Money Questions

What type of currency is used in Spain?

As a member of the European Union, Spain uses the euro (€).


What is the exchange rate?

To find the most up-to-date answer, consult

Will I be able to take money out of my American bank account while in Spain? Do I need to open a Spanish bank account?

It is generally unnecessary for students to open Spanish bank accounts. Most students use the plentiful number of ATMs (cajeros automáticos) in Madrid to take out cash in euros from their American bank accounts. This method is easy and generally provides a better exchange rate. ATM fees vary by bank. Students should make their banks aware of the fact that they will be using their debit cards in other countries so that banks don’t place holds on the cards from “abnormal” (i.e. overseas) use.

Do I receive money from BU Madrid?

BU Madrid will reimburse students part of the semester transportation, as well as part of Spanish cultural activities they partake in throughout the semester.

Consult the reimbursement program page policies.