States as well as carry a record with you of the numbers in a different place than where you carry the checks. When you go to exchange traveler's checks, you should carry your passport for identification (some places will absolutely require it) and you should never countersign your checks until you reach the teller window. All exchange places charge a commission. Usually, the commission is based on a percentage (with a minimum charge no matter what) which means the commission is proportionately higher the smaller the amount you exchange.
Credit Cards
Credit cards are extremely easy ways of getting money when you need it -- either by going into a bank or by using the ATM's that are all over the place (more than in the US). If you choose this option, make sure your card is internationally accepted (some student Master and Visa cards are not) and that you know your PIN. Also, remember to record the card numbers for safe-keeping and know the international customer service number to call in case the card(s) is/are lost or stolen (with a copy left in the US too). As with all card transactions, there will be service charges and just as with traveler's checks, the percentage charged on small amounts is proportionately higher than on large amounts. If you use credit cards (or debit bank account cards through an ATM), make sure you've talked to your bank prior to leaving the country. As with credit card usage anywhere, you can pay with plastic in most nice restaurants and businesses but you must use cash at many neighborhood locales. Credit card debits are sometimes delayed a month or so on your account so you should keep record of your purchases by retaining your customer copy (and every once in awhile, there can be a money exchange snafu so double checking how the euros have been transformed into dollars is advisable) until your statement comes. For regular credit card users (at restaurants, for purchases, etc.), Visa/MasterCard is often more useful than an American Express card, just as in the US.
Banking Hours
The American Express Office is open typical business hours: Monday-Friday, 9:30am to 2pm and 5 to 8pm. Banks will most likely be open from around 9am to 2 or 3pm and not open in the afternoon. Some banks are open Saturday morning. Money exchange services (casas de cambio) are often open all day long. If you get in a bind after normal business hours and do not have an ATM accessible credit card, most fancy hotels will have some type of exchange service but it's expensive (not a good rate). El Corte Inglés (a national chain department store; in Valencia, the store downtown that cashes money is on: Calle Pintor Sorolla, 26) also has a money exchange service that is open 10am to 7pm.
Some Helpful Hints about Money Issues
Sometimes it's really easy to lose track of how much we spend on off-campus study. One suggestion is to keep a small notebook (pocket size) and write down your expenditures (as small as they may be) as you go along. Another is to discipline yourself to record daily transactions every evening (very tedious but effective). Some folks suggest that you set a pre-departure budget (ie., I'll spend x amount on social activities per week; I've got x amount for family gifts that I won't touch except for that; I'm going to spend x amount on travel over the semester.) and try to stick with it. However you decide to do it, remember that it's a bad feeling (and one to be avoided) to know that you're running out of money and you've only been in Spain for 3 days.
In Case of Theft/Loss
The TV commercials for American Express are a little dramatic but basically reflect the reality that cash cannot be replaced if it is lost or stolen. Do not carry excessive amounts of cash on your person or in your belongings. When you do carry cash, it's better to carry it on your person than in a wallet or purse. It is also wise to divide your money and carry it in various places. If you carry a wallet, it is better to put it in your front pocket than a back one. Purses and backpacks should be in your view, especially if you are carrying money, documentation, etc. Do not leave them unattended and that means not even hooked on the back of chairs.
