Camino de Santiago de Compostela

[Thetravelingfamily]

Hello All!

We are leaving in two weeks for St. Jean. Wanted to see what others were doing in order to prepare their money...

Rates are high here in USA to exchange before we leave and out bank charges 3.5% plus $5 per transaction. Any ideas to get a better exchange rate?

All the best!
Mandy

[mralisn]

Hi Mandy, I have been traveling for several years now and have used nothing but ATMs. I find this to be the most practical for me. Especially on the Camino, it is usually not a problem, and you'll learn some banks may charge and other don't. I simply find an ATM in the airport/train station/nearby when I arrive and even buy a little something to make change for bus if needed. I would add to make sure to have money over the weekends by taking money out on Friday during bank hours. This way, if for some reason your card gets "stuck" in the machine, you can get into the bank to retrieve. I know of occasions when other have tried to withdrawal over the weekend and have to wait until Monday morning when the bank opens to get the card back. This goes for holidays as well. I can't stand paying the service fee to my bank for getting my money, but it really does give me a piece of mind and ease. As for exchange rate, I have always found ATM to be the best as well.

Does this help?

Keep a smile,
Simeon

[falcon269]

Inform your bank of your travel dates and countries, or they may reject your ATM transactions! There does not seem to be a way around the fees. One is for the ATM you use, the other is from your own bank. Charles Schwab will reimburse the ATM fee. Otherwise, you can minimize the fees by making as few transactions as possible. Avoid airport and currency exchange places. They are the most expensive way to get Euros.

[miamijhp]

I always take 400 euros cash (exchange at Chase)(at this time the exchange rate is around 1.33 last year was 1.43 no extra charges), And also use two credit cards (I call the bank before leaving and tell them where I will be for the next 2-3 weeks) Never a problem

[oursonpolaire]

Some financial institutions will waive the fees or reduce them, on request. However, expect to be persistent with them, as the fees are an incredible source of revenue for banks-- it might not be worth the aggravation of a half-day spent on the telephone arguing. However, if you are a substantial customer of the bank (or your employer is), they are known to be flexible.

Many customer plans (my credit union offers one called Silver Service, for the ancient and the retired, such as myself) waive charges for foreign exchange, so that might be another possibility. Foreign exchange booths at airports are likely the worst possible places in terms of charges, so get your cash from your bank. Smaller branches often need a few days notice as they don't always have euros on hand.

In all cases, make sure that you inform them that you will be overseas, giving them countries and dates. Many banks and credit card companies have been known to assume out-of-country expenses are fraudulent and cancel the cards automatically.

[fraluchi]

Wanted to see what others were doing in order to prepare their money...

We change some dollars in Euros before we leave for Europe, and use ATMs along the Camino for the necessary funds as we go. We found that not all banks change US$ and some that do seem to have a lengthy procedure.
Buen camino!

[wdbillingsley]

Rates are high here in USA to exchange before we leave and out bank charges 3.5% plus $5 per transaction. Any ideas to get a better exchange rate?

Change banks! The larger the bank, the more they eat you up with fees. Smaller, local banks and credit unions usually have fewer, smaller fees. My local bank allows 4 no fee ATM withdrawals a month with no fee...anywhere in the world and no additional % charge. After that their fee is still smaller than the large banks and still no % charge for currency exchange. We have done this in Spain and many other countries with no problem. We don't get money changed before leaving the US since that is the most costly but if you must, get it through your bank, not at the airport!

[Yallah]

Totally agree with others. Don't change any money before you come to Spain. Bring some US dollars as backup "just in case" cash ($200?) and use ATMs to withdraw euros. Let your bank know that you'll be abroad. I have two ATM cards, one has no service fee and the other is $2 per withdrawal. ATMs give the best rates and should have minimal services fees (<$5).

A credit card can be handy too (albergues and small shops/bars operate on cash only, but hotels, big grocery stores, pharmacies, etc. accept credit cards). Be aware that most US credit cards charge a 3% currency conversion charge so you might look for one that does not charge this fee (I use Capital One and Chase Sapphire).

[grayland]

Rates are high here in USA to exchange before we leave and out bank charges 3.5% plus $5 per transaction. Any ideas to get a better exchange rate?

Strongly recommend finding a nearby credit union and open an account with at least enough funds to see you through.
Most credit unions today are open to most anyone.
Most credit unions will not charge a fee.
Most credit unions exchange rates are among the best.
You can save a pretty substantial amount of money this way.

[falcon269]

If you spend $1,000 and save a 3% exchange fee, you have saved $30. The ATM fees at $5 each will be about $20 for four withdrawals. I have not found anyone who does not charge an exchange fee, but maybe a credit union will. As to big savings, you probably won't find them in currency exchange (except for avoiding airport currency windows). Drink one less beer a day and really save big!

[ouroboros]

What about the Travelex Money cards...does anyone use them?
If so, why or why not?

[Carol06]

I walked the Camino in May and early June this year, I used a Travelex card for all my cash withdrawals and never had a problem. The only difficulty was that the ATMs would not tell me the remaining balance so I had to keep a tally of my withdrawals. Of course, you can check your balance online if necessary. One advantage of using Travelex is that you can buy your Euros when the exchange works in your favour.

[julie]

I've been using these cards for a couple of years now and am very pleased with the system. It is easy to load money onto your card (when the exchange rate is favourable of course) though, as Carol mentioned, you need to keep track of your withdrawals because the receipt does not give your account balance.

There was a pleasing change to the fee structure this year - no ATM fees.

I also used my Travelex Cash Passport to buy train tickets from the machines in France (much faster than lining up in a queue). I don't know about US credit cards but my Australian-issued Visa card doesn't work in them.

[adesmar123]

Look at the "ATM in Spain" topic....

el-camino-frances/topic14876.html

There is more on the topic there...

[annakappa]

I don't know how things are now, but a few years ago, we tried in vain to change a few dollars that we had with us. The ruling was that we would have to wait 24 hours to have them cleared ( not possible of course on the Camino) and we finally found a bank in Leon who was willing to change over the counter. Anne

[DAuntDeb]

I always exchange some currency before leaving the home country. This is one less thing I have to due upon arrival and reduces some arrival stress. I have local currency for transportation to hotel or whereever and can grab a bite to eat etc.

I go to the local AMEX office which is significantly cheaper than the airport and if you are a cardholder, there is no transaction fee.

[adesmar123]

Please please look at the transaction before you think that AE is giving you a good deal. They may charge no fees but what is the exchange rate? You should be getting around $1.22 - $1.24 depending upon the day. Is that what AE is giving you?

[Anniesantiago]

I highly recommend Charles Schwab's online bank.
They charge NO fees for money exchange and reimburse you for any ATM fees.
I used my card all the way across the Camino in May with no problems whatsoever.
You can apply online and transfer your travel cash into the bank.
If you have a Schwab in your town, you can do it in person.
Customer Service is EXCELLENT - I've never had to wait long for a human to talk to.

[DAuntDeb]

An exchange rate of 1.22- 1.24 sounds like a wholesale rate. I've not run across anyone who will retail currency at that rate but if you can get it, more power to you. AMEX has worked well for me

[falcon269]

An exchange rate of 1.22- 1.24 sounds like a wholesale rate. I've not run across anyone who will retail currency at that rate

For the fun of it (since I cannot do much about exchange rates), I always compare the rate on my ATM withdrawals with the "official" exchange rate when I am back home. The exchange rate has always been at the official rate (the bid rate normally), so you do get the "wholesale rate" at an ATM. You will rarely (or never) get it at airport currency exchange booths, AAA, or AmEx. That is why the lowest cost overall for exchanging currencies is with an ATM card from an institution that refunds the ATM-host bank's transaction charge. My USAA and Charles Schwab accounts both do that, and First Republic, a subsidiary of Bank of America, does as well.

[adesmar123]

I agree. ATM's for the most part are the "wholesale" rate for everyone. . It sounds like the banking industry has people believing there is a wholesale rate. How better to convince individuals they are better off using the banks and getting really good rates.

Some people like paying for perceived services. Some people are willing to find ways to avoid the fees that go with perceived services, To each his own....

Buen Camino

Alan

[Vincentayd]

On my walk across the Camino Frances, I arrived in Madrid with 100€ in my wallet.Thereafter I would use bank ATM's for €'s as needed, mostly I would withdraw $200 or about €145 at a time. This would last me about a week, albergues, breakfast , bocadillo and beer at middle of day and pilgrim menu each evening. Plenty of bank machines in cities and smaller villages along the path. I hope this will be of help, Buen Camino,
Vincent