Best place to exchange dollars for euros?

[Viva Terlingua]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

 

[C clearly]

Why do you want to "exchange"? Just take the money out from a bank machine once or twice a week. There is no need to bring a big supply of dollars.

 

[Anniesantiago]

The ATM machine at the airport.

 

[trecile]

@C clearly and @Anniesantiago are right. You will get the best exchange rate at the ATM.
I use a free Charles Schwab checking account debit card, which doesn't charge any ATM fees, and refunds fees charged by the bank of the ATM.

 

[C clearly]

I don't even bother to change any banking arrangements or worry about the bank fees. They amount to about $25 for the month on the Camino. I happily pay that cost for the convenience.

 

[diterry]

Trecile’s post re Charles Schwab is priceless. The other advice we received before 2017 and 2019 camino is to only use bank associated ATMs , e.g. Santander. Good counsel. Buen Camino.

 

[trecile]

I use my Schwab acct exclusively for traveling. Iike that it's not connected to my primary accounts.

 

[La Brique Jaune]

Hi,

Before my Camino I bought euros at my financial institution, Hide a portion of it and keep the rest for my first days. On the Camino, when I use the ATMs or paying with my card I always refuse the conversion.

 

[Walkerooni]

There is no reason to take any more home currency than you need to get you home from the airport on return home. Buy euros at home before you fly to Spain. Foreign exchange rates at airports are predictably higher than what you will find at any bank ATM on the Camino. Taking currency from your home country and expecting them to change it for you is presumptuous. When in a foreign country expect to use their currency.

 

[Camino Chrissy]

I use my Schwab acct exclusively for traveling. Iike that it's not connected to my primary accounts.

Ditto for me. I love my Charles Schwab debit card that I use exclusively for international travel, except for the one time I accidently brought the wrong card.

 

[Camino Chrissy]

Hi,

Before my Camino I bought euros at my financial institution, Hide a portion of it and keep the rest for my first days. On the Camino, when I use the ATMs or paying with my card I always refuse the conversion.

For me, going to my local bank to get euros ahead of time would have resulted in additional fees for the convenience, so I have never used the service.
Also, although airports can be a convenient place to exchange your cash dollars to the local currency, I have found that the exchange rate given is more gouging. I avoid using airports for converting any of my own cash by saving some euros from previous trips to take with me and use an ATM later at a convenient time after arriving at my destination.

 

[Viva Terlingua]

There is no reason to take any more home currency than you need to get you home from the airport on return home. Buy euros at home before you fly to Spain. Foreign exchange rates at airports are predictably higher than what you will find at any bank ATM on the Camino. Taking currency from your home country and expecting them to change it for you is presumptuous. When in a foreign country expect to use their currency.

I don’t expect shop owners or bar owners to change money for me. To suggest otherwise is presumptuous. That’s why I posted my question.

 

[Scott Sweeney]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

ATM machine. Our bank here at home returns the ATM costs.

 

[Plataman]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

Go to your bank before you leave home and get a supply of Euros ( say 300) to last you for the first week...then use your debit card at banks ( there are lots of banks in Spain and ATMs are easily found. Smaller villages may have no ATM, or only the private ones you normally find in bars or stores....not great exchange rates and usually higher fees. Stick with the Banks and keep a ready supply on hand. Since the fee is usually a flat fee, take enough to last a while ( depending on how much you normally spend in a day). Carrying a money belt is a good idea, I would have the days cash in my pocket, reserve in a money belt.

 

[Chris Gi]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

We found that apart from the airport there was no place that would exchange our dollars for Euros. That was a couple of years ago. Things may have changed but don’t bank on being able to do that. It was almost as if Dollars were Monopoly money - no one wanted them - not even the big banks.

 

[Plataman]

We found that apart from the airport there was no place that would exchange our dollars for Euros. That was a couple of years ago. Things may have changed but don’t bank on being able to do that. It was almost as if Dollars were Monopoly money - no one wanted them - not even the big banks.

Best to get Euros from your bank at home, before you leave, then use your debit card to access ATMS in Spain, always carrying a "cushion" for those villages where there is no bank and no ATM.

 

[lt56ny]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

Why do you want to "exchange"? Just take the money out from a bank machine once or twice a week. There is no need to bring a big supply of dollars.

There is your answer. So many atms. If you are really freaked out order 100 Euros from your bank at home. You get ripped off from those money exchange places. If you have Charles Schwab get a atm card from them they will reimburse your fees. I always take 400E out to start and put 100 E in my pack that I never touch. It is only for emergencies. Finally before you complete a transaction check what the fee before you complete it. There can be some really high fees in some banks. Take money out a day earlier than you think you should. Don't wait so you don't stress.

 

[trecile]

. I avoid using airports for converting any of my own cash by saving some euros from previous trips to take with me and use an ATM later at a convenient time after arriving at my destination.

The bank owned ATMs at the airport offer the same rate as those in town. So no need to avoid them.

Best to get Euros from your bank at home, before you leave

I have found that the extra fees that my local bank charges to buy Euros makes the exchange rate worse than using an ATM when I arrive in Europe.

 

[MichelleElynHogan]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

two words: At home.

 

[Kathar1na]

The bank owned ATMs at the airport offer the same rate as those in town. So no need to avoid them.

@trecile is right. Some of the advice mentioned in this thread refers to the days, long ago, when you needed to change your banknotes from home into the banknotes of the country you are visiting. You needed to go to a bank or to an exchange office. There are still some exchange offices, even in airports.

But there are now also ATMs in airports that belong to normal banks. Whether you withdraw cash at their ATM at the airport or at their ATM in town or at their ATM on Camino makes no difference to the cost associated with it.

 

[Kathar1na]

It was almost as if Dollars were Monopoly money - no one wanted them - not even the big banks.

It has nothing to do with wanting or not wanting dollars. In Europe, at least where I live, and Spain is not much different, bank branches simply don't want to have to deal with the exchange of any paper currency any more. Cost. Logistics. Security. My bank branch won't even give me euros from my own euro account. They send me to their ATMs. Inside! They also won't change a large € bank note into smaller ones. Not even a €10 into two €5's.

 

[NancyZ]

@C clearly and @Anniesantiago are right. You will get the best exchange rate at the ATM.
I use a free Charles Schwab checking account debit card, which doesn't charge any ATM fees, and refunds fees charged by the bank of the ATM.

When you use the ATM you can choose English or your preferred language.

 

[Sandrapf99]

@C clearly and @Anniesantiago are right. You will get the best exchange rate at the ATM.
I use a free Charles Schwab checking account debit card, which doesn't charge any ATM fees, and refunds fees charged by the bank of the ATM.

Me too

 

[jmwlester]

We found that apart from the airport there was no place that would exchange our dollars for Euros. That was a couple of years ago. Things may have changed but don’t bank on being able to do that. It was almost as if Dollars were Monopoly money - no one wanted them - not even the big banks.

I found this too. Last August I took about $1000 USD with me and was not able to exchange it for euros outside Madrid. Every bank required you to have an account with the bank in order to exchange.
I just use my debit card instead of taking a large amount of cash.

 

[JudyJane]

I exchanged dollars for euros at AAA before I left. Found some hidden euros on return home so took it to one bank that exchanged foreign money to dollars.. takes a few days for the exchanges.

 

[Plataman]

The bank owned ATMs at the airport offer the same rate as those in town. So no need to avoid them.

I have found that the extra fees that my local bank charges to buy Euros makes the exchange rate worse than using an ATM when I arrive in Europe.

I guess it depends on what bank you use, I have found the opposite.

 

[davebugg]

Hi,

Before my Camino I bought euros at my financial institution, Hide a portion of it and keep the rest for my first days. On the Camino, when I use the ATMs or paying with my card I always refuse the conversion.

That is a big 'depends'. In Europe, that may work well. But, if I did that in America, the absolutely worst exchange rate is at a bank or any other type of exchange service connected to a financial institution.

It is far better to use an ATM machine at the airport (if flying) when you arrive to get 100 Euros to pay for transportation and incidentals. Then outside of the airport, find a regular bank, (Deutsche Bank, Santander, etc) and use their atm to get the amount of Euros needed. I usually will start with 300 Euros, divided between my carry pouch, pocket, and a 'secret' compartment in my backpack.

I will also agree with trecile and others mentioning Charles Schwab, if that is an option like it is in America. It is FREE to open an account, it is FREE to keep the account --- no monthly charge, it is FREE to get their debit card, it is FREE to use the debit card in any ATM in the world - -no transaction fees, no rate conversion fees.

I do use that account to save for my travel trips, but I do have it linked to my primary bank account so that I can do quick cash transfers into my Schwab account.

 

[Ellann]

A Charles Schwab type account in Australia would be nice. I use a Latitude 28 degrees credit card, and pay no conversion fees, but there is a 4 % or $4 bank fee (which ever is more). I then pay if off from by savings account before due date in order to avoid interest charges. To date it is the best option. I have mostly travelled in Asia but I haven't been to Europe yet, my Camino is in September this year, but thanks for all this advice because I was going to take $500 AUD and exchange it at a money exchange place outside the airport. I will go to an ATM instead.

 

[taigirl]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

I exchanged before I left Australia and then used an ATM.

 

[cjward]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

I have never been an ATM machine user. I don’t really understand the difference between Debit card and ATM. Are they interchangeable? Do all bank ATMs accept either? The only explanation from USAA (sounded like a new guy) was related to foreign transaction fees for ATM machine vs CC withdrawals.

 

[Viva Terlingua]

I will also agree with trecile and others mentioning Charles Schwab, if that is an option like it is in America. It is FREE to open an account, it is FREE to keep the account --- no monthly charge, it is FREE to get their debit card, it is FREE to use the debit card in any ATM in the world - -no transaction fees, no rate conversion fees.

I do use that account to save for my travel trips, but I do have it linked to my primary bank account so that I can do quick cash transfers into my Schwab account.

I checked with my broker at Wells Fargo and they offer the same card/service for my brokerage account. So I will be getting a card from them. thanks for the suggestions everyone.

Ps. I live on a small town on the border with Mexico, while there are plenty of places to obtain pesos I’m sure none of the banks keep euros on hand.

 

[cjward]

I checked with my broker at Wells Fargo and they offer the same card/service for my brokerage account. So I will be getting a card from them. thanks for the suggestions everyone.

Ps. I live on a small town on the border with Mexico, while there are plenty of places to obtain pesos I’m sure none of the banks keep euros on hand.

I checked with several banks in Jacksonvlle FL because USAA doesn’t have an actual bank here. Everyone of the banks i went to have to order the euros

 

[Tincatinker]

I have never been an ATM machine user. I don’t really understand the difference between Debit card and ATM. Are they interchangeable? Do all bank ATMs accept either? The only explanation from USAA (sounded like a new guy) was related to foreign transaction fees for ATM machine vs CC withdrawals.

There is a simple difference between drawing cash on your credit card and debit card. Your cc provider will charge you interest on the withdrawal on a daily compounded rate until you clear your entire outstanding balance or the world comes to an end- whichever is sooner

 

[davebugg]

I checked with my broker at Wells Fargo and they offer the same card/service for my brokerage account. So I will be getting a card from them. thanks for the suggestions everyone.

Ps. I live on a small town on the border with Mexico, while there are plenty of places to obtain pesos I’m sure none of the banks keep euros on hand.

This is a caution I've seen before, and I made sure that my debit card complied:

"In Europe pin numbers still have only 4 digits allowed. In the US most banks allow for 5 digits as well. Before you travel abroad, make sure you go to a local branch and change your pin to 4 digits. Don’t forget to test the new pin! Europe has been moving to 5 digit pin numbers lately but there are still many older ATM machines that only work with 4 digit pin numbers."

I do not know how universally true this is in 2021. I'm sure a Forum member will have updated information.

 

[cjward]

There is a simple difference between drawing cash on your credit card and debit card. Your cc provider will charge you interest on the withdrawal on a daily compounded rate until you clear your entire outstanding balance or the world comes to an end- whichever is sooner

Thanks. I understand the CC. USAA charges 3%. What I don’t understand is difference between Debit card and an ATM card. If they are the same, why do banks offer both. And if they are not the same, do foreign banks accept both?

 

[Anniesantiago]

@C clearly and @Anniesantiago are right. You will get the best exchange rate at the ATM.
I use a free Charles Schwab checking account debit card, which doesn't charge any ATM fees, and refunds fees charged by the bank of the ATM.

Yup. Me too

 

[C clearly]

Debit card and ATM. Are they interchangeable?

An Automated Teller Machine (ATM) will allow you to withdraw cash using either a bank debit card or a credit card. I have never heard of a separate "ATM card." The transaction is subject to whatever transaction contract you have with your own bank, and there is sometimes an additional fee charged by the machine owner. That fees is indicated as you go through the transaction.

In order to know whether your card will work on a particular machine, you need to look at the logos on your card and see if there is one of the same logos on the bank machine.

 

[Anniesantiago]

Best to get Euros from your bank at home, before you leave, then use your debit card to access ATMS in Spain, always carrying a "cushion" for those villages where there is no bank and no ATM.

I disagree.
I don't bother getting euros until I get to the airport in Madrid.
I use the ATM there, then take out increments of €200-300 when I need it.
I've never had an issue.

 

[davebugg]

I don’t really understand the difference between Debit card and ATM. Are they interchangeable?

Your Debit card is an ATM card. The terms ATM card and Debit card are sometimes used interchangeably, but they are same thing. They are used to withdraw cash from your checking or savings account at an ATM, or are used to pay for goods when shopping, which is deducted from your checking account.

 

[Damien Reynolds]

Ok, so I didn’t have the patience to read all the previous replies. So many thoughts…

You don’t EVER need to go to the bank to get EUROS before you leave (from the USA).

Once in Spain, after landing, put your trusted ATM card in the machine. Take out money! So fun!

Now, never choose to convert the conversion to Euros based on the machine’s bank. Choose your own bank. I personally use Fidelity, others clearly have Schwabb… no international fees…anyhoo…

Still tho, most of my personal transactions use credit cards. Non contact, using ApplePay. There are other equivalent payment options using Android.

But u will sometimes need cash too. I prefer to carry about 100-200 Euros at all times. All obtained with my USA ATM card at the local machines, which will be prevalent on your journey. Remember, choose your own bank’s conversion, not the local one.

 

[cjward]

Got it. Thank you. All I know is the guy on the phone at the bank asked me which one I had. Which is debit. I told him to send me the ATM because he couldn’t explain the difference. All i care about is what is the one everyone else uses. Sounds like I can cut up whatever the “ATM” card is he’s sending me.

 

[C clearly]

All i care about is what is the one everyone else uses.

There is not a single card that everyone else uses! We have different cards and different banks. Some have credit cards, some have debit cards, some might have combo. I don't know.

Sounds like I can cut up whatever the “ATM” card is he’s sending me.

I think it would be wiser to find out what the difference is between the new card you are sent, and whatever older card you have been using. Don't cut up the new card until you ensure that the old one will remain valid.

 

[Molly Cassidy]

An Automated Teller Machine (ATM) will allow you to withdraw cash using either a bank debit card or a credit card. I have never heard of a separate "ATM card." The transaction is subject to whatever transaction contract you have with your own bank, and there is sometimes an additional fee charged by the machine owner. That fees is indicated as you go through the transaction.

In order to know whether your card will work on a particular machine, you need to look at the logos on your card and see if there is one of the same logos on the bank machine.

It is possible, or used to be, for the bank to issue a card that can only be used to make ATM withdrawals. If you get the ATM only card, you can't make debit transactions online or in shops.

 

[cbacino]

Starting from SJPP in mid May. I know you can exchange money at the airport, but the exchange rate isn’t so great. Any other suggestions?

Don’t bring dollars. Bring an ATM card.

 

[cjward]

It is possible, or used to be, for the bank to issue a card that can only be used to make ATM withdrawals. If you get the ATM only card, you can't make debit transactions online or in shops.

Thank you. Makes sense to me now. I do know that my husband forgot forgot the CC at home but had the debit card. Car rental place in the country we visited would not accept it. Hence my confusion between CC, Debit, and ATM

 

[Mahuri]

I made one ATM withdrawal a week of about 400 - 500 euros, and it provided what I needed without having to stress over carrying too much cash. Notify your bank or Credit Union in advance with dates of travel or they might stop a foreign transaction and freeze the card for security reasons.