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€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.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:
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.
- 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.
- BBVA 6 Euro fee
- Bank of Santander 7 Euro fee
- Abanca 3% fee. Charged in dollars.
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.I too have only used ATMs next to banks after I just once had a little trouble getting my card back in 2013.
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.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.
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.€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.€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.
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.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.
Sometimes it's how much money many folks seem to have - especially those who have high credit card debt.I always note it on my trips to USA, just how much money many folks have.
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.Sometimes it's how much money many folks seem to have - especially those who have high credit card debt.
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 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.
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.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.
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.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.
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.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.
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!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.
Yes, exactly. There are many badges of honour, mostly of our own creation. I choose not to pursue this one!avoiding fees for me is more of ‘badge of honour’ for me rather than just saving €6-7 euros!
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