Money and Budget Abroad

CURRENCY

The currency in Italy is the euro. It is important that students understand the currency conversion from US dollars prior to departure. Currency conversion rates can be checked online at www.xe.com.  

EXCHANGING and ACCESSING MONEY 

Major credit cards: Cash advances are available from most ATM machines all over the world for those who hold VISA, MasterCard or American Express cards. You will be charged an unknown interest rate on cash advances, thus we recommend withdrawing the largest amount possible (usually €250) each time so as to avoid being charged repeatedly. Please contact your credit card company for details and  check with you bank what fees do apply. 

Debit cards from your local bank: Cash advances are available from most ATM machines. Before you leave, contact your bank to find out exact international locations of machines connected to your card’s network.

Exchanging American currency (USD) for Euros (EUR) will not offer an optimal exchange rate. Also, banks hold specific hours of operation and due to your academic schedule there may not be sufficient time during the week to exchange currency.

Traveler’s checks are not suggested. In addition to specific hours of operation, banks will apply a fee for exchanging traveler’s checks. Please note: Shops do not accept traveler’s checks. 

MORE TIPS and INFORMATION on BANKING

• Ask your bank if there are any charges that may be applied.
• Some systems may require your United States account to be a checking account. 
• Many overseas machines have only numbers on the keypads so do not memorize your PIN by letters. Some networks only accept 4-digit PINs. Shorten your PIN to enable you to use your card at the widest variety of locations.
• Tell your bank that you will be studying in Italy and for how long. Also tell them that you may be traveling to other countries during this time. This way, charges to your card in another country will not appear as suspicious action and prevent your account from being frozen.
• It is recommended to exchange $200 – $300 US dollars worth of money into euros before traveling to get you started. 

BUDGET 

FOOD

The Accademia dell’Arte will provide you with breakfast, lunch and dinner (Monday through Friday when classes are in session).

At the weekend you can opt to eat out (pizza & drink in Arezzo cost about $15). You can also opt for your food to be delivered or you can grocery shop and keep your food in the Limonaia (Student Lounge).

TRAVEL

The first thing to figure out is how much you want to spend on travelling while you study abroad. 

When studying abroad in Europe it’s so easy to travel to different countries on the weekend. Being abroad may be the perfect time to take advantage of the proximity.

Travel between European countries isn’t too expensive but it’s not free. Always cross reference trains, planes and buses. 

Try to schedule your trips early! Sit down and map out where you want to go and when. Consider weather conditions, seasons, and the amount of time you have and what you want to accomplish. Then begin booking! The earlier you book your trips (trains, flights and buses), the cheaper they will be. 

www.skyscanner.com

www.trenitalia.it

www.thetrainline.com

ACCOMODATIONS

The cheapest options for study abroad budget are hostels (ordinarily $15-30 per night depending on what type of rental room you prefer).

Airbnb is an option if you are considering splitting up the cost with friends.

You are the best person to determine how much you will spend while abroad. Consider what your current spending habits are per week. Now double that because you will probably want to do twice as much as you regularly do considering that you are in a new environment. 

Many students spend more than they anticipated. This is for a variety of reasons, but overall students are taking advantage of opportunities they may feel are once-in-a-lifetime and are also impulse-shopping with regards to excursions, clothes and the like. Also, some basic amenities are more expensive in Italy than in the United States.