Money and Banking

The European Union monetary unit is the euro (€). Madrid, as one of the more modern Spanish cities, tends to accept cards for payment at most restaurants, businesses and museums. It is still more common for smaller purchases to be paid in cash or “en efectivo”, so it is recommended to have some coins and small bills on your person. This is especially important if you go to open-air markets in Madrid, or visit some of the smaller towns around Madrid, as you can encounter some cash-only establishments there.

Important Note: Prior to your departure from the U.S., check on the ATM fees that your home bank will charge you abroad. Often, they charge a surcharge and commission every time you take money out. You also must alert your bank of the dates you will be studying abroad. Otherwise, they may cancel your card once they receive international charges thinking that it has been stolen or is being used fraudulently.

Visa and MasterCard are accepted for purchases and services and can also be used to obtain cash advances but at a much higher rate than using a debit card.

Reloadable pre-paid credit/debit cards: A few students have used products that work as pre-paid reloadable credit cards or debit cards. They are not linked to any bank account, and students or their families can reload the cards (there are many plans and balances to choose from). These cards reportedly can be used in stores and cash machines. Many options can be found online.

There are a few Spanish banks that allow foreign students to open an account with minimal maintenance fees. However, unless opening an account is something you must do, staff recommends that you discuss with your bank the use of your account (through debit and credit cards) since wire transferring of money into an international account can be very costly and take up to 10 days.