Bank and Money Questions


BU Madrid Reimbursement

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

Reimbursement program page policies.


While in Madrid, you will not need to open a bank account. You can use a debit card with a 4-digit PIN to withdraw cash from ATMs.

credit-cardWe recommend bringing a second back-up credit card, also with a 4-digit PIN, in case you lose your debit card.

You may want to try to obtain cards (debit and/or credit) with a chip in them, ideally accompanied by a PIN number.

It’s essential that you call your bank and credit card companies to let them know you’ll be studying abroad. You’ll need to tell them what country (or countries) you’ll be visiting, and the dates. If you don’t, they may freeze your accounts, assuming your card has been used fraudulently.

  • Banks in Spain are generally open from Monday to Friday between 8.00 to 14.30.
  • ATMs can be accessed at all hours of the day, though beware of entering your PIN number in an exposed cash machine. Students with Bank of America may use Deutsche Bank and Barclays ATMs free of charge.
  • Other banks may charge up to $5 in transaction fees.
  • While bringing US dollars to Spain and exchanging them for Euros is an option, be aware that banks tend not to exchange money, and transaction fees can be very high and exchange extremely low.

Banks near the International Institute in Madrid

Santander
Paseo del General Martínez Campos, 35
BBVA
Paseo del General Martínez Campos, 32
La Caixa
Paseo del General Martínez Campos, 46