The Euro is the official currency of Spain. The Euro was launched in two stages. First, in January 1999, to became the new official currency of 11 EU Member States, replacing the old national currencies -- such as the Spanish Peseta. It was introduced in the virtual form for bank transactions. The second stage, in January 2002, was when the Euro officially appeared in circulation. The Eurois not the currency of all EU Member States. Two countries, Denmark and the United Kingdom, agreed to 'opt-out', while many of the newest EU members have yet to meet the conditions for adopting the currency. Once they do so, they will replace their national currency with the Euro.
There are 8 different Euro coin denominations and 7 different Euro bill denominations in circulation. Coins are denominated in 2 and 1 Euro, then 50, 20, 10, 5, 2 and 1 cents. Each member state decorated their own coins, but all coins are interchangeable within the countries. Bills are denominated in 500, 200, 100, 50, 20, 10 and 5 and they vary in color and size.
What is the Euro worth compared to the dollar?
With the Euro in constant flux, please see www.oanda.com for up-to-date exchange rates. While traveling, it may be helpful to carry a portable currency converter (found at travel stores). Sometimes in the form of a key-chain, this is a handy gadget (like a calculator) into which you enter the exchange rate (depending on the exchange rate at the time and the country in which you are located) save, and then simply enter prices and the device converts the amounts into dollars.
Cost of Living
A few important things to keep in mind when planning for your trip:
Certain cities in Spain have a higher cost of living than others. For example, Barcelona is much more expensive than Salamanca.
The nightlife in Spain is VERY expensive. So if you are someone who likes to go out every night to clubs and stay out until 5 a.m., then you are obviously going to spend much more than someone who prefers spending their time reading at a small neighborhood café. The US Dollar is currently weak compared to the Euro, so you will lose a great deal on conversion.
Public transportation is not included in the ISA program cost. For certain cities, this will not have much of a monetary impact. But for larger cities like Madrid and Barcelona, this is something that will come into play every single day. Barcelona and Madrid are very spread out, so you will most likely need to use public transportation to get from your homestay to school, from school to the ISA office, etc. Students in Barcelona and Madrid can expect to spend between $50-100 per month on (basic) public transportation. This is not included in the $100-200 range mentioned above.
When budgeting, it is always better to overestimate than to underestimate. To give you an idea of common approximate expenses and commodities a typical student will to incur, please see the brief list below. The costs listed are PER ITEM, not how much to expect to spend on each item per week, unless noted.
The following is a list of typical prices for items and services in Madrid.
Additional Estimated Expenses
The ISA program cost includes items such as tuition and fees, housing, insurance, and more. To view what is included in your program price, please visit the "What's Included" section of the ISA Madrid program page.
The "Additional Estimated Expenses" sheet in the "Accepted Students" section of the ISA website has the following estimated expenses listed:
It is recommended that students look into purchasing an ISIC card for their studies in Madrid. The ISIC card is an internationally recognized student ID card that gives students thousands of discounts worldwide from travel to cinema, meals and more. While you will likely have a student ID from your host university abroad, it may not grant you discounts that an ISIC card could. You will likely be able to purchase an ISIC card abroad, but it is most convenient to purchase this card BEFORE you arrive, as it may grant you travel discounts, and you won't have to deal with the hassle of international delivery. To find out how to get an ISIC card, visit www.isic.org. Once there, you can find information on discounts in Madrid, and what is needed to obtain an ISIC card.