• Internship Testimonials: Money Matters

    Advice from alumni on economic issues.

    Money Matters

    Money Matters

    Testimony 1

    “It would be a wise move to bring some Euros with you. You should exchange some money in your home country or at the airport (either departures or arrivals). It is often hard to exchange money once you have arrived if you arrive on a weekend, which most of us do. Take in consideration that some credit cards don’t work, and that it would be good idea to make sure that your credit card is accepted for foreign travel and I would recommend that you bring more than one. Take photocopies of your credit cards and passport. This is to make sure, that if you by any circumstance lost any of these possessions; you would still have the numbers and could take some action on the problem. You can use your credit card in shops, restaurants etc, but you will need the pin number and/or identification. They almost always ask you to show your identification when using a credit or debit card for your own security. I would recommend to always carry a copy of your passport with you.”

    Testimony 2

    “ATM fees and such, as well as account management fees are higher in some banks than in others. So it is a good idea to ask what you are going to be charged. ATM machines are all over. Overall bank hours here are even worse than usual bank hours, since they do not open after the siesta. Internet banking, for debit card balances, as well as for credit card charges is a huge help. If you are going to change money, Western Union is OK but they charge the sender heftily and charge you to exchange the money to Euros. A bank can often times be better.”

    Testimony 3

    “I opened a checking account at home with a debit card because they do not charge fees for withdrawing overseas. I also opened a VISA credit card and brought the Mastercard I already had. You might want to arrange it so that your parents have access in case you need them to withdraw or deposit into your account. You can check all your balances online, which came in really handy. It is a good idea to take two credit cards.”

    “I did not open up a bank account in Europe because ATM machines are everywhere and they all accept my card from the credit union at home.”

    Testimony 4

    “Spaniards pay with cash more often than we do. Even if they have a big bill of 90 Euros they’ll still pay in cash. Checks are seldom used. With a credit card you will be asked to show a picture ID and sometimes they require a passport. There are ATMs everywhere. On my block alone there were three different banks. I didn’t have a bank account because I was there as a tourist officially, but others I met had one. Most of the BEST participants in my group relied on ATMs. I didn’t bring any U.S. currency or traveler’s cheques to Madrid; I only used cards. If you have traveler´s cheques banks charge extra to cash them, so they are very expensive to use given the percentage you pay when you buy them as well.”

    Testimony 5

    “Madrid is like any other big city; some things can get expensive, while others are much cheaper. You can obviously curtail your budget to your wallet, by eating out less, traveling less, etc. I found the suggested estimate to be too conservative, but my housing and travel expenses were atypical. Also, the exchange rate was a killer. Costs for me in Madrid were approximately the following:

    * Housing: $575 per month
    * Food: $250 per month
    * Local Transportation: $54 per month for unlimited use of the subway system in the downtown area.
    * Entertainment/Clubbing: $500 per month”

    Testimony 6

    “My Basic Costs:

    * Housing: about 500€ per month.
    * Food: I ate out a lot so I would say 200€.
    * Local transportation: an unlimited monthly Metro/bus pass called an abono costs 34 Euros if you’re younger than 21.
    * Travel: The sky is the limit. I went to Italy for Semana Santa (eleven days in April) and spent nearly 1000 Euros.”

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