Strolling down the streets of Aix-en-Provence, France, with a baguette in her hand, Maryellen Fenton ’09 heard a clank – a two Euro (?) coin fell out of her bag and rolled on the pavement.
“Nooo,” yelled Fenton as she chased after it.
With the American dollar hitting an all-time low and the Euro an all-time high, Fairfield students studying abroad in Europe are more cautious about spending their money.
The exchange rate can create a problem for students who want to experience the culture their host country offers and travel to nearby countries, but simply can’t afford the high prices.
“On one hand, you’re traveling and you think, ‘I have to live it up, try the regional foods, drinks, traditions,'” said Fenton. “But then the other part of your brain is telling you that yeah, maybe you should, but in the cheapest way possible.”
Two years ago, if students exchanged $100, they would get 85 ? back. Now, they only get 68 ? for $100. The cost of living in Europe is not any cheaper than in the United States.
“It’s really hard to look at a price tag and not think in dollars,” said Catarina Maia ’09, who is currently studying in Madrid, Spain. “That cute shirt for only 20 ?? Yeah right, more like close to 30 [dollars].”
High exchange rate charges will also hit your checking account pretty hard. It is recommended that students find banks in their abroad destinations that are partners with their home banks, because using these banks will incur fewer charges when they withdraw money from these ATMs.
“We always just try to take out a large amount of cash from the ATM when we go so we don’t get hit with a bunch of bank charges and exchange rate charges,” said Maia.
The Euro exchange rate has created a mixed response on campus. Some students are changing their plans to visit Europe, some are deciding not to study abroad at all and others remain unfazed.
“I’m not really worried because I have this really great bank – it’s called my parents,” said Kimberly Grzybala ’09, who will be studying in Spain next semester. “I might be indebted to them forever, but at least I won’t run out of money.”
However, not all students have that financial security.
Fenton recalled how some students unknowingly spent a lot of money the first few weeks and are now paying the price, or unable to pay the price in many cases.
Academic Adviser for Study Abroad Iris Bork-Goldfield advises students to plan ahead as much as possible.
She recommends they purchase an International Student ID Card (ISIC) before they leave, which makes the majority of museums and theaters free or heavily discounted.
The Euro-rail pass is also a good way to save money. Traveling does not need to be expensive; it is possible to fly from one country’s capital to another for only a few Euros.
Kira Greenwood ’09, who is currently studying abroad in Spain, said the exchange rate doesn’t necessarily prevent students from traveling.
“I haven’t had to really adjust my travel plans, but we do try to stay at the cheapest hostels,” she said.
Bork-Goldfield said she hasn’t noticed the exchange rate influencing students’ choices of destinations. She believes that while the high exchange rate will affect some aspects of study abroad, it is still very manageable.
“It might affect their [students’] ability to travel through Europe, but the program is being paid for through Fairfield anyway, so the academic part should not be a problem,” she said. “However, students may need to be savvy in the sense of how much they can eat out and in buying presents.”
“You can’t really grasp the amount you’re capable of going through until you actually get over there,” said Fenton. “You can think you’ll be careful, but the truth is, you’ll be surprised.”
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