Money exchange - current rates

[J Willhaus]

Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.

 

[Former member 98118]

Was it in Carrion de los Condes?

A tip: when getting money from an ATM machine, whether you use a card issued in America or in EU, try to do it outside of the areas that are tourist attraction. The banks happily add an extra fee in places where tourists go. it can be 2 - 4 euros on 100 euros withdrawn.​

Since we pilgrims are on the move, it is better to use ATMs in small villages or in suburbs of bigger towns. That's my experience. And I don't use red ATMs of Santander Bank because it seems they add this extra fee always. One that I like in particular is ABANCA because their ATMs never charged me extra for withdrawing cash, even in Santiago.

 

[J Willhaus]

It was in Fromista. I don't know which bank he went to. I read that the Spanish banks have gone through some mergers in recent years. Is that true and has that limited the numbers of options?

 

[Former member 98118]

That I don't know, but certainly each year there are fewer ATMs which don't charge you just for using an ATM. So while I walk, and encounter a "free" ATM, I usually take more cash than I used to in the past. Thankfully you are shown on the screen of the ATM what they are going to charge you, and at this moment I may cancel the transaction and continue walking until I find one with no withdrawal fee.

 

[DoughnutANZ]

Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.

This resource is very helpful, thanks to @Ungawawa

https://www.caminodesantiago.me/community/attachments/spanish-atm-fees-1-2-jpg.70534/

 

[alexwalker]

Always withdraw in the LOCAL currency (Euros). Never opt for "Conversion".

 

[J Willhaus]

This resource is very helpful, thanks to @Ungawawa
https://www.caminodesantiago.me/community/attachments/spanish-atm-fees-1-2-jpg.70534/

I will try to send him this file. We do know about the extra fees, but it seemed especially excessive.

 

[DoughnutANZ]

I will try to send him this file. We do know about the extra fees, but it seemed especially excessive.

As @alexwalker said and as it says on the jpg, don't take the option at the ATM that uses the ATM exchange rates, always take the option that has your account charged in Euros rather than Dollars. Your credit card company or bank exchange rates are always better than the ATM rates.

 

[yolanda Mejia]

Thank you for such great tips; I committed the mistake of using Santander€7euros charges; plus I did also
The mistake of putting dollars to euros; some exchanges where out of € 300 they charged up to $380 dollars. Very helpful tip

 

[Steven Dwyer]

Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.

1. When taking out cash from an ATM, always decline the option of have the transaction converted to US dollars. Your own bank will do the conversion for you at a much better rate. This also applies to using a credit card when they offer to do the conversion for you.

2. Limit the number of visits you make to the ATM by withdrawing larger amounts when using an out of network ATM. I’ve watched people pull less than $50 out of an ATM and pay a $6.00 fee on the withdrawal.

3. Look for a bank that waives the ATM fee. I used to use an account at USAA that refunded $15 per month in ATM fees, though they charge a 1% foreign transaction fee. I switched to using an account at Charles Schwab that refunds every ATM fee and charges no foreign exchange fee. This came in especially handy in Argentina where the most you ca; withdraw in a day in $100 with a $10 ATM fee.

 

[J Willhaus]

Thankfully our US bank does not charg a fee for ATM withdrawals in other countries because we are both US Veterans. He was able to open the file @Doughnut NZ shared and said he said will try to be more careful in the future when there is a choice of banks. I think this time he was just passing through and didn't think about it too much. He did not remember even the bank brand, but I am sure I will be able to see it on our end.

 

[RoamingTheWorld]

For anyone planning for future travels, I highly recommend getting a Wise card which allows you to transfer money at a very good rate from your bank account (in whatever currency) to euros which are held on the Wise card. The card can be used like a credit card or like an ATM card while you are traveling. Then you can withdraw at ATMs without the exorbitant fees that most US banks charge.
I am not affiliated with the company other than I have a card and it has saved me a lot of money while traveling. This is my referrer code if interested: https://wise.com/invite/t/lauras3363

 

[yolanda Mejia]

I sure of red this post before I did my camino this pass June 21-to July 29 I only saw it now I which more people can aware of it. Yes I obtain a Chase credit car with out international charges; paying $25 a month; it was my mistake converting from Dollars to euros, thank you for these lessons J Willhaus

 

[boski]

Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.

I know it doesn't help you right now but I have a Revolut card. It works in Europe and the US and you can do currency exchange on the app. Its great for travel.

 

[Sharonih]

Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.

We found Caixia (sic) bank had the best rates when we went, regardless of where we were. Others were ridiculous. That being said dollar/euro values are really bouncing around at the moment

 

[yolanda Mejia]

Thank you not only for teaching me about the exchange rates and charges, but most of all FOR YOUR SERVICES THANK YOU!!!

 

[J Willhaus]

We found Caixia (sic) bank had the best rates when we went, regardless of where we were. Others were ridiculous. That being said dollar/euro values are really bouncing around at the moment

When we were in Zamora as hospitaleros in 2017 we had trouble with the Caja Rural Savings Bank machine (or maybe Rural Caja, not sure now which) and thought we were going to lose our card. Since then we are always careful to make sure the machine takes our bank's card. I think Caixia may be more in Galicia, but I know there have been some Spanish bank mergers in the last two years so I am not entirely sure of what brands remain. We always try to use the caja automatico on a day that the bank is open just in case something happens.

 

[tominrm]

I think opening/having an on-line bank, not investment, account with Charles Schwab will solve all these issues. The bank (debit card) will absorb ALL transaction fees and reimburses at the end of each month. I first opened an account for Camino de Santiago several years ago and still have it.

The only disadvantage I see is the bank does not have local branches making it as a good secondary bank, not primary or the only bank. But if you travel often, it's worth the inconvenience. If you like to withdraw small amount money at a time, this card makes a lot of sense because usually fee is charged for each transaction.

Obviously banks tell each other how much was withdrawn and how much their fee was added. Charles Schwab debit card reimburses the fees no matter where the card is used, in the U.S or overseas.

 

[tarredon]

Always withdraw in the LOCAL currency (Euros). Never opt for "Conversion".

This one confuses me because when I was asked whether to accept the conversion or to charge in euros, I said no to accepting conversion and the ATM said no to giving me money. So I was only able to do it by accepting the conversion. So it sounds like the ATMs should also give you money when you say no to conversion?

 

[alexwalker]

This one confuses me because when I was asked whether to accept the conversion or to charge in euros, I said no to accepting conversion and the ATM said no to giving me money. So I was only able to do it by accepting the conversion. So it sounds like the ATMs should also give you money when you say no to conversion?

The answer is Yes. Must be a greedy bank you chose...

 

[tarredon]

For anyone planning for future travels, I highly recommend getting a Wise card which allows you to transfer money at a very good rate from your bank account (in whatever currency) to euros which are held on the Wise card. The card can be used like a credit card or like an ATM card while you are traveling. Then you can withdraw at ATMs without the exorbitant fees that most US banks charge.
I am not affiliated with the company other than I have a card and it has saved me a lot of money while traveling. This is my referrer code if interested: https://wise.com/invite/t/lauras3363

I got the Wise app but didn’t know there was actually a card that goes with it.

 

[gloria lowe]

Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.

Is he getting .77 cents Euro for a dollar American? .77 euro cents costs .84 cents American dollar. This is on Xe Currwncy app. This is the rate given to the banks best customers which isn't us ordinary people. So if every dollar he got .77 euro it probably isn't to bad. Last year the rate was 1Euro on the app cost 1.04 America. I went to the bank and it cost me about 1.15 per Euro and I had no service charge. That was the rate you get unless your a bank or investment firm. I found when I used an ATM I got about the same rate. I think it's supply and demand and what every the governments are doing at the time.

 

[J Willhaus]

Yes, when I was first stationed in Germany in the military not long after the Euro came to be, I got 1.1 euros for a US dollar. Sigh, times have changed. As a child it was 4 marks to a dollar.

 

[gloria lowe]

I think opening/having an on-line bank, not investment, account with Charles Schwab will solve all these issues. The bank (debit card) will absorb ALL transaction fees and reimburses at the end of each month. I first opened an account for Camino de Santiago several years ago and still have it.

The only disadvantage I see is the bank does not have local branches making it as a good secondary bank, not primary or the only bank. But if you travel often, it's worth the inconvenience. If you like to withdraw small amount money at a time, this card makes a lot of sense because usually fee is charged for each transaction.

Obviously banks tell each other how much was withdrawn and how much their fee was added. Charles Schwab debit card reimburses the fees no matter where the card is used, in the U.S or overseas.

I just opened one to see if the hype was real and I think it is. I went to 3 different ATMs and each one charge me a service fee. When I go to a bank I try to look at the symbols and only use at a bank that matches what's on my card but the Schwab card does not have them so I just used it and there was a charge on every withdrawal and at the end of the month they were all reversed. I only opened it for the Camino and but enough in it to last on my Camino. After I'm back I'll leave just enough in it until I'm ready to go out of the country again and transfer more money in. As a technically challenged person I found it easy to figure out. I just don't see how they make money because it is costing me $0. No Foreign transaction fees if I use it to pay for something.

 

[trecile]

I just don't see how they make money because it is costing me $0.

I think that they are hoping that you will use one of their other services, like their brokerage service. Plus, I'm sure that they are making some money from your account.

 

[Camino Chrissy]

I switched to using an account at Charles Schwab that refunds every ATM fee and charges no foreign exchange fee.

I have been very happy with Charles Schwab for these same reasons when traveling internationally.

 

[Bert45]

I was twice presented with a credit card receipt that said I'd been offered the choice to have the sum deducted in euros or GBP and I had chosen GBP. And that it could not be refunded. First part completely untrue! The first place said they were unable to change it, i.e. refund and start again, so I didn't even ask the second time. Fortunately my bank refunded the difference when I complained when I got home. This was twice in hundreds of cc transactions. But you might want to bear it in mind and try to remember to say, "I want to pay in euros." Not quite relevant to the ATM discussion, I know, but relevant to the conversion discussion.

 

[Eugene Carroll]

I got the Wise app but didn’t know there was actually a card that goes with it.

Me too, I use the App for Currency transfers. I have been offered the card by Wise which sounds like the way to go.

 

[trecile]

But you might want to bear it in mind and try to remember to say, "I want to pay in euros."

In Spanish - Quiero pagar en Euros.

 

[Thornley]

When we were in Zamora as hospitaleros in 2017 we had trouble with the Caja Rural Savings Bank machine (or maybe Rural Caja, not sure now which) and thought we were going to lose our card. Since then we are always careful to make sure the machine takes our bank's card. I think Caixia may be more in Galicia, but I know there have been some Spanish bank mergers in the last two years so I am not entirely sure of what brands remain. We always try to use the caja automatico on a day that the bank is open just in case something happens.

Use the big banks in town in case there is a problem , withdraw the maximum allowed per day in euros and thank your lucky stars you can.
The give or take of a few euros is not much when all is said and done .
I‘ll swap a few weeks currently to be robbed by the poor old Spanish.
Keep well

 

[RemysMimi]

This may be a silly question, but is it better to do the exchange before you leave or exchange in Spain?

Also for those who you the Schwab card, if you exchange before you leave are the fees reimbursed as well?

 

[trecile]

This may be a silly question, but is it better to do the exchange before you leave or exchange in Spain?

I always withdraw Euros from ATMs in Spain using my Schwab debit card.

Technically it is an exchange, but I don't think about it that way. I am simply withdrawing from my account in a different currency than my home country.

You will almost always get the best rate this way. In the past I have "bought" or exchanged for Euros from my bank. Sometimes they say that there is no fee, but the exchange rate is lousy.

Also for those who you the Schwab card, if you exchange before you leave are the fees reimbursed as well?

No. The fees that are reimbursed are the ATM fees charged by the Spanish banks.

 

[Marbe2]

In these days of Covid the vast majority of places will take credit cards. Get one that does not charge a conversion fee. Carry a minimum cash. Use tap and pay technology.

 

[RemysMimi]

I always withdraw Euros from ATMs in Spain using my Schwab debit card.

Technically it is an exchange, but I don't think about it that way. I am simply withdrawing from my account in a different currency than my home country.

You will almost always get the best rate this way. In the past I have "bought" or exchanged for Euros from my bank. Sometimes they say that there is no fee, but the exchange rate is lousy.




No. The fees that are reimbursed are the ATM fees charged by the Spanish banks.

Thank you. I pretty much thought so but wanted to be sure.

 

[Mycroft]

Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.

Huh, today on the radio they commented that the exchange rate is $1.01 to one euro, and that it was so near parity. Greed, it seems, conquers all.

 

[J Willhaus]

Huh, today on the radio they commented that the exchange rate is $1.01 to one euro, and that it was so near parity. Greed, it seems, conquers all.

Yes, that was last fall!!! Now we are here and getting almost a 1:1 exchange rate. How quickly the market fluctuates @