Chapter 9: Money Matters

Arriving in Italy with Money

The Euro is now in use in Italy. You can check the exchange rate at the following website: http://www.xe.net/currency/. If you intend to travel outside of Italy during your stay, the Euro will make life a little simpler, since most European Union countries also use the Euro (Switzerland and Britain are exceptions). We suggest that you change about $200 into Euros before leaving the U.S. If there's an American Express or Thomas Cook office near you, you can change currency there. Otherwise, you can do it at JFK airport, or in Italy upon arrival at the airport.

ATMs

We recommend using ATM machines as the easiest way to get cash while abroad. Machines are centrally located in all European cities. You get a good rate of exchange, and they're very convenient. There are some important caveats, however:

1. Check with your bank that your ATM will work abroad.
2. Make sure you have a numerical PIN number. Alpha PINS sometimes don't work abroad.
3. Find out what service charges apply. Some banks charge $1 per transaction; others charge $7.50. It might be worth opening a new account.
4. Read the ATM's information when you make a withdrawal to be sure that additional charges aren't tacked on.
5. Be sure your money is in your CHECKING account. You usually can't withdraw from a savings account.
6. As always, be careful who's around when you're making withdrawals.

Traveler's Checks

They're an old standby, and we suggest you have some for emergencies. You tend to get a less favorable exchange rate on traveler's checks. Be sure to use them correctly... keep the checks separate from the register, and record all checks. The American Express office is conveniently located in central Florence on Via Dante Alighieri. Be sure to show them your International Student ID card, which will give you a better exchange rate. If you don't have the card, mention that you are a student, and ask if they have a discounted rate. Unless the cashier is having a bad day, he or she should give it to you.

Credit Cards

It's a good idea to bring one, especially as a back-up in case the ATM machine "eats" your card. The most recognized cards are Visa and Mastercard, with American Express usually accepted. Leave the Discover card at home. Italians operate mostly on a cash basis, so try to avoid paying small bills with credit cards. Don't assume that restaurants or bars will accept credit cards; check before ordering!

Be sure to call your credit card company before leaving home; tell them you will be in Florence for the semester or year, so that they don't block your card when charges start showing up from Italy!

Personal Checks

Do not expect to cash personal checks. Personal checks can be cashed at the American Express office if you have an American Express (NOT Optima) card. Most businesses will not accept personal checks; they expect either cash or credit cards.

Sending Money from the U.S.

How can your family send you money? There are at least two safe ways to send money abroad; a Bank Money Order by Fedex or DHL; or use the American Express service 1-800-MONEYGRAM. For both ways, you will need your passport to collect the money.

Grocery/Spending Money

Aside from travel, food will be the major expense for most students. We find that students get along well on about $150 per week for groceries and "walking around" money. This amount is more than sufficient if you plan to cook most of your meals and supplement those with affordable lunches of pizza or panini (delicious, inexpensive sandwiches available everywhere). Of course, if you want to eat out at restaurants every night you will have to dig a bit deeper to finance your lifestyle. Likewise, the $150/week will not cover shopping sprees or travel. What it should do is keep you in pencils, toothpaste and more than enough groceries. Food may be slightly more expensive in Florence, but the quality is extremely high, and making your own culinary discoveries will be part of the total experience.

Budget yourself and carry just enough Euros to use daily. Withdraw from your ATM account or change travelers' checks by the week. For travelers' checks, the best rates are usually at the banks. Check the exchange rates frequently to get the best deal. If you're in a hurry, you can find money-changing booths at train stations and on the street, but these don't offer the best rates.

Eating in Florence

As we mentioned, we recommend that you prepare most of your own meals; you'll save lots of money that way. You can buy everything you need to stock your kitchen nearby - and shopping itself is a way to enter life Italian style!

Know those giant mega-supermarkets in your hometown, where you can buy everything from lobster to plumbing supplies? Well, those just don't exist in Florence. However, we know you'll enjoy shopping - every trip will be a cultural adventure. Need bread? There's a fornaio (bakery) nearby with many mouthwatering varieties. Fruit and vegetables? Try your neighborhood fruittivendolo. Milk and yogurt? Go to the latteria, and then swing by the macelleria for tonight's meat. If you're not in the mood to cook, try a rosticceria, which is sort of like Boston Market...roasted meats and sides. Finish up with an ice cream cone from a gelateria.

You don't have to buy each food item individually, of course, but it can be fun. There are many small supermarkets around Florence where you can buy all your food in one place. But to get the real Florentine experience, be sure to visit the Mercato Centrale regularly. This is a large building full of individual stands. Downstairs you'll find meats; upstairs, produce. Prices are excellent, and shopping here is very enjoyable. You can get an espresso, a delicious, inexpensive lunch, and fresh ingredients for the week's culinary adventures. Mercato Centrale is located at the end of via Sant' Antonino, near the San Lorenzo Church. Get there early - it closes at 2 pm!

There are also large supermarkets, including La Standa on via Pietrapana, a few blocks from the school. You can get prepared foods, as well as groceries and household necessities there, too.

Affordable meals can be had at a number of places. The most common place to pick up a sandwich is a bar - which is not like bars in the U.S. Alcohol is not the main thing here. While they do serve drinks, there are more commonly neighborhood meeting places where snacks, sandwiches, coffee, and other items are sold. There's one in nearly every block, so you're never far from a quick, inexpensive meal. There are also pizzerias and paninotecas (those sandwiches again) and tavola calda (hot tables) where you can pick your food, something like a cafeteria, and sit down to eat your meal without additional charge.

If you go to a regular restaurant where you are served, you can expect to pay quite a bit more for a meal. Be sure to check and compare prices before committing yourself to a restaurant meal, since you can spend a lot of money this way. But you cannot beat Florentine cuisine for excellence, and you will soon develop favorites among the hundreds of trattorie and ristoranti.

Travel Expenses

Most students look forward to traveling during their semester abroad. Of course, travel is a big part of the study abroad experience. However, it should not overshadow the real reason you decided to participate in this program: to learn more about Italians and their culture. We suggest that your first priority should be travel within Italy! You have a once-in-a-lifetime opportunity to become intimately acquainted with a country and its people, and Italy has so much to offer, from ski resorts in the north to sunny beaches in the south. The character of its cities and people vary with the geography.

Travel costs can mount up quickly if you try to do the "Grand Tour" of Europe, and most students who've tried this find that they spend far more cash than they'd planned. You can plan on spending about $3000 on travel if you choose wisely, far more if you don't.

Eurail Passes

Eurail Passes can be a valuable asset to the student traveler who is criss-crossing Europe. But for students who plan to travel outside Italy once or twice during their stay, the value tends to decrease. Eurail Passes can be purchased in the United States from statravel.com, AAA, or at any local travel agency. Eurail Passes come in many types, and can cost a lot of money. Therefore, start thinking now about how much traveling you intend to do before, during, and after your semester in Italy. Will your travel plans be better accomplished by air travel? These days, discount airlines can be a lot cheaper than travel by train. Since you may not be able to plan this far ahead, we recommend that you wait until you get to Italy and get an idea of how much traveling you plan to do (and when), and then ask a friend or family member at home to buy you the Eurail Pass and send it to you. Before committing to a Eurail pass, remember that some countries (including Italy) have rail deals for travels within that country... and those deals could well make a Eurail pass unnecessary. Before going, do a little research. Take a look at Rick Steve's Eurail website to help you understand your choices.