Money Matters

The program fee for all Smith programs is the same as the Smith comprehensive fee. Expenses not included in the fee are your own responsibility (see Part A: Fees and Expenses). Such expenses include U.S.-based primary health insurance (see Health Insurance section below), international airfare, books and supplies, passport and visa fees, and personal expenses such as medical expenses, toiletries, phone calls, entertainment, personal travel, and dining out.

Smith uses a paperless E-bill system; paper bills are not sent by mail. You or the authorized user whom you designate will receive automated emails when new billing statements are available, approximately one month before payment is due. Please see the Student Financial Services webpage “Guide to Fees and Payments” for more information about billing and payments at https://www.smith.edu/about-smith/sfs/billing-payments.

Guest students whose home institutions pay part or all of their study abroad costs are responsible for understanding these arrangements, and for giving “authorized user” status to the appropriate person at the home institution.

For questions about Smith financial aid as it relates to study on a Smith Program Abroad, please visit Student Financial Services at https://www.smith.edu/about-smith/sfs/off-campus-study.

Smith College does not provide financial aid to students from other institutions. If you do not attend Smith but wish to participate in a Smith program, please discuss the matter with the financial aid office at your own institution.

For the time you will be abroad, you might consider giving financial Power-of-Attorney (POA) to a parent or trusted friend, so they can manage your financial transactions on your behalf such as signing financial aid applications while you are away

To obtain cash abroad, you may wish to use an ATM card linked to your U.S. checking account. Most U.S. banks charge transaction fees for this service, but ATMs do offer the most favorable rates of exchange. Be sure to budget for these fees. You should not carry large amounts of cash, but avoid taking out small withdrawals as you are charged a fee per transaction. You might consider making one withdrawal, for example, one for the equivalent of $100 rather than two of $50.

Ask your own bank how much they charge for cash withdrawals overseas and whether they limit the amount you can withdraw per day or per transaction. The Bank of America, with several branches in Northampton, waives its ATM fees for banks in the Global ATM Alliance; you might wish to open an account here. On the Bank of America website there is useful information about making payments overseas: http://learn.bankofamerica.com/articles/money-management/how-to-pay-when-youre-traveling-abroad.html

Some important helpful tips for managing your money abroad are the following:

1. If you don’t already use online banking, your term abroad is a good time to sign up for online access so you can easily manage your U.S. account from abroad.

2. It is important notify your bank and your credit card company that you will be abroad for the year as banks will sometimes block unusual or foreign transactions.

3. Make sure that your PIN will work internationally (ATM machines often have only numbers, not letters), and write down your various access codes in a safe, private place.

4. You will want to instruct your family how to make deposits to your U.S. account, for health insurance reimbursements or in case of emergency.

We also recommend having a credit card as an alternative financial resource. While most Europeans use debit cards for everyday transactions, credit cards can be useful for major purchases such as airline and train tickets. (Visa and MasterCard are more commonly accepted in Europe than American Express.) Most credit card companies permit cash advances from a bank or an ATM machine (if you have a PIN), but interest rates for such advances are extremely high. Before leaving, after informing your credit card company that you will be in Europe for the year, you should arrange for online statements, as at your bank, in order to manage your account and make payments from abroad.

Please read the specific information regarding money that is provided in the material for your own program.

Exchange Rates and Budgeting
Fluctuating exchange rates make advanced financial planning difficult. To allow for fluctuation, you should slightly overestimate the expenses you are likely to incur while abroad. Bookmark an exchange-rate calculator such as www.oanda.com and become familiar with current rates, keeping in mind that what you see online are usually bank-to-bank rates, which are more advantageous than what you will experience. You will soon be able to think in euros, and will be able to forget about dollar equivalencies. If possible, try not to focus too much on the price of specific, small items; attempt, rather, to modify your spending habits in order to remain within your budget.

Life in Europe, generally speaking, is more expensive than it is in the U.S.—but this does depend on personal spending habits. As a rule, you should understand that in Europe you will spend at least as much per week as you do in the U.S.

As a student on the Smith College program, you are eligible to apply for an International Experience Grant. Smith students may also apply for a Blumberg Traveling Fellowship to conduct summer research projects in their host country or region. For more information, see https://www.smith.edu/about-smith/study-abroad/summer-interterm#blumberg

Many students remain in Europe after the academic year to pursue an internship. Some of the Smith Programs Abroad centers have contacts, but you should be prepared yourself to do the legwork necessary to find an internship. Smith College offers International Praxis funding for internships abroad; guest students may have similar funding support from their home campuses for unpaid summer internships or research.