Money matters & budgeting
Please do this before leaving: Make a copy of all your credit cards, bank cards, passport, and photo IDs. Keep one copy for yourself (to pack and take to Geneva). Give one copy to your parents. Note any important numbers that may be handy to have if a card is lost or stolen. Contact your US bank and tell them the dates that you will be abroad.
Budgeting
It is possible to survive here on a limited budget if you are careful. Allow for:
- About 40chf a week on food shopping
- For laundry allow about 20chf per month and the detergent is provided.
- Your local travel pass at 45chf per month. 75chf if you are aged 25 or over.
- For your cell phone allow up to 50chf per month and you can call with WIFI in the residence (see Cellphones)
- Most of the necessary reading materials will be loaned to you, will need to buy your own stationary.
To save money you should:
- Do your own cooking with ingredients and take picnics
- When you shop take your time and look at prices and promotions
- Shop across the border See stores and supermarkets
- Do activities which are free – look for ideas and suggestions in the website Activities & Free time section and in our newsletter.
- Go on the program excursions – they are free!
- Aways have your UNIGE student card with you and look for discounts
- Use youth hostels when you travel – book well ahead!
- Participate in the program’s Swiss Travel refund scheme:
Prices
As we are sure you all know, Geneva is one of the most expensive cities in the world.
Sample charges:
- Pizza in a restaurant – chf 20
- A cocktail in a bar – from chf 20
- Dry cleaning a sweater — chf 10
- Private gym membership per month – – chf70
Banks
Opening a bank account abroad is not necessary and not advised for just one semester. If you do choose to open a bank account you must wait for your Swiss resident permit to arrive which can take more than a month. ATM’s are fairly easy to find. Withdrawing money from these will give you the best exchange rate—although be aware that your home bank may charge you a fee for this transaction. Check before you leave. Some students choose to open credit cards that have specific benefits for international travel – like waiving any international transaction fees. If you’re looking into opening a credit card for your time abroad, you may want to research some of these options.
There are ATMs close to the residence from where you can withdraw money for a fee: BCGE 13 Rue Versonnex. UBS, 2 Place des Eaux-Vives.
Confirm with your bank that your card will work in Europe before leaving.
To change hard currency the best place to do so is Change Migros on the Rive high street. Many shops in Geneva do accept euros, but only bills and they will give you change in Swiss francs. Check what exchange rate they are offering before buying. The reverse applies across the border in Europe where Swiss francs bills may be accepted and change given in euros.
During your stay, it will be useful to always have some cash with you, as some shops and some restaurants don’t accept credit cards. If you have a doubt, ask before you buy or order.
Paying your bills
Most bills come with a completed post office giro with you can take to the post office and pay in person with cash. If you receive a bill after departure you should be able to wire the money via your bank using the beneficiary’s IBAN number
For medical bills see http://www.bu.edu/geneva/life-housing/insurance/
Please note that we will not settle your invoices for you, even after you are gone. Also be aware that the Swiss government keeps track of people who do not pay their bills and it could be an obstacle if you ever want to come back to Switzerland, even just to travel.