Euro's and Dollars

[lookingforward]

I am wondering if people carry a lot of cash with them. I am basically a cash person and while I have credit cards I am not crazy about using them. So what I'm thinking (and value your opinion on the subject) is to go ahead now and start buying a couple hundred $ worth of Euros now while the rate is lower this year and put in my camino piggy bank- I'm going to need to get them sooner or later anyhow and since there will surcharges at the ATM and exchange rates to deal with later...this may actually be a savings - what are your thoughts? Anything I'm not considering? There isn't a big chance Euros will disappear and we will go back to the Franc or peseta is there? Even if the rate goes down, I'm not planning on carrying 1,000s with me and the change may be what it would be with the ATM charges right?

 

[scruffy1]

ATM surcharges and exchange rates count for zip if you misplace your wallet, your money is stolen, or you walk off and leave it on a counter somewhere. I always carry about 250 Euro maximum, split it between two separate places, my wallet and another pouch, two credit cards same split, and when my cash goes below 50 Euro, go to an ATM to reboot. No headache and no worry - there are more than enough positive things to think about all along the Camino without adding unnecessary concerns of money.

 

[SYates]

I am wondering if people carry a lot of cash with them. I am basically a cash person and while I have credit cards I am not crazy about using them. So what I'm thinking (and value your opinion on the subject) is to go ahead now and start buying a couple hundred $ worth of Euros now while the rate is lower this year and put in my camino piggy bank- I'm going to need to get them sooner or later anyhow and since there will surcharges at the ATM and exchange rates to deal with later...this may actually be a savings - what are your thoughts? Anything I'm not considering? There isn't a big chance Euros will disappear and we will go back to the Franc or peseta is there? Even if the rate goes down, I'm not planning on carrying 1,000s with me and the change may be what it would be with the ATM charges right?

No, I think we will keep the Euro ;-) You might also looking into cards by http://www.schwab.com as they seem not to have any charges, and even refund charges caused by other banks. Carrying a big amount of cash is a security risk - what will happen to your Camino if you lose it? Buen Camino! SY

Edited to correct link!

 

[ManyMiles2Go]

I would not want to carry a lot of euros, maybe 300 at most. When we went, we got a Charles Schwab debit card. They will reimburse you for all ATM fees at the end of the month. It was a great choice for overseas banking. We only kept what we thought we would need in that account, so it wasn't tied to any of our other checking/savings accounts.

 

[naplesdon]

The best answer I can give is to carry no more than 300 to 500 euros on your person. Always keep the money and any other valuable with you at all times, plastic bag in the shower, etc. The ATM surcharges shouldn't be your first concern and the way the euro is fluctuating lately you could find it might work to your advantage. You're going to be paying an exchange fee whether you buy euros overseas or get them from an ATM. It's gone from 1.05 to 1.13 in the past few weeks.
The ATM's are ever present but the caution is to make sure to use them during banking business hours in case the machine eats your card. It can happen. BTW Monday is a banking holiday.
You should budget 30 to 60 euros per day for your daily expenses based on your life style and I would suggest never let your wallet go below 100 euros.
It would take some major global event to see the euros disappear sometime in the next 12 month, so I would worry about that.

 

[Peter Fransiscus]

I am wondering if people carry a lot of cash with them. I am basically a cash person and while I have credit cards I am not crazy about using them. So what I'm thinking (and value your opinion on the subject) is to go ahead now and start buying a couple hundred $ worth of Euros now while the rate is lower this year and put in my camino piggy bank- I'm going to need to get them sooner or later anyhow and since there will surcharges at the ATM and exchange rates to deal with later...this may actually be a savings - what are your thoughts? Anything I'm not considering? There isn't a big chance Euros will disappear and we will go back to the Franc or peseta is there? Even if the rate goes down, I'm not planning on carrying 1,000s with me and the change may be what it would be with the ATM charges right?

Hi, I carry about 400 euro and when it's going under 100 euro I make a cash redrawl of 300 euro. You have always money and not to much. Buen Camino, Peter.

 

[lookingforward]

Thanks everyone - that issue is settled! Now that I think of it, my trip this past year to the Holy Land and Rome I used my Capital One and they didn't charge me for the ATM - Thanks for helping me to decide on that! You guys are great!

 

[SYates]

... When we went, we got a Charles Schwab debit card. They will reimburse you for all ATM fees at the end of the month. It was a great choice for overseas banking. We only kept what we thought we would need in that account, so it wasn't tied to any of our other checking/savings accounts.

That is the one I meant! Mega-oops! I corrected my link above. SY

 

[ebrandt]

I want to join the chorus and emphasize that you DO NOT want to carry lots of cash. Its just to tempting for theft and too easy to lose.

We rarely used our credit card although I have one with no Foriegn Transaction Fees. Most of the places you will be are small rural bars, shops and albergues. They do not take credit cards.

We got cash from ATMs. The CSJ Guide is good at letting you know which town have them and which don't if you are concerned about getting stuck short of cash. Our credit union does not charge ATM fees. Many Spanish banks do not charge ATM fees. We quickly figured out which ATMs were free (sorry I can't remember now!) and used then. Our credit union did not charge FTFs on debit transactions. The bottom line is that we almost completely avoided ATM charges and transaction fees. Talk to your bank and shop around before you go.

We would get about $300 at a time. We each kept 20 euro in an accessible location (have to be able to buy that cafe con leche and vino tinto!) and the rest was in a money pouch under my husband's clothes.

The exchange rate is likely to fluctuate a bit because of the continuing instability in the Euro zone. But as SY has said, a 10% =/- change is a small price for the security of not carrying lots of cash!

Liz

 

[naplesdon]

I forgot to mention when you do an ATM w/d opt for the smaller bills. In many of the small towns spending a 50 euro note is a bit of an issue.

 

[november_moon]

If you do want to get 300-500 euro now to have to start out with, I don't think that's a bad idea. Some people feel more comfortable that way, knowing that they won't have to hit the ATM as soon as they arrive in Spain. Others are totally fine showing up with no local cash and going straight to the ATM when they arrive. I always carry 2 ATM cards to 2 different accounts plus a credit card that I can use for a cash advance in an emergency - just in case there is a hiccup with my cards. I got to Spain once and found that my primary ATM card wouldn't work, but my 2nd card did, so I got cash and it was all good. I called the bank to see what was up and they had blocked my card due to unusual activity (i.e. using an ATM in another country - even though I had called them ahead of time to tell them I was going to Spain). They unblocked my card and it worked fine the rest of my trip. Hiccups do happen.

 

[Rambler]

I would ditto the Charles Schwab card. It gave me piece of mind to know that it was a separate account that was not at risk of fees, yet still had a good exchange rate.
Also note that American Express is not widely accepted in Spain, so make sure it is not your primary credit card.
I always have enough Euros to get from the airport to my destination, just to not have to worry about finding an ATM immediately.

Rambler

 

[mspath]

Whatever card or cards you carry and whatever your budget while walking DO carry 'emergency funds' hidden either on you or within your backpack; a few 50 euro bills would be a good cushion. Anything larger might be hard to break in a small town. ATMs can run dry on holiday weekends or cards can be 'eaten' by machines thus it can be very reassuring to know that these emergency funds can pay your way.

 

[SYates]

Oh, and just for the record - do forget about traveller's cheques here in Europe! Extremely few places will accept/change them. Buen Camino! SY

 

[rector]

One word of warning a few years ago in Andalucia two ladies of a certain ethnicity approached my wife and I with flowers that they were selling, I am an ex police officer and yet they managed to remove €80 from my wallet and I did not feel a thing. Last year just outside Ponferrada we met two ladies of similar ethnicity who were wanting us to sign something we gave them a wide berth (for the ethnicity check the film The Way) This Jack from Ireland does not carry too many euros now and anyway the Euro may still have some downward travel left in it. If you are going next year we may meet we are planing number three.

 

[lookingforward]

One word of warning a few years ago in Andalucia two ladies of a certain ethnicity approached my wife and I with flowers that they were selling, I am an ex police officer and yet they managed to remove €80 from my wallet and I did not feel a thing. Last year just outside Ponferrada we met two ladies of similar ethnicity who were wanting us to sign something we gave them a wide berth (for the ethnicity check the film The Way) This Jack from Ireland does not carry too many euros now and anyway the Euro may still have some downward travel left in it. If you are going next year we may meet we are planing number three.

well if we met, I will not be the woman crying that all her money was stolen. I received enough info here to make my mind up quick. But now I'm nervous that the ATM will eat my card. If it will happen to anyone, it will be me.... so when you all say take two credit cards are they 2 of the same account or 2 different credit cards? I guess the purpose of this is so that if one gets lost you have another.

 

[Al the optimist]

I also carry two debit (not credit) cards for accounts with two different banks. I had one ate by an ATM in Burgos a couple of years ago. It was my own fault as it was very sunny, the keypad was worn and I didn't realise that the numbers counted up from the bottom as the other way which I am accustomed to. So now I carry sufficient funds in each account before starting, just in case. I can always use my phone to arrange a transfer money between accounts if necessary as I avoid using the card for my "main" account either in ATMs or on the Internet as a security measure.
I gather that some USA cards don't have the 4 digit pin code required in Europe. If this is so then you need to get one before leaving?

 

[Coleen Clark]

And remember, no matter how many Euros you have, please have enough to get me a glass of wine also. Thank you in advance. burp.

 

[annelise]

I carried two credit cards too. -

One (the back-up card) was deeply ensconced in my backpack, which I would regularly leave in the albergue - so short of walking off with my backpack, it would have taken some lengthy search to get to it - and I believe that such an activity would have been noticed. - The other I always carried on my person.

Make sure that you are aware about the weekdays ... Ha! Sounds like a silly advice, but when you are in 'walk mode', sometimes you will tend to forget which day of the week it is!

So always on Thursday/Friday calculate what your cash needs will be over the next three days.

Like previous posters have cleverly said, I also only withdrew cash in an ATM when the bank was open. - Too much bother to stay around for a day or two if your card was swallowed (not unheard of - and this goes for anywhere in the world and not particularly for Spain).

annelise

 

[templarsoul]

Also, while a money belt is an obvious choice if you choose to carry lots of cash, I found one that is convenient to use and very inconspicuous- Eagle Creek All Terrain Money Belt. It's made of the same material as most backpack straps and is only $20- from Amazon: http://www.amazon.com/dp/B0054IGXDQ/?tag=casaivar02-20

Not to ever paint an entire group with the same broad brush, but those particular "Gypsy" women you mentioned are folks I've encountered numerous times. I watched them try to pick a guy's pocket on the Tube in London and watched them work outside Notre Dame a few years back. More recently, Irish relatives of mine lost an iPhone at a French cafe to children who pulled the "Can you help us with directions? Scam." They do this as one lays the map over the phone/target, then the other creates a diversion while the first slips their hand under the map and steals the phone. Camino Annie has a fantastic page(s) about these scams and how to avoid them: http://caminosantiago2.blogspot.com/2012/03/pickpockets-and-other-tourist-scams.html

I'd definitely recommend a gander before coming any major city in Europe.