Chapter 9: Money Matters

Arriving in Ireland with Money

The Euro is now in use in Ireland. You can check the exchange rate at the following website: http://www.xe.net/currency/. If you intend to travel outside of Ireland 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 Ireland 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, 4-digit PIN number. Alpha PINS and 6-digit 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.

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. Irish operate more 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 and bank before leaving home; tell them you will be in Ireland for the semester or year, so that they don't block your card when charges start showing up from Ireland!

Personal Checks

Do not expect to cash personal checks. 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 at the NUIG cafeteria or around town. 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 Galway, but the quality is good, 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 Galway

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 - Galway has small food shops as well as supermarkets.

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 Ireland. But you'll find Irish supermarkets pretty similar to smaller grocery stores in the U.S. Here's a partial list. 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 cafe or cafeteria, common around town. You'll find that Ireland, too, is discovering international cuisines, so Italian, Chinese, Japanese, and Mexican foods are available, among other cuisines. Pizza and burgers are everywhere. You'll also find traditional Irish foods, from bakery items to the "fry-up", a high-cholesterol breakfast including eggs, sausage, fried bread...not necessarily healthy, but cheap and filling. There are also fine restaurants, vegetarian options, and plenty of variety.

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 the Irish and their culture. We suggest that your first priority should be travel within Ireland. You have a once-in-a-lifetime opportunity to become intimately acquainted with a country and its people, and Ireland has so much to offer, from outdoor activities to culture and performing arts to fascinating cities and lovely villages.

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 Ireland 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.