PB Financial Matters
You can bring cash to Siena in:
* ATM cards (i.e. check cards or debit cards. You can use them here to take out money)
* Cash (in Euros)
* Traveler’s Checks (in Euros)
* Traveler’s Checks (in Dollars exchange for Euros)
We strongly suggest using your ATM card to withdraw the money at a bank in Siena. This will avoid any exchange rate fluctuation and you will not have to pay the bank fees charged to change money and/or the fees for cashing traveler’s checks.
We recommend that you check with the bank associated with the ATM card:
* to know your daily withdrawal limit, and If it is possible to raise it so that you can withdraw the entire amount of the second installment all at once;
* to let them know that you are going to be abroad and will be using the ATM card to
withdraw money (so that they do not block it as a security measure).
A member of the Siena Art Institute staff will come with you to the bank and will assist you with the process.
If you decide to bring the money in traveler’s checks, be aware that the bank charges you a fee on each check cashed, plus a percentage on the amount of each check. Therefore, plan in advance to get traveler’s checks in the highest denomination possible.
Fees applied by the bank and any fluctuation of the exchange rate must not affect the amount in Euros due to The Siena Art Institute.
Italian Bank Account:
We definitely advise our students to avail themselves of the special opportunity our bank
offers to students and short term residents. It is now possible to sign up for a pre-paid card that can receive wire-transfers from abroad (so long as each transfer does not exceed
5,000.00 Euros). This avoids having to pay a fee each time a student uses an ATM card,
and also ensures that once the money is received on the card it is and remains in Euros,
which is the currency used all over Europe. This will also avoid the hassle of continuously
having to think about exchange rates!
Be sure you talk to your bank before going abroad to confirm that your credit card/ATM card will work outside of the US. Discuss your daily withdrawal and spending limits, and withdrawal fees, to make sure you are clear abouts the terms of service. Notify your bank of the dates and location of your travel to protect your card from fraud.
Be sure you are clear about how you may contact your bank while abroad.
As US 1-800 numbers do not always work from abroad, ask you bank if there is a regular telephone line with area code to reach customer service, in case of urgent communication.
A customer service email is useful, too.
Semester Program Withdrawal Policy:
If the Siena Art Institute Administration receives written notice of an official withdrawal a month before the first day of classes the whole amount of tuition already paid will be refunded (this does not include the non-refundable deposit). If the Siena Art Institute Administration receives notice of a withdrawal any time between 29 and 1 day before the beginning of the semester the student will be responsible for paying a withdrawal fee of 2,200.00 €. If a student officially withdraws within the first week of classes, refund occurs on the following schedule:
Week Total Cost
1-2 60 %
3-4 40 %
No refund possible after week 4
The last few years have seen the exchange rates constantly fluctuating between Europe and the US. For this reason, we strongly advise all students to buy a prepaid card and put however much they envision spending on it before departing.
The Siena Art Institute is very attentive to financial matters that may impede students from coming abroad. Should you be under severe financial constraint, it may be possible to create a personalized method or plan of payment. If this is the case, please contact our financial staff at firstname.lastname@example.org to explain your situation.