Mark Baron
New Member
- Time of past OR future Camino
- Camino Frances (2014) Via de la Plata (2018)
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I disagree. You should choose euros.When withdrawing euros, the atm will give you the option to choose immediate conversion to euro or from your own currency. Again in my experience the cheapest option is to choose your own currency.
Thank you for the update. It’s interesting but it does go against what I have heard. I started this thread in July last year.I disagree. You should choose euros.
This article explains it better than I can: https://transferwise.com/us/blog/choose-local-currency-at-foreign-atm
Did you realize that you contradicted your own advice in this thread from the previous thread?Thank you for the update. It’s interesting but it does go against what I have heard. I started this thread in July last year.
https://www.caminodesantiago.me/com...n-atm-or-credit-debit-card.49562/#post-538214
Maybe the situation has changed?
Cheers
H
Oh dear you are absolutely correct. My memory is appalling!Did you realize that you contradicted your own advice in this thread from the previous thread?
"Others may already know this but I didn't and was pleased to learn it. If you are not from an EU country, when using an atm or your credit/debit card on the camino, you are presented with an option to make the withdrawal/payment in local currency (ie. euros) or your home currency. I never knew how best to answer this question. Listening to the BBC early this morning there was a great segment on just this topic. Apparently the charges involved in converting to home currency can be excessive. According to the BBC, and I quote, "It is almost always better to pay in local currencies".
It's easy to get your brain turned around on this!Oh dear you are absolutely correct. My memory is appalling!
I will edit my earlier post and credit you.
H
Banking practices and products vary a lot in different countries.Consider a money passport card
Thanks, The method's/advice is pretty much what I have done also. Just wondering re: to only withdraw money during hours when the atm bank is open. is this in case you have a problem??In my experience when you are in the process of making a withdrawal the atm will tell you the fees their bank will charge. As soon as I get the message that the charge will be 5€ I cancel the transaction. A few attempts at withdrawals from various banks will let you know which ones play nicely with your bank.
Experience will also teach you which atms let you select your withdrawal in small currencies which for me is useful when I walk alone.
When withdrawing euros, the atm will give you the option to choose immediate conversion to euro or from your own currency. Again in my experience the cheapest option is to choose Euros.
(Please note: I have edited this paragraph with thanks to @trecile for the correction.)
Note that most banks have a limit on the maximum withdrawal of euros in any one day. You may need to confirm this with your bank before leaving home.
Additional unsolicited adviceis to take more than one card and to only withdraw money during hours when the atm bank is open.
Apologies for all the extra info but thought your thread might be useful for those who are new to the camino.
Buen camino.
Thanks, Good one I'll give it a try!Consider a money passport card: http://www.cashpassport.com/1/global-landing-page/
You preload the card with euros and don't have to convert every time you withdraw money at an ATM. The card can be used like a credit card as well. When you loose the card it can be replaced by banks across the world and you don't have to wait for a replacement card from your bank.
This is a much saver option than a credit or debit card from your own bank.
Thanks for the advice!!Have a look at the CIBC Prepaid Euro Visa. Once you load money on the card there is no exchange fees and so far I haven’t paid any ATM in Spain. I get one free withdrawal per month (from CIBC’s side) so take the money I’m comfortable with carrying. It functions as a Visa everywhere they take cards (hotels, supermercados, airlines, etc) that you may encounter on your trip. And the part I like best is that I can load the card online from my online banking with only the amount I want so if it gets lost/stolen it is minimal damage.
Your right it's the Royal Bank that charges the $5.00, but like I said with MY ACCOUNT these charges are waved!!! It's the surcharge fee below I'm trying to avoid.It is the Royal Bank that charges you $5 per transaction. I bank with them and have no charges at home, but they do charge for foreign withdrawals. In Spain, sometimes a bank would not accept my card (for unknown reasons) but I found that Santander was quite reliable. There are other good banks too - just be sure that the bank shows the same "Plus" or "interac" symbol that is on your card.
I have never been charged a surcharge when withdrawing on my Royal debit card, except on the rare occasion when I use a non "Interac" or non "Visa" machine. Just watch for those symbols. As I mentioned, I tend to go to the Santander banks which are quite common.It's the surcharge fee below I'm trying to avoid.
Yes, not that I’ve ever had a problem but others on this forum have had their cards swallowed by the atm and if the bank is open you can hopefully get it back. It’s yet another thing I’ve learned from this forum.Thanks, The method's/advice is pretty much what I have done also. Just wondering re: to only withdraw money during hours when the atm bank is open. is this in case you have a problem??
We take all the cash we need. We use two money belts, one hidden beneath our clothing and another one with just enough cash for a day.Is anyone aware of a Spanish Bank that does NOT charge forigen debit cards for Euro withdrawals? I'm Canadian, with the Royal Bank of Canada.
Please Note:
Just trying to avoid 5-7 Euros per withdrawl over a 6 week period??
- I do not plan on getting a Spanish bank account.
- I do not beleave the Royal Bank is affiliated with any Spanish Banks.
- With the my bank account, the the Royal Bank does not charge me for withdrawls at the Canadian end.
Regards in advance
I am with Scotia Bank and they gave me two such banks Deutch Bank and also a French Bank but cannot remember name..but the Deutch Banks are few and in only selected cities in Spain.Is anyone aware of a Spanish Bank that does NOT charge forigen debit cards for Euro withdrawals? I'm Canadian, with the Royal Bank of Canada.
Please Note:
Just trying to avoid 5-7 Euros per withdrawl over a 6 week period??
- I do not plan on getting a Spanish bank account.
- I do not beleave the Royal Bank is affiliated with any Spanish Banks.
- With the my bank account, the the Royal Bank does not charge me for withdrawls at the Canadian end.
Regards in advance
Our card is also a euro loaded cash card, but is linked as a MasterCard not Visa. Caixabank did not charge us when we used their ATMs on the Norte. That is why I wonder if you have a Visa type of card.Thank you, but I don't recall seeing Liberbank. I have a debit card loaded with euros, so it isn't a cash advance. I will post an update when I find a bank with a cheaper rate.
yes, that is true, furthermore, I was informed by Scotia bank that the 5 euro transaction fee has gone up to 7 euros now.I am with Scotia Bank and they gave me two such banks Deutch Bank and also a French Bank but cannot remember name..but the Deutch Banks are few and in only selected cities in Spain.
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