The EURO became the official currency of Spain on January 1, 1999. The EURO is now the national currency of the European Union member states (except the UK). There are 8 EURO coin denominations and 7 EURO bill denominations in circulation. Coins are denominated in 2 and 1 EUROS, then 50, 20, 10, 5, 2 and 1 cents. Each member state decorated their own coins, but all coins are interchangeable within the 12 countries. Bills are denominated in 500, 200, 100, 50, 20, 10 and 5 and they vary in color and size.

With the Euro in constant flux, please see www.oanda.com for up-to-date exchange rates.

Due to the fluctuations in exchange rates and the differences in individual spending habits, it is difficult to estimate how much you will spend during your time abroad. But to give you an idea, past ISA students have recommended $100-200 per week for personal expenses. This amount takes into consideration day-to-day expenses like snacks, newspapers, coffee, etc., and also money that will be spent on going out to eat, shopping, nightlife, etc. EXCESSIVE SPENDING IS NOT FACTORED INTO THAT RANGE. Every student will use their money for different things and every student has different financial circumstances that will effect their economic decisions abroad, so please keep in mind that you may spend much less or much more than the estimated amounts.

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.

Please note: A great deal of counterfeit US currency has been circulating through Spain recently. Many banks in Spain will therefore not exchange large bills, like US$100, without verifying with the US Treasury that the bills are legitimate. This process can take weeks, and if the bank proves that the bills are legitimate, the only way for you to get the Euro equivalent is for the bank to deposit the money in an account at THEIR bank, which means that you would have to open a bank account in Spain. Therefore, we do not recommend that you take US$50 or US$100 bills to Spain with you. Instead, either take travelers checks or just use your ATM card to withdraw Euros once you are in Spain.

The following is a list of typical prices for items and services in Granada:

STAMPS within Spain: 0.31, within Europe: 0.60 euros
to the U.S.: 0.78 euros
NEWSPAPER: 1 euro
FOOD/DRINKS:
Coca-Cola: 1.2 euros
Coffee: 1.2 euros
Beer/wine: 1.5 - 2 euros
Beer and tapa: 1.5 - 2 euros
DINNER (nice restaurant): 15 euros
DINNER (very nice restaurant): 25 euros
FILM DEVELOPING: 12 euros
HAIR CUT: 15-20 euros
DAILY CAR RENTAL: 42 euros
3 DAY CAR RENTAL: 120 euros
HOTEL: 60 euros
HOSTAL: 20 euros
CLOTHING:
Levis: 90 euros
Benneton t-shirt: 20 euros
COMPACT DISC: 15 - 20 euros
CELL PHONE: 70+ euros