ATM Choices in Spain

[tominrm]

On November 18,2022 after finishing my walk, I had a few hours in Santiago before I leave for my next destination. Then I realized I might need more euros so I decided get some cash out of ATM, and this turned out to be an experiment answering what I always wondered about whenever I used an ATM in Spain: Would I get the same deal if I used other bank’s ATM instead of the one I used?

I was near Plaza Galicia, where there are many banks. The first ATM was BBVA. I request 200 Euros and it says the fee would be 6 Euros. I thought 6 Euros was about twice as much as I had in mind so I canceled the transaction.

I then went to Bank of Santander. The bank’s ATM says the fee would be 7 Euros. Again I canceled the transaction.

The third bank was Abanca. The ATM says it will charge 3% fee and will debit my account $219.27 already converted to the US dollar.

Then I searched for a Deutsch Bank (DB)which I remember not seeing any fee before, and I found one in the area.

Realizing how expensive it is to use an ATM I decided to get 300 Euros instead of 200. Again, it did not say anything about fee. I checked my bank later and found that DB charged my account $312.27 for 300 Euros.

I have a checking account with Charles Schwab so no matter which bank I used, the fee would be reimbursed, but out of curiosity I tried this experiment. I don’t know if DB has a deal with Charles Schwab that give me a preferential deal.

The Googling on the day for USD vs Euro says $1 = 0.97 Euro. So 300 euros at official exchange rate would have been $309.28.

So if you have a choice when you need to get cash, use the following order:

1. Deutsch Bank - no fee (at least for Charles Schwab customer) - Google for the location near you as it is a foreign bank, you are not going to see a big sign outside Bank of Santander.
2. BBVA 6 Euro fee
3. Bank of Santander 7 Euro fee
4. Abanca 3% fee. Charged in dollars.

Of course if you withdraw a small amount like 50 or 100 Euros, 3% fee would be the better deal. The last time when I was in Spain (2019) the fee was about 3 Euros per transaction, I think.

 

[JabbaPapa]

This whole thing is very variable. If you have an EU based home account, by law one correspondent bank must exist, in my own case Abanca, which will charge you zero.

Whereas in Portugal, just getting cash out from any Multibanco also involved zero extra charges.

As to your own €6 to €12 fees, a pilgrim I met from South America was being charged €30 ...

For the ones that do charge me in Spain, I've found that the Caja Rural is the cheapest, but I have no idea if that would be true for other pilgrims.

 

[peregrina2000]

Most people probably already know this, but it was brought home to me this year that we should never use anything but a bank-related ATM. The hotel where I stay in Lisbon every year for years had a Banco de Santander ATM. When I went this year to get some money, I saw it had been changed to Euronet. I asked the doorman about it, and he said that Marriott has to pay to have a bank ATM machine, but Euronet pays the Marriott. He also told me that last week, a woman who used the machine checked the records later and found that she had been charged an enormous fee, upwards of 30€.

Moral of the story - Avoid Euronet and stick with bank ATMs. And I always try to make sure to use an ATM that is physically attached to a physical branch of the bank and that the bank is open. I had one incident years ago in which the machine ate my card, and I was just lucky that I had chosen a machine outside a bank in La Robla that was actually open!.

 

[nidarosa]

I downloaded this cash point cheat sheet from the forum resources to my mobile and checked it whenever I needed to get money out, and also made sure I shared it with others. Very grateful to all who take it upon themselves to figure these things out and share it with the rest of us, thank you! (The money saved can then conveniently be used for a tiny splurge as and when required )

 

[RRat]

On November 18,2022 after finishing my walk, I had a few hours in Santiago before I leave for my next destination. Then I realized I might need more euros so I decided get some cash out of ATM, and this turned out to be an experiment answering what I always wondered about whenever I used an ATM in Spain: Would I get the same deal if I used other bank’s ATM instead of the one I used?

I was near Plaza Galicia, where there are many banks. The first ATM was BBVA. I request 200 Euros and it says the fee would be 6 Euros. I thought 6 Euros was about twice as much as I had in mind so I canceled the transaction.

I then went to Bank of Santander. The bank’s ATM says the fee would be 7 Euros. Again I canceled the transaction.

The third bank was Abanca. The ATM says it will charge 3% fee and will debit my account $219.27 already converted to the US dollar.

Then I searched for a Deutsch Bank (DB)which I remember not seeing any fee before, and I found one in the area.

Realizing how expensive it is to use an ATM I decided to get 300 Euros instead of 200. Again, it did not say anything about fee. I checked my bank later and found that DB charged my account $312.27 for 300 Euros.



I have a checking account with Charles Schwab so no matter which bank I used, the fee would be reimbursed, but out of curiosity I tried this experiment. I don’t know if DB has a deal with Charles Schwab that give me a preferential deal.



The Googling on the day for USD vs Euro says $1 = 0.97 Euro. So 300 euros at official exchange rate would have been $309.28.



So if you have a choice when you need to get cash, use the following order:

1. Deutsch Bank - no fee (at least for Charles Schwab customer) - Google for the location near you as it is a foreign bank, you are not going to see a big sign outside Bank of Santander.
2. BBVA 6 Euro fee
3. Bank of Santander 7 Euro fee
4. Abanca 3% fee. Charged in dollars.

Of course if you withdraw a small amount like 50 or 100 Euros, 3% fee would be the better deal. The last time when I was in Spain (2019) the fee was about 3 Euros per transaction, I think.

€5, €6, or even €12 to obtain €300 in cash, in a foreign country, 24 hours a day is a bargain. Some of us still remember the cost and inconvenience of Travelers Checks.

 

[JerryStroebele]

Gracias a todos for the comparisons. I have always wondered about the different fees. I too have only used ATMs next to banks after I just once had a little trouble getting my card back in 2013. It was just a timing hiccup but unnerving. Now I happily noticed this year that many ATMs along the Camino Frances and in Madrid have the tap function, so I only use those ATMs, whether the adjacent bank is open or not. Buen Camino

 

[ivar]

I too have only used ATMs next to banks after I just once had a little trouble getting my card back in 2013.

Related to this... may ATMs in Spain now has a "tap to pay" sensor in the ATM, so you don't need to put the card in the machine.

 

[Pafayac]

Now I happily noticed this year that many ATMs along the Camino Frances and in Madrid have the tap function, so I only use those ATMs, whether the adjacent bank is open or not.

Do you mean that in these ATMs your card cannot be kept ? That's true. But if you have another problem with the ATM (e.g., it does not give you the money...), you'll have a problem.
I think choosing an ATM close to an open bank is a good advice.

 

[CanadianBarb]

When I used the tap function at a few bank-related ATMs last fall on del Norte route the ATM did not give me money - but then later I realized there are also often max allowable money to be taken - which meant I needed to get money more frequently - I think it helps to know what the bank dispensing limit for you is .. I always went to a bank ATM when the bank was open in case t ate my card, thanks to information on this forum!!

 

[Rita Flower]

I have a Travel Card that I load with Euros. Have withdrawn from three ATMs in the last two months.
Santander charged €7( I was too tired to look for another bank)
Cana Rural charged €4
ABanca charged €2.50 - EDIT ABanca is free but my card charges the €2.50
All the ATMs I went to had pay wave ( is that what’s it’s called?) so no worries about cards being swallowed - which happened to me in the UK a number of years ago.

 

[David Tallan]

€5, €6, or even €12 to obtain €300 in cash, in a foreign country, 24 hours a day is a bargain. Some of us still remember the cost and inconvenience of Travelers Checks.

I well remember travelers checks. When I was 18 I went on a six month trip to Europe and the Middle East and took travelers checks with me to cover the duration. You sign them twice, once when you get them before you leave and a second time when you spend them. When I started the first round of signatures, my signature was very legible as my name. By the time it was done it was a completely illegible scrawl, which it has remained to this day. It was tricky counter-signing the early ones on my trip though, and trying to match my earlier signature.

 

[Former member 102963]

I

€5, €6, or even €12 to obtain €300 in cash, in a foreign country, 24 hours a day is a bargain. Some of us still remember the cost and inconvenience of Travelers Checks.

It’s not a bargain… it’s throwing money away. Equivalent to taking euros out of your wallet and ripping up. I use DB as they don’t charge a free to UK cards holders and I assume other countries. They also are very clear about messaging on their screen re the ‘home currency mark up’ which we all know to avoid but some banks are quite vague in their messaging on screen. Regional banks often can be ‘fee free’ too.

 

[trecile]

Like @tominrm I use a Schwab account debit card, so I never worry about fees, and use whichever ATM is most convenient for me - even the dreaded Euronet ATMs.

 

[C clearly]

it’s throwing money away. Equivalent to taking euros out of your wallet and ripping up.

Well, this might be a slight exaggeration. Sometimes, convenience is worth paying for. I certainly don't spend much time or effort trying to reduce my banking costs on the Camino.

 

[Camino Chrissy]

I have a Charles Schwab debit card, which I only use for international travel and I never have any additional fees charged.
I, too, only withdraw money from a bank ATM and make sure the bank is open when I do it.

 

[Former member 102963]

Well, this might be a slight exaggeration. Sometimes, convenience is worth paying for. I certainly don't spend much time or effort trying to reduce my banking costs on the Camino.

Maybe.. as an aside , and maybe not a debate for this thread but interesting to me anyway, and prompted by another thread about a reasonable price for a hotel is remembering how much more money folks from USA have than many Europeans. A big generalisation I know but a factor when we talk about money. I always note it on my trips to USA, just how much money many folks have generally. .

 

[trecile]

I always note it on my trips to USA, just how much money many folks have.

Sometimes it's how much money many folks seem to have - especially those who have high credit card debt.

 

[Former member 102963]

Sometimes it's how much money many folks seem to have - especially those who have high credit card debt.

Yes of course but it’s an economic fact nonetheless. USA have a lot of economic power over pretty much everywhere. In the same way Western European folks have a lot of economic power over others parts of then world.

It’s not a criticism by the way, it’s just the way it is. But why I often suggest people put a price point when looking for hotel accommodation.

 

[trecile]

Yes of course but it’s an economic fact nonetheless. USA have a lot of economic power over pretty much everywhere l. In the same way Western European folks have a lot of economic power over others parts of then worldi.

It’s not a criticism by the way, it’s just the way it is.

I understand. I also many times have wondered how people I've known in my same socioeconomic class have been able to afford lots of things that I considered luxuries that my family did without, only to later discover that they had to file for bankruptcy because it all was a house of (credit) cards.

 

[Former member 102963]

I understand. I also many times have wondered how people I've known in my same socioeconomic class have been able to afford lots of things that I considered luxuries that my family did without, only to later discover that they had to file for bankruptcy because it all was a house of (credit) cards.

Yes agreed. Credit card spend and ownership can be quite low in some of the more powerful European countries. As part of a job, albeit 20 years ago, was quite surprised how low it was in Germany and France and attitudes to debt in general.

 

[Former member 102963]

I have a Charles Schwab debit card, which I only use for international travel and I never have any additional fees charged.
I, too, only withdraw money from a bank ATM and make sure the bank is open when I do it.

I don’t know if CS is available to non USA folks. Just looked at their website (had never heard of them outside of this forum) and they certainly market to US folks living overseas, but don’t think non USA folks can get an account unless anyone else knows. Fee free ATM use for UK cardholders is relatively easy in most EU countries - Spain tends to be more fee laden than most EU countries such as DE and IT - but more difficult beyond that with fees coming in at 2.99% typically.

 

[RRat]

I

It’s not a bargain… it’s throwing money away. Equivalent to taking euros out of your wallet and ripping up. I use DB as they don’t charge a free to UK cards holders and I assume other countries. They also are very clear about messaging on their screen re the ‘home currency mark up’ which we all know to avoid but some banks are quite vague in their messaging on screen. Regional banks often can be ‘fee free’ too.

The most valuable asset on an activity like this is time. I would rather use that limited resources enjoying it with others and experiencing it than searching for bank that would save me a buck or two.

 

[Former member 102963]

The most valuable asset on an activity like this is time. I would rather use that limited resources enjoying it with others and experiencing it than searching for bank that would save me a buck or two.

For some yes, for others no. That said avoiding fees for me is more of ‘badge of honour’ for me rather than just saving €6-7 euros!

 

[green_spork]

As JabbaPapa mentioned this fees can vary depending on the type of card/account you have!
I used a Chase debit card for cash withdrawals this year, free foreign cash withdrawals +1% cash back, but also had a Revolut and Monzo card! I remember trying a few ATMs, Santander, BBVA, Abanca, and Sabadell! Santander was the most expensive! I used Sabadell once then mostly Abanca! For my first Camino in 2017, I remember finding a similar ATM cheat list, I had a note saved on my phone of all the free to use ATMs!

 

[C clearly]

avoiding fees for me is more of ‘badge of honour’ for me rather than just saving €6-7 euros!

Yes, exactly. There are many badges of honour, mostly of our own creation. I choose not to pursue this one!