Undergraduate Study
Abroad Program

Financial Matters

Tuition installments being paid by wire transfer (bank fees not included) should be sent to:

  • iban  IT47W0103014216 0000632277 69
  • swift  PASCITM1J26
  • account number 632277
  • bank Monte dei Paschi di Siena, Agenzia Piazza Tolomei

Please remember that:
a) You must declare the name of the applicant on the wire transfer;
otherwise we have no way of checking what is coming from whom;
b) Bank expenses must not affect the total amount due to the Siena Art Institute.
If we receive less than the stated amount, we reserve the right to collect the difference
when the student arrives in Siena.

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 can come with you to the bank and will assist you with the process.
If you decide to bring your 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 SAI.

Credit Card
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.

Withdrawal Policy Semester Program
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

Exchange Rates
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.

Payment Plans
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
administrative office at finances@sienaart.org to explain your situation.

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