Handling Money Abroad
What to Bring With You
You should bring 100-200 euros in cash with you for taxi fare, food, etc. for the first few days. Some banks like Chase will order currency for you while you are still in the US. Alternatively, you can withdraw money in France directly from an ATM using your American bank debit card.
Converting Currency
Within the first week or two of your arrival in Aix, you will need enough CASH to be able to cover your first two months’ housing expenses (rent and security deposit, 1,200-1,500 euros). Most students use their American ATM/Debit card to withdraw cash from their American bank, transfer US dollars to a Wise or Revolut account and then withdraw cash, or effect a one-time bank transfer between their American bank and French bank account (which will be set up upon your arrival in Aix). Be aware that many US banks will set daily limits on withdrawals, so it may not be possible for you to withdraw enough money in one day to cover your first two months’ housing expenses. You may wish to ask your bank to increase your daily withdrawal limit before departure. Also, be aware that use of American ATM cards and bank transfers usually come with fees (see notes below).
While APA does not endorse any particular service, some students recommend transferwise.com for sending large amounts of money as it has lower fees than many banks. Charging up a card like the one you can order through Revolut (revolut.com) can also be a way to put dollars on a debit card, convert them to euros based on the current exchange rate, and avoid fees.
In Europe, as a general rule, avoid buying foreign currency at airports, railroad stations, and especially hotels and stores: they charge higher fees than at currency exchange places, which in turn charge slightly higher fees than the banks. Do not depend on the exchange rate published in newspapers; it is a bank-to-bank rate, and what you will get is often at least 5% less. A good website to check typical cash rates is www.oanda.com.
NOTE: Checks, bank drafts, as well as bank-to-bank transfers incur heavy fees and sometimes take weeks to process.
Estimates of funds you will need upon arrival
Taxi fare for arrival day in Aix | ● 60 to 80 Euros depending upon point of arrival:
train station (40 euros) or airport (70 euros) |
Apartments OR Rented Room: | ● You will need to pay the equivalent of two
months’ rent when signing the lease for your apartment or rented room (deposit + one month’s rent). ● Monthly rent for apartments varies depending on the size of the apartment. You should calculate approximately 550-750 euros per student per month. ● For a rented room you should calculate approximately 55 0-600 euros per month. |
Tenant Insurance which includes personal liability | ● Tenant insurance is mandatory for all housing
in Aix apartments, and costs approximately 60 euros for the year. |
Estimates of funds for items that you may find useful upon arrival
Cell phone | Between 30-1200 euros |
Cell phone prepaid card | Between 15-45 euros |
International calling card
Free Mobile monthly phone subscription for smart phone |
Approximately 8 euros
Approximately 20 euros |
Attention !!!
If you wish to use your US cell phone in France, don’t forget to have it unlocked before leaving the US, because it is difficult (and expensive) to do it here. In order to do so, you will need to contact your US provider before your departure.
Banking System
At your on-site orientation meeting in Aix, you will be informed about how French banks work and how you can open an account. It is highly recommended that you open an account for practical reasons (in particular for reimbursement of any medical expenses incurred while in Aix, and to obtain free obligatory renter’s insurance).