What type of currency is used in Spain?
As a member of the European Union, Spain uses the euro (€).
What is the exchange rate?
Lately the exchange rate has been approximately 1.3 dollars to the euro, but the exact rate changes daily. To find the most up-to-date answer, consult www.xe.com.
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, though some choose to do so if they are here for the entire year. 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 fast, easy, and generally provides a better exchange rate than changing cash or travellers checks. ATM fees vary by bank and can either be a flat rate of usually $2-$5 or a percentage of the amount withdrawn. 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 ever receive money from BU Madrid?
Yes you do! BU Madrid designates specific days to reimburse students for transportation, Friday and Saturday night dinners as well as Spanish cultural activities they partake in throughout the semester. For more information on these policies and dates, consult the reimbursement program page (policies) and weekly ¿Qué Pasa? newsletter (dates).