International College of Seville
www.ics-seville.org
MONEY and BANKING.
Money Exchange.
In Spain all banks use the same daily-established rate for currency exchange. However, as commission rates vary considerably between banks (typically €3 - 6), the ICS recommends that students exchange their money at those banks with lower commission rates. Regardless of where one exchanges money, a valid passport (not a photocopy of it) must be presented as identification.
Traveller's checks and Credit Cards.
A safe way to bring money to Spain is in the form of traveller’s checks. This is consequently the method most often used by students to pay for the semester’s housing. The ICS recommends that those students who pay for their housing with traveller’s checks to please use bills of $100 and $500. Major credit cards are accepted almost everywhere thoughout Spain. Of all credit cards, VISA and American Express card are the most widely recognized.
Wired money from home.
Every semester there are cases of students who find they suddenly need money sent from home. In the United States parents often are told that the quickest and easiest way to send money abroad is by wiring it. This transaction, they are told, is immediate. We can assure you that for a number of reasons the money generally does not take less than five working days to reach the student. That is, five days once the student has established a bank account to which the wired money may be sent. For those students who do not own an ATM card a fast and safe way to send money is by way of a teller's or bank check, preferably from a well-known bank (Bank of America, First National, Citibank, etc.), to be sent by Federal Express, which usually arrives in four working days.
ATM Cards
Of all the possible methods, the quickest and easiest way to receive money in Spain from the U.S. is by way of an ATM account. In order to obtain an ATM card for this account which is linked to worldwide networks (Plus, Cirrus, NYSC) the interested student must open an account in the United States prior to travelling to Spain. Most large banks in the U.S. offer ATM cards.
With an ATM card one may withdraw money at any Network Cash Machine located around the world, including in Seville. The dollars are converted into euros at the daily rate upon withdrawal. It is important to note that most cash machines allow for a maximum of €300 to be withdrawn in a 24 hour span. Recently, a few have raised their maximum to €600. In either case, students can not rely upon this method as a way of paying for the semester´s housing upon arrival.
