Bringing euros to Spain

[johnnyman]

Am I gonna be all right waiting until I arrive at the airport in Madrid to acquire some euros? I've thought about getting some before I leave, but my bank wants to charge an arm and a leg to order me some ...

 

[lynnejohn]

I always go to the ATM to get euros. Your debit card will work in just about every one. You will find some at the airport. You will, of course pay a foreign exchange fee as your bank converts each transaction so try to cut down the frequency of withdrawals (ie don't take out 40 euro here and there).

 

[johnnyman]

I guess I'll go ahead and wait. I can always use my credit card in a pinch, I suppose ...

 

[lynnejohn]

Yes, you can also go to a currency exchange kiosk either in your home airport or in Madrid airport to get some as well. I would strongly suggest a debit card though - using a credit card for me is only a plan B as it does cost more to use it.

We've discussed how much money to carry on the camino and the consensus (I think) ranges 200-300. Machines max out at 250-300.
You don't want to be caught short in areas where you can't find ATMs, but you don't want to be carrying a wad of cash around either..

 

[Pieces]

mostly paying for things will be free and ATM's will charge. I allways use the ATM when travelling and take out a "larger" amount each time, even if it is my impression that ATMs are not that infrequent. I am imagining i will take out soewhere in the neighbourhood of €200 at a time, which should last me about a week more or less, depending on how hungry the walking makes me...

 

[johnnyman]

Hey, yeah, maybe I'll just do that -- get some euros in Houston or whatever large airport I use to connect overseas. I think I'd kinda like to have some in my pocket when I get there. As you can see, I'm not an experienced traveler ...

 

[Tia Valeria]

We usually would carry some euros from home and then use a debit card in an ATM before cash supply gets too low. The most expensive place to get euros is usually the airports, and you may need some before you find an ATM. It is worth working out what is most economical to buy while at home and starting with that amount, then do similar with the ATM. (Eg Our card supplier charges 2% + 1euro per transaction so it is cheapest to draw about 250 euro at a time. That is often the upper limit too)
The other way is to put euros onto a Travelex card, or similar, which then acts as a euro debit card and Mastercard. You can check these out on-line but we bought 'in store' at a travel agent for a reasonable rate.

Buen Camino

 

[Pieces]

there will be an ATM at the Madrid airport and several places to change also

ed: several it seems: http://www.onlinemadridguide.com/madrid-airport.html

 

[Deleted member 3000]

Euros in Houston will be the most expensive you buy. Wait until you arrive in Spain. ATM's in the airport will have a slightly higher transaction fee, but the exchange rate will be the same as in town. I suggest you get the maximum, probably 300 Euro, divide it for storage in your wallet, secure pocket, and inside pack pocket, and replenish each week at an ATM. Fees last fall were about 9 Euro per transaction, and 3% on the exchange rate. So it was about $50 in fees for the trip plus the 3% exchange rate differential. It sounds high, but the airport will be much worse!

Credit cards also charge a fee. Most companies have a fee per transaction and have the same vigorish on the buy/sell exchange rate. My USAA Master Card, a very user-friendly bank, charged 1% for foreign charges. Capital One had a no-fee credit card last year, but it may be gone now.

You cannot win, so keep fees to a minimum by keeping the number of transactions to a minimum.

 

[evanlow]

Whatever the rates, ATM still cost the most. So change most of it before you start. I usually start with 500 euros and 300 (or max) at the ATM.

 

[renegadepilgrim]

I used Cash Passport, http://www.cashpassport.com, it's a pre-paid currency card, completely safe to use all along the Camino in any ATM that accepts Visa or MC, depending on which one you get. I loaded 700 Euros on it before I left, and also had friends bring leftover currency to my going-away party, so I had about 30 Euros in change and small bills to start with. I also left my account information with my sister and had her load another 500 Euros on it when I finished my Camino and was in Barcelona. It only costs 2 Euro to make a withdrawal. No other fees. It's like traveler's checks, if you lose it or it gets stolen, there is a number you can call to get a new card issued to you.

I got mine at US Bank. According to the website, there is a Travelex location in the SFO airport, so maybe look into getting your currency there via a Cash Passport.

 

[mmm042]

Remember, too, that your ATM card won't work in all machines. Once I had to try about 5 places before one took my card. After that, I made sure to remember which bank's ATM took my card so I always looked for that particular machine. Oh, and remember to call your bank ahead of time to tell them you'll be overseas so they don't lock your card out. ~Melanie

 

[newfydog]

Whatever the rates, ATM still cost the most. So change most of it before you start. I usually start with 500 euros and 300 (or max) at the ATM.

I'm wondering what card you are using. My cards give and exchange rate better than any bank anywhere. Some charge an ATM fee, some charge a 1-3% foreign currency fee, but the rate and net cost is better than you will get anywhere. Some had no fees until recently, but Capital One is still not charging.

I paid for a good piece of a house in Canada by going to the ATM every day. I got a better rate than any bank would give me, even going directly through their New York trading desk. I had a no fee debit card from the same account, and they could not match the ATM rate.

 

[justine03]

Hey johnnyman, I had the same experience as newfydog; you should call your bank and see what they charge for using your debit or credit card overseas. My bank charged $5 Canadian per transaction (mastercard) at ATMs in Europe with the regular exchange rate which was as good as I saw anywhere else in Europe. My bank charged more to use debit at ATMs overseas than credit. So I just put a payment on my credit card before departing and took out 300~ E as I needed it. Call your bank and go with what works best for you and your account(s)..but most importantly buen camino!

 

[jeff001]

You might want to check a little further before going with the Cash Passport. At the rate their website quotes today €500 would cost $772. At today's official exchange rate, which is pretty close to what you get at bank ATM's, the cost would be $723. When you add the €2 tranaction fee you are paying a lot more than would would using an ATM card with no transaction fee. Another thing to consider is what it will cost you to exchange any leftover € back to $ after your trip.

 

[jeff001]

You might want to check a little further before going with the Cash Passport. At the rate their website quotes today €500 would cost $772. At today's official exchange rate, which is pretty close to what you get at bank ATM's, the cost would be $723. When you add the €2 tranaction fee you are paying a lot more than would would using an ATM card with no transaction fee. Another thing to consider is what it will cost you to exchange any leftover € back to $ after your trip.

 

[Deleted member 3000]

Small print for Cash Passport:

5. Foreign Transactions
If a Card transaction is made (or we provide you with funds under these Terms
and Conditions) in a currency other than that loaded on the Card the amount
will be converted into the currency of the Card. The exchange rate used is the
wholesale market rate or the government mandated rate in effect the day the
transaction is processed, increased by 5.5 per cent.

8. Fees, Charges and Limits
You may be charged a fee or commission by the selling agent on the issuance
or crediting of additional funds to your Card.
The fees charged by us in respect of Cards are set out as follows:-
Value loading fee Determined by
your selling agent
Balance Inquiries Online Free
Balance Inquiries by Phone Free
Cash Withdrawals from ATMs (US$ transactions) $3.00
Cash Withdrawals from ATMs (non US$ transactions) $2.00
Monthly Maintenance Fee* $2.50
Cash Out Fee** $20.00
Additional Card Fee $3.00
*Where allowed by state law, after a period of one (1) month from the date you
activate your Card (or such longer period as may be required by state law) we
will debit your Card until it is closed with a monthly maintenance fee of $2.50.
If there is no credit balance on your Card following the debit of any monthly
maintenance fee (if the balance is less than the fee we will waive the remainder
of our fee) we will automatically cancel the Card (and any additional Card).
**If you request any funds remaining on your Card after expiration or at any
other time via Customer Services a $20 cash out fee may be charged.

So the total fee is the $2.00 per withdrawal plus 5.5% of the amount withdrawn, plus the ATM fee for the foreign bank, typically about 4 Euro.

Caveat emptor. Your regular bank probably charges about 2% for the transaction fee. I just checked the fees I paid in September, October, and November of 2010, and the actual exchange rate was the same as the exchange rate listed on X-rates for the date. The average total fee was $12.50 US (about 9 Euro) for each 300 Euro withdrawn, and that included my bank's fee, the foreign bank's fee, and the percentage fee.

 

[lynnejohn]

Those fees are ridiculous - I hate paying bank fees. I checked out the ATM Global Alliance again (my bank belongs). The only bank in America I could find that belongs is Bank of America. But it's worth it. If you use Deutsche Bank or Barclay's ATMs in Spain the transaction fees are waived. You can actually plot out their locations and where to make your withdrawals, for example, Merida, Zamora, Salamanca, Ourense, SDC on the VDLP. It could save a good chunk of change.

 

[Deleted member 3000]

I don't think you can avoid the fees unless you have a Spanish bank account, but I tried to minimize them after shopping a lot of banks.

I particularly liked the Cash Passport charging you $20 when you want your remaining balance. I don't know where they are chartered, but those sorts of fees have been outlawed in the U.S. for banks, though I am sure they get your money some other way. It looks like it is really a charge card on which you supply the credit by making a deposit, so they probably do not have to comply with debit card laws. There is always another slick way to take advantage of the customer; close one loophole and they find another.

 

[Portia1]

Two years ago, I purchased a "travel pack" of euros from AAA--small amount in small denominations just so I would have euros with me to catch the bus from the airport, etc. until I could get to an ATM in town. I did not want to trust the airport or tourist oriented exchange windows. The exchange rate for this "pack" was much better than my bank was offering so if you are a member of AAA or know someone who is, check it out. I have some euros left from my last trip so I will be carrying those with me this time.

 

[evanlow]

Hi Newfydog,

I guess it different for me coming from Singapore. At the banks here and also at the airport I can exchange Singapore Dollars to/from any major currencies.

Here's the example. This is today's exchange rate publish for my bank here in the city (same as in the airport here).

EUR EURO 1 1.8389 1.8049

It cost 1.84 SGD to buy 1 Euro and 1 Euro buys 1.81 SGD. The rate spread for buying and selling Euro is around 3 cents. So assuming the real exchange rate is right in the middle, each Euro effectively will cost me around 1.5 SGD cent. 300 Euros will cost me 4.5 SGD or 3.58 USD at today's exchange rate.

The last time I use an ATM in Spain, the machine says it will charge me 5 Euros for the transaction to withdraw 300 Euros. So in my bank statement in Singapore I am paying the 300 Euros converted back to Singapore dollars (at the selling rate) plus the 5 Euro charge. That works out to be:

4.5 SGD (from earlier calculation) + 5 Euros (9.1 SGD) = 13.6 SGD or 10.83 USD (more than double what I have to pay at the airport here).

By the way, I use my local bank's ATM to withdraw in Spain (same pin number). As long as the ATM in Spain supports Plus or Cirrus (almost all do), the transaction will just be debited to my local bank account directly. I don't even need to ask my bank here to authorize anything.

 

[Deleted member 3000]

Today, AAA is offering 129.84 Euros for $200. The market rate today is 137.997 Euros for $200. So the premium being charged by AAA is over 6%. It may be convenient, but it is not cheap.

 

[johnnyman]

Dang, I'm pretty sure when I called my bank the other day that I was quoted fees of $53 for 200 euros ...

 

[renegadepilgrim]

The nice thing about the Cash Passport is it is NOT attached to my bank account, therefore minmizing possible fraud. Also, I never paid more than the ATM transaction fee. I checked online to see what my balance was occasionally. And when I used it last year, the exchange rate was way worse than now!

Based on other travel forums I'm on, you're best bet is a Charles Schwab account.

 

[daesdaemar]

I have carefully reviewed the Cash Passport site. It certainly seems convenient. However, when one carefully analyzes their exchange rate and fees, the cost is pretty outrageous. One is paying, too much in my opinion, for the convenience. Today's market rate is 1 Euro = 1.44 USD. Cash Passport is 1 Euro = 1.55 USD. This is nearly an 8% premium without considering any additional fees which are certain to be charged.

 

[johnnyman]

All this financial stuff is giving me a headache. I may order a small amt. of euros from my local bank, pay their somewhat exorbinant fee, and then just use the ATMs over in Spain, as most folks suggest. Better for me to keep things simple ...

 

[Deleted member 3000]

A couple more items:

Inform your bank and credit card companies where and when you will be traveling. If they get a transaction without having been notified, they are LIKELY to reject it.

Make sure you have a four digit PIN. Anything longer will not work.

Try to use indoor ATMs. Check the networks on your card with the networks posted on the ATM. Examine ATMs for tampering. There has been a rash of identity theft involving devices attached to card readers. Make sure you are putting your card directly into an integrated slot on the ATM. Also look around for cameras that may be stealing your PIN. Most bank security cameras are built into the ATM. Watch for suspicious people loitering around the ATM. After you have your withdrawal and are in another secure place, spread the money around your person and pack. If someone watches you put the withdrawal into a pocket, you are subject to having that pocket picked or slit open with a razor blade. Do not accept assistance if it is offered. If the ATM does not work on the first try, do not try a second time if there is an alternative.

Also be wary of the "mustard scam" where a friendly person shows you that you have been soiled by bird droppings, dirt, or mustard, then offers to help you clean up. Sternly but politely decline all assistance and get away. Do the clean up yourself later. The soil was likely put there by the thief, and it is all a ruse to part you from your money, your pack, or your camera.

The big cities and the bus stations are the main problem spots. The trail and the villages are very safe.

Trust, but verify. Have fun!

 

[lynnejohn]

Very good advice.

Just on that same subject, I would add - do not look distracted or unsure of yourself (even if you are). If you look confident and aware of your surroundings and what you are doing, you will be much less likely to look like prey.

 

[renegadepilgrim]

I have carefully reviewed the Cash Passport site. It certainly seems convenient. However, when one carefully analyzes their exchange rate and fees, the cost is pretty outrageous. One is paying, too much in my opinion, for the convenience. Today's market rate is 1 Euro = 1.44 USD. Cash Passport is 1 Euro = 1.55 USD. This is nearly an 8% premium without considering any additional fees which are certain to be charged.

Seems to me that if I use my bank ATM, I may be getting the wholesale exchange rate, but then I am getting dinged from my bank and dinged at the ATM for using it. So, for example, if I take out 100 Euro, and get charged a few euro by my bank and a few euro by the ATM machine, it will probably equal 8% or more of my total transaction. If I exchange money before I go, I'm also getting dinged since the bank is getting a cut of the exchange. So, basically, when exchanging currency you're gonna get screwed one way or the other. As I stated previously, I didn't want to use my ATM card while on the Camino due to possible fraud and/or theft. The convenience of the Cash Passport far outweighed all of the splitting of hairs on how currency exchange works. I put money on it, I took money out, it cost me 2Euro to make a withdrawal and it was painless. I did use my ATM card in other countries after I left the EU and had some minor problems with them being accepted. This is also why I took two ATM cards, one from my bank and one from my credit union. If one didn't work, the other usually did and both accounts were separate from each other.

I think for simplicity's sake, johnnyman, you should make sure you have enough Euro to get you started and then make a large withdrawal in Europe before you start the Camino. I always made sure that when I was down to my last 40 Euro or so, to start looking for an ATM because some of the smaller towns don't always have one that works with your card and plastic is not really accepted anywhere except larger cities. Cash is king on the Camino!

 

[Beverley]

Johnnyman, I don't like the recent tone of these posts. This is getting way to paranoid. As you use ATMs at home you will use them over in Spain. You will not need an armed guard or extra lookout. AS simple as it sounds, just breath....................

 

[Deleted member 3000]

http://www.snopes.com is a website that separates fact from fiction. When you get an email that seems to preposterous to be true, go to Snopes, and you will get accurate information. Here is what it has to say about ATM fraud, and no one is saying that it is exclusive to Spain; you should take the same precautions in your home country.

http://www.snopes.com/fraud/atm/atmcamera.asp

Don't panic, but don't be a patsy.

 

[daesdaemar]

Johnnyman, I don't like the recent tone of these posts. This is getting way to paranoid. As you use ATMs at home you will use them over in Spain. You will not need an armed guard or extra lookout. AS simple as it sounds, just breath....................

With respect to all, I think this thread has been very useful. I find it has been helpful regarding how to get the best exchange rates. i don't believe the main gist has been paranoia regarding the use of ATMs.

 

[Kitsambler]

The pre-loaded CashPassport cards from TravelEx are a particularly good solution for one problem US travelers have: our magnetic-stripe cards are not compatible with the European Chip-and-PIN system machines found at unattended kiosks such as parking lots, bike rentals, and some train stations. So they are helpful; however the fees are a little more than the ATMs, and there is that continuing fee-drain on the account every month, so there is also a definite downside. No need to carry a large account balance on such a card.

Some US banks (I'm a Bank of America customer) have business relationships with certain European banks (B of A works with Deuschte Bank and BNP Parabas and one more in the UK) so the ATM fees are a little less. For any ATM transaction, the usual architecture includes a per-transaction charge by the (European) bank owning the ATM, a per-transaction charge by (your local) bank operating your account, and a percentage-of-withdrawal exchange fee. So minimizing the number of transactions reduces your overall cost.

There are also US banks that have no ATM charges anywhere. These tend to be the online banks, who refund the ATM charges imposed by ATM banks. Charles Schwab Bank and Ally Bank come to mind; there may be others as well. (Read the fine print; just because ATM fees may be refunded nationwide in the US does not necessarily imply also world-wide refunds.)

As far as I know, CapitolOne's no-foreign-exchange-fee credit cards are still available.

At least in France, one could go several days between towns with ATMs. What worked for me was hitting every ATM I passed for the daily limit until I built up a two-day reserve.

 

[Tia Valeria]

For the UK Mastercard Cash Passport it is possible to find out on-line where the free ATMs are situated in any town, in any country where the card is accepted.
There is still a 2 euro charge per transaction but that could be kept to a minimum by withdrawing the maximum permitted amount each time (250 euros).
We avoid ATMs that charge a fee and have loaded our card to take into account the 2 euro Mastercard charges. We also have no monthly charge so it is good for us to use.
Sorry but we don't know if there is a US equivelent but a search on Mastercard's '.com' site might help.
Buen Camino
Tio Tel and Tia Valeria

 

[dewayneg]

I would like to offer a piece of advice based upon my experience in Spain last year. When you use an ATM, try to find one that you can swipe your card, that doesn't pull it into the machine. That way if something goes bad, the machine doesn't keep your card. My first day in Madrid last year, not a Euro to my name, I put my ATM card into a machine and it kept it. Fortunately I was with a Spanish friend who loaned me some money and helped me get my card back. But it could have turned out quite differently. After that, no ATMs that takes the card.

 

[Gilespenn]

Hi, an update to this thread from April. For Americans flying into Paris (CDG)... To take the PER train into the city you'll need Euros to buy a ticket in the automated machines. Otherwise, you face a long line to use your U.S. credit card (without "chip and pin") at the ticket counter. The ticket, either from the machine or the teller, will cost under 10 Euros. Of course there are ATM's in the airport, but they charge higher fees than in Paris itself.

So I will use the airport ATM to get enough Euros to get into town and then use my Bank of America debit card for a couple hundred Euros when I get to Paris. Bank of America partners with BNP Paribas which has banks all over town (unfortunately, BofA doesn't seem to have a partner in Spain, but I'm still checking on that). So that way all you pay is a foreign transaction fee.

If all this sounds a bit anal, that's because we've had one bad experience after another at Charles de Gaulle. I really want to get out of there and into Paris as quickly as possible.

Finally, in regard to buying a "trip pak" from AAA, yesterday I called and you get 69 Euros for $100. The exchange rate yesterday gives you 82 Euros for $100. So, unless you are desperate, I'd avoid using AAA to get Euros.

Incidentally, I will carry a Capital One credit card as a backup.
Regards and buen camino,
Giles

 

[vagabondette]

So I will use the airport ATM to get enough Euros to get into town and then use my Bank of America debit card for a couple hundred Euros when I get to Paris.

This will likely cost you more as the fee is generally a flat fee no matter what you take out so you'd be paying both a higher (I've personally not noticed this in my travels) and a lower fee rather than just one higher fee.

Any time I hit any ATM I get out the most possible so the fee is a smaller % of the total withdrawal. I once traveled with someone who repeatedly took out small amounts rather than large amounts and over the course of 2 weeks they spend more that $100 more than I did on fees.

 

[BoldenMD]

AAA really charges a lot, and their prices are relatively inelastic compared to fluctuations in the daily currency valuations. I'm fortunate in that the last time I was in Europe I never bothered to change euros back to dollars. The downside is that the euro keeps dropping against the dollar, hitting a low this morning, so that money is worth less than it was when I returned home last September. But it's also an upside for my upcoming camino. I also use a bank that reimburses for ATM fees. That's really useful for travel.

 

[Gilespenn]

Hi Michael,

I totally forgot that my Bank of America debit card does reimburse for fees. But I still don't trust those atms in CDG...it's a phobia I guess I'll have to live with. Anyway, I have been rummaging through my house trying to find some left over Euros- all I need is 10 to get me into Paris from CDG. So far all I've come up with are a drawer full of Mexican Pesos and some Italian Lire. I'm tempted to take some Pesos and go to one of those shady exchange (cambio) stands in CDG to get my lousy 10 Euro.

Back in 2000, when the Euro was new and on a par with the dollar, I brought home 600 Euros for future use. When we returned to Italy in 2003 the Euros were worth $1000. So far, that's my only successful investment in the world money market.

These are the kinds of silly concerns you have when you are retired and have nothing else to do but wonder what to do with your boat over the snowy winter (and train for the Camino of course).

Regards and hope to see you on the Camino,
Giles