Going Abroad? Beware of Money Mixups and Currency Regulations

Students who go abroad this summer may be subject to unnecessary delay unless they are familiar with the customs regulations of each country they visit, Gerald J. Downing, Manager of the Foreign Department of the Harvard Trust, said yesterday.

To save College tourists from the inconveniences which confront the erring border-crosser, Downing released several warnings about import duties and currency exchanges.

Government Sexs Limits

Every country allows the traveller to bring in, duty free, all the personal belongings he needs to enjoy his vacation, as well as a reasonable number of gifts for relatives and friends. There are no restrictions on the amount of goods which can be taken from a country, but the traveller is just allowed, to bring $400 worth of foreign purchased merchandise into the United States duty free, and then only if he has been out of the country at least 12 days. Anything over this amount will be taxed the regular import duties. Last year the government imposed a $100 maximum on foreign purchases.

Downing holds that a knowledge of the exchange regulations and currency values of each country in which the student visits is a sure way to save money and avoid trouble at the customs office. Since American money brings considerably more than par value on the black market in certain countries, currency regulations require tourists to show customs inspectors how much they hold in travellers' checks, dollars, and local currencies, wherever they cross a border.

Two Exchange Rates

At the present time, there are two rates of exchange in most countries--the official government rate and the free market rate. These two rates vary considerably In France, for example, the official rate is now 214 francs to the dollar, while the traveller's rate runs about $18 francs to the dollar.

In many cases, it is to the prospective tourist's advantage to purchase foreign currencies in this country before venturing abroad; but the traveller should still know the foreign regulations before buying the currency at his bank.

A student going to France is permitted to carry 20,000 French francs, but a traveller entering Belgium is allowed unlimited amounts in Belgian francs. a tourist going to Ireland can carry unlimited amounts of Irish currency, but only five pounds in English money; yet both currencies circulate in Ireland with equal value.

Since these regulations are subject to frequent change, Downing urges students to keep informed of any new revisions through their local bank.

The statistics in the box give the official exchange value in various foreign countries and the present rate if the money is purchased in the United States. Foreign currencies can be purchased at the Harvard Trust at the going U. S. market rate. Downing will be glad to help students planning a summer abroad work out their monetary exchange problems. Comparison of Official and Free Market Rates In National Currencies Per One United States Dollar.   Official Bank Rate  March 15 Rate in the U.S. Country Austria (shillings)  10  30 Belgium (francs)  46.8  49 Czechoslovakia (koruny)  50  600 Finland (markkas)  135  400 France (francs)  214  370 Italy (lire)  575  650 Netherland (guilders)  2.6  4 Spain (pesetas)  10.5  31 Switzerland (francs)  4.28  3.98 Countries In the Sterling Block England (pound)  $4.03 1/2  $3.35 Ireland (pound)  4.05  3.60 Egypt (pound)  4.15  2.80 S. Africa (pound)  4.03 1/2  3.25 India (rupee)  .3030  .24