CaminoJoy123
Active Member
- Time of past OR future Camino
- 2017
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Two things to worry about:
Your ATM card transactions will get the exchange rate used by the card network that manages your bank's ATM cards - Visa or someone like it. They'll get the interbank rate, which is the best you can get. Might be some differences among the major card networks depending on how they handle the transactions and when they post, but those differences should be small.
- The exchange rate
- ATM fees
At least one US "bank", Charles Schwab, has a no-fee checking account that actually reimburses you for any ATM fees you are charged anywhere in the world. You can open an account with them online.
Check your credit card - many don't charge a fee for foreign transactions (and use the interbank rate for exchanges), but some charge fees.
I don't know the answers on the max transaction - good questions.
From Singapore, on average I lose about 7% on each exchange. I don't see any extra charges on my bank statement and the 7% is basically the exchange rate used so I don't know how both banks manage to profit from the exchange.
They are no stipulation from my bank here on the maximum but the limit is usually from the banks in Spain (around 300 Euros).
I normally exchange around 300-400 euros here before my Camino and hopefully just once at the ATM there.
Well, the banks aren't supposed to profit on the exchange, I'm retrieving my own money! They charge interest for loans and profit from that.
Well, the banks aren't supposed to profit on the exchange, I'm retrieving my own money! They charge interest for loans and profit from that.
So your budget for Camino is about 800 Euros, and you stayed under? That's amazing and great to hear!
It's possible that smaller institutions have a less attractive exchange rate because they move less money per day, and therefore have higher costs in managing it than the big credit card companies do, and that all of these financial institutions have only your best interests at heart.
How's that for a Camino attitude?
Those threads are mostly explaining that one must use local currency, which is the Euro. I wasn't thinking of trying to pay in US currency!
I don't know whether my bank applies their fee schedule to the dollar or the Euro, and even the tellers don't know. But I'm withdrawing Euros, of course.
I learned : "Santander & Bankia banks do not charge an ATM fee as of last May. "
So how is everyone handling the issues surrounding currency exchange?
I'm kind of a minimalist and only have one credit card with my bank. My bank has no ATMs in Europe.
When I withdraw Euros from an ATM in Europe, a typical American bank charges $5 flat fee for each international ATM use, plus 3% of the value of the withdrawal. I don't know whether they mean 3% figured on US dollars or Euros. I'm not sure the local tellers know either.
Some US cards have safety features that cap the maximum cash withdrawal at $300. So the first question, does this mean one cannot actually withdraw 300 Euros, but more like a couple hundred Euros, due to the exchange rate and the $300 cap?
Anyway, if I withdraw whatever Euros I can, and my bank caps their end at $300, then my fee to the bank is $5 plus 3% of 300, which is $9. So I owe my bank $14 fee total. And depending on the exchange rate, I'm getting maybe 250 Euros.
But let's say I really want 300 Euros, and that's what I type at the ATM. And it goes through. That's nearly 400 US dollars for the 300 Euros.
Now if my bank figures the 3% fee on the dollar value of $400, that's $12, plus the flat $5 fee brings me to $17 in fees on 300 Euros or $400. That goes to my bank every time I want my money in 300 Euros. The European ATM fees are extra!
So the main question, isn't there a better way to get cash?
Next, how much is the typical ATM charge in Europe?
Another question is, how do the ATMs in Europe calculate the exchange rate? Do they use the exchange rate offered by Deutsche Bank and HSBC, or do they use Bank of America or Wells Fargo numbers, or something else?
For example, today Bank of America and Wells Fargo want $495 for 400 Euros. I'm sure the Deutsche Bank and HSBC rate was better, something like $445 for 400 Euros, but can't find the link now.
I'm asking about using cash because I thought American credit cards like Visa are not very widely accepted in small towns along the Camino, and in albergues, etc. So the last question, how accepted is Visa and credit?
I think I opened and funded the Schwab account in about a week. Opens immediately, accepts funds within a few days, takes another couple for your mobile check deposit to be recognized.
Same fast turnaround probably goes for applying for credit cards. I have one that has no-fee foreign transactions and pays cash back for every transaction. I pay it off every month.
That's nice info, but this Schwab stuff and researching unnamed new cards is a bit tangential to some of my questions right now, like are credit cards widely accepted, and how is the math calculated for the withdrawal fee, and what is the typical European ATM fee.
Besides, I'm kind of a minimalist and do not want multiple financial institutions and credit lines. So I wouldn't just open an account or apply for a credit card on a whim because it only takes a week. Rather, I would move my accounts if, after thorough research, there was a good opportunity and reason.
But hey, right now I'm very unhappy with my bank.
I'm using a Bank of America debit card. I opened the account specifically for the Camino travel. Since BOA is affiliated with Deutsche Bank, there are no transaction fees, just a conversion fee. The cheapest method for exchange is an ATM transaction in Euros, not a transaction in dollars that is then converted to Euros. Of course, using a credit card instead of a debit card imposes a the credit card cash advance fee, which doesn't exist with a debit card.
Wow, that's a great update about BofA. I checked and also heard they had high ATM transaction fees internationally. So you're correcting that.
Also, interesting to hear people open an account for travel only. Never crossed my mind. I'm sort of a minimalist.
I'll look into this for next Camino. No time left before this one.
I apologize for veering into mansplaining there. I'm not a fan of bank fees and I was triggered.
Good luck getting your answers, I'm sure others can help.
That's nice info, but this Schwab stuff and researching unnamed new cards is a bit tangential to some of my questions right now, like are credit cards widely accepted, and how is the math calculated for the withdrawal fee, and what is the typical European ATM fee.
.
Hi, CaminoJoy,
I know that many people will tell you that the Camino is a "cash camino", but I have always used my credit card a lot. Maybe that's because I have stayed in and shopped in places that are not as local as others. My advice is to use the CC whenever you can, it is much simpler and it means that your transactions are "on the books." I know there is a lot of disagreement about this, but I have problems with establishments that offer you a discount for cash. In many instances that just means they are not going to pay taxes on their income. In fairness, it may also mean that they are going to avoid the CC fee.
As far as ATM fee, this is a function of both your bank at home and the bank you use in Spain, so it's hard to give you good advice. My bank in the US waives (absorbs) the foreign ATM fees, so I don't pay attention to their charges.
Bottom line -- I think that if you do the math, you will find that over the cost of an average camio, you are talking about no more than $50, so it may not be worth worrying about.
Thank you for the fabulous info about credit cards being accepted in many of the larger areas. Yes, I'd prefer to use credit card instead of fumbling with cash.
As far as ATM fees, my bank is charging at least $12 in fees for each 300 Euro withdrawal, but it could be attached to withdrawals that are less than 300 Euros if the fraud caps are in place. And the Spanish ATM fees are added to that. Santander and maybe one or two other ATMs charge no additional fees.
I suppose if I made three 300-euro withdrawals, and each total fee is around $15, you're right, about $50 in fees.
Are people spending under $1,000 euros on food and lodging on their camino though?
So how is everyone handling the issues surrounding currency exchange?
I'm kind of a minimalist and only have one credit card with my bank. My bank has no ATMs in Europe.
When I withdraw Euros from an ATM in Europe, a typical American bank charges $5 flat fee for each international ATM use, plus 3% of the value of the withdrawal. I don't know whether they mean 3% figured on US dollars or Euros. I'm not sure the local tellers know either.
Some US cards have safety features that cap the maximum cash withdrawal at $300. So the first question, does this mean one cannot actually withdraw 300 Euros, but more like a couple hundred Euros, due to the exchange rate and the $300 cap?
Anyway, if I withdraw whatever Euros I can, and my bank caps their end at $300, then my fee to the bank is $5 plus 3% of 300, which is $9. So I owe my bank $14 fee total. And depending on the exchange rate, I'm getting maybe 250 Euros.
But let's say I really want 300 Euros, and that's what I type at the ATM. And it goes through. That's nearly 400 US dollars for the 300 Euros.
Now if my bank figures the 3% fee on the dollar value of $400, that's $12, plus the flat $5 fee brings me to $17 in fees on 300 Euros or $400. That goes to my bank every time I want my money in 300 Euros. The European ATM fees are extra!
So the main question, isn't there a better way to get cash?
Next, how much is the typical ATM charge in Europe?
Another question is, how do the ATMs in Europe calculate the exchange rate? Do they use the exchange rate offered by Deutsche Bank and HSBC, or do they use Bank of America or Wells Fargo numbers, or something else?
For example, today Bank of America and Wells Fargo want $495 for 400 Euros. I'm sure the Deutsche Bank and HSBC rate was better, something like $445 for 400 Euros, but can't find the link now.
I'm asking about using cash because I thought American credit cards like Visa are not very widely accepted in small towns along the Camino, and in albergues, etc. So the last question, how accepted is Visa and credit?
Drawing cash from an atm with a credit card usually has cash advance fees in addition to any atm use fees and conversion fees. Does yours?
In two months, it may cost me $20-30 beyond exchange rates for convenience and safety of my money. Credit cards are ridiculously over charging but I'll still use it when needed. I'm a cash guy and will take 800 Euro to begin. I'll only withdraw two or three more times and therefore will not pay a load of bank fees. Good luck
You will find very few albergues and bars (restaurants) in small towns that accept credit cards. And sometimes you won't even encounter an ATM for several days, so you need to always make sure that you have enough cash.
You may also find that places that do accept credit cards are more expensive than cash only places, so avoiding ATM fees by using CC can be a false savings
My advice is two have at least two cards, from two different banks, and don't keep them in the same pocket. Murphy's law, right? I was still in Spain when one card was blocked because someone in USA had attempted to use the number twice.I'm kind of a minimalist and only have one credit card with my bank.
The best way is to use a card from a bank that reimburses all ATM fees. I have Schwab, but I know there are others. And if you purchase with that card, make sure they don't set the currency to yours without asking you. That allows their bank to do the conversion and take a hefty fee. If set to Euro, your bank will do the conversion and probably at the market rate.So the main question, isn't there a better way to get cash?
iberCaja in Spain, and most ATMs in the U.K. do not charge a fee for non-customers. Others in Spain range from €2 to €5.Next, how much is the typical ATM charge in Europe?
What exactly us a debit/credit card? Do you mean a debit card with a Visa or Mastercard brand that you can use to make purchases and cash withdrawals? If the money for the purchase/withdrawal is immediately taken from your account it is a debit card, not a credit card.Sorry, I was simplifying. It's a debit/credit card. No, there is no interest accrued on any cash withdrawn from an ATM.
One that I recall was Astorga to Ponferrada. The information that you will get at the Pilgrims Office in St Jean will have information about which towns have banks. It's best to always make sure you always have about 100€ with you all the time.That's great info. What stretch of Camino Frances has no ATM's for a few days?
My advice is two have at least two cards, from two different banks, and don't keep them in the same pocket. Murphy's law, right? I was still in Spain when one card was blocked because someone in USA had attempted to use the number twice.
The best way is to use a card from a bank that reimburses all ATM fees. I have Schwab, but I know there are others. And if you purchase with that card, make sure they don't set the currency to yours without asking you. That allows their bank to do the conversion and take a hefty fee. If set to Euro, your bank will do the conversion and probably at the market rate.
iberCaja in Spain, and most ATMs in the U.K. do not charge a fee for non-customers. Others in Spain range from €2 to €5.
What exactly us a debit/credit card? Do you mean a debit card with a Visa or Mastercard brand that you can use to make purchases and cash withdrawals? If the money for the purchase/withdrawal is immediately taken from your account it is a debit card, not a credit card.
One that I recall was Astorga to Ponferrada. The information that you will get at the Pilgrims Office in St Jean will have information about which towns have banks. It's best to always make sure you always have about 100€ with you all the time.
I understand that merchants can run a debit card through their system as if it's a credit card, with a signature rather than a PIN, but your bank still treats the transaction as a debit, not as a credit card charge that you can pay later.Many financial institutions offer a card that has combined features of a debit and credit card. When the customer uses the card as a credit card, the cashier or the customer chooses the payment method as credit, and the rest of the transaction proceeds like a credit transaction. That is, you do not enter your ATM PIN number like you would at a bank. So it's quite safe.
Also, a smartphone/tablet app that downloads OpenStreetMap data for off-line use will let you search for where to find an ATM.Great to know the Pilgrims office has info about banking along the Camino towns.
I did some research recently and learned that the answer to the ATM question 'Do you wish to be charged in your home currency' is 'No'.
Also, a smartphone/tablet app that downloads OpenStreetMap data for off-line use will let you search for where to find an ATM.
If you don't have cell phone data (and you won't in many places), then no, Google won't work, nor Apple maps, nor Bing, nor Mapquest. But GPS will work, if you have already downloaded the maps. A GPS device will already have the maps installed, but smartphone/tablet apps usually require you to download them in advance.ok, so, whoa, Google Maps won't work? Or it eats too much data?
People have been downloading maps for use without internet and GPS?
So how is everyone handling the issues surrounding currency exchange?
I'm kind of a minimalist and only have one credit card with my bank. My bank has no ATMs in Europe.
When I withdraw Euros from an ATM in Europe, a typical American bank charges $5 flat fee for each international ATM use, plus 3% of the value of the withdrawal. I don't know whether they mean 3% figured on US dollars or Euros. I'm not sure the local tellers know either.
Some US cards have safety features that cap the maximum cash withdrawal at $300. So the first question, does this mean one cannot actually withdraw 300 Euros, but more like a couple hundred Euros, due to the exchange rate and the $300 cap?
Anyway, if I withdraw whatever Euros I can, and my bank caps their end at $300, then my fee to the bank is $5 plus 3% of 300, which is $9. So I owe my bank $14 fee total. And depending on the exchange rate, I'm getting maybe 250 Euros.
But let's say I really want 300 Euros, and that's what I type at the ATM. And it goes through. That's nearly 400 US dollars for the 300 Euros.
Now if my bank figures the 3% fee on the dollar value of $400, that's $12, plus the flat $5 fee brings me to $17 in fees on 300 Euros or $400. That goes to my bank every time I want my money in 300 Euros. The European ATM fees are extra!
So the main question, isn't there a better way to get cash?
Next, how much is the typical ATM charge in Europe?
Another question is, how do the ATMs in Europe calculate the exchange rate? Do they use the exchange rate offered by Deutsche Bank and HSBC, or do they use Bank of America or Wells Fargo numbers, or something else?
For example, today Bank of America and Wells Fargo want $495 for 400 Euros. I'm sure the Deutsche Bank and HSBC rate was better, something like $445 for 400 Euros, but can't find the link now.
I'm asking about using cash because I thought American credit cards like Visa are not very widely accepted in small towns along the Camino, and in albergues, etc. So the last question, how accepted is Visa and credit?
So how is everyone handling the issues surrounding currency exchange?
I'm kind of a minimalist and only have one credit card with my bank. My bank has no ATMs in Europe.
When I withdraw Euros from an ATM in Europe, a typical American bank charges $5 flat fee for each international ATM use, plus 3% of the value of the withdrawal. I don't know whether they mean 3% figured on US dollars or Euros. I'm not sure the local tellers know either.
Some US cards have safety features that cap the maximum cash withdrawal at $300. So the first question, does this mean one cannot actually withdraw 300 Euros, but more like a couple hundred Euros, due to the exchange rate and the $300 cap?
Anyway, if I withdraw whatever Euros I can, and my bank caps their end at $300, then my fee to the bank is $5 plus 3% of 300, which is $9. So I owe my bank $14 fee total. And depending on the exchange rate, I'm getting maybe 250 Euros.
But let's say I really want 300 Euros, and that's what I type at the ATM. And it goes through. That's nearly 400 US dollars for the 300 Euros.
Now if my bank figures the 3% fee on the dollar value of $400, that's $12, plus the flat $5 fee brings me to $17 in fees on 300 Euros or $400. That goes to my bank every time I want my money in 300 Euros. The European ATM fees are extra!
So the main question, isn't there a better way to get cash?
Next, how much is the typical ATM charge in Europe?
Another question is, how do the ATMs in Europe calculate the exchange rate? Do they use the exchange rate offered by Deutsche Bank and HSBC, or do they use Bank of America or Wells Fargo numbers, or something else?
For example, today Bank of America and Wells Fargo want $495 for 400 Euros. I'm sure the Deutsche Bank and HSBC rate was better, something like $445 for 400 Euros, but can't find the link now.
I'm asking about using cash because I thought American credit cards like Visa are not very widely accepted in small towns along the Camino, and in albergues, etc. So the last question, how accepted is Visa and credit?
Great to know the interbank rate on ATM withdrawals is the best.
The ATM fees themselves are high. If I'm paying $14-$17 to my bank per ATM withdrawal, and if the European fees are half that or equal to that, I'm looking at $20-$34 in total fees per $300 cash withdrawal?
Thanks for the Schwab info, didn't know that. It's a bit late to get that started.
Obviously my credit card charges a fee to use it overseas! But I was under the impression many small towns in Spain didn't accept Visa?
the correct answer to the ATM question on home currency charges is NO
right, got it. great reminder!
however, i was actually wondering whether my bank is charging their 3% on the Euro or the Dollar. By now, I don't really care anymore!
In Australia 28 Degrees Citi Bank credit card is the best. No international transaction fees, no annual fee and they give a great exchange rate. On saying that I go to China Town in Sydney get a great exchange rate and travel with cash. I only use the card at the end of my trip if I need to.So how is everyone handling the issues surrounding currency exchange?
I'm kind of a minimalist and only have one credit card with my bank. My bank has no ATMs in Europe.
When I withdraw Euros from an ATM in Europe, a typical American bank charges $5 flat fee for each international ATM use, plus 3% of the value of the withdrawal. I don't know whether they mean 3% figured on US dollars or Euros. I'm not sure the local tellers know either.
Some US cards have safety features that cap the maximum cash withdrawal at $300. So the first question, does this mean one cannot actually withdraw 300 Euros, but more like a couple hundred Euros, due to the exchange rate and the $300 cap?
Anyway, if I withdraw whatever Euros I can, and my bank caps their end at $300, then my fee to the bank is $5 plus 3% of 300, which is $9. So I owe my bank $14 fee total. And depending on the exchange rate, I'm getting maybe 250 Euros.
But let's say I really want 300 Euros, and that's what I type at the ATM. And it goes through. That's nearly 400 US dollars for the 300 Euros.
Now if my bank figures the 3% fee on the dollar value of $400, that's $12, plus the flat $5 fee brings me to $17 in fees on 300 Euros or $400. That goes to my bank every time I want my money in 300 Euros. The European ATM fees are extra!
So the main question, isn't there a better way to get cash?
Next, how much is the typical ATM charge in Europe?
Another question is, how do the ATMs in Europe calculate the exchange rate? Do they use the exchange rate offered by Deutsche Bank and HSBC, or do they use Bank of America or Wells Fargo numbers, or something else?
For example, today Bank of America and Wells Fargo want $495 for 400 Euros. I'm sure the Deutsche Bank and HSBC rate was better, something like $445 for 400 Euros, but can't find the link now.
I'm asking about using cash because I thought American credit cards like Visa are not very widely accepted in small towns along the Camino, and in albergues, etc. So the last question, how accepted is Visa and credit?
Great idea, show up with Euros already. Do you use a money belt? That's a lot of cash to carry!
So how is everyone handling the issues surrounding currency exchange?
I'm kind of a minimalist and only have one credit card with my bank. My bank has no ATMs in Europe.
When I withdraw Euros from an ATM in Europe, a typical American bank charges $5 flat fee for each international ATM use, plus 3% of the value of the withdrawal. I don't know whether they mean 3% figured on US dollars or Euros. I'm not sure the local tellers know either.
Some US cards have safety features that cap the maximum cash withdrawal at $300. So the first question, does this mean one cannot actually withdraw 300 Euros, but more like a couple hundred Euros, due to the exchange rate and the $300 cap?
Anyway, if I withdraw whatever Euros I can, and my bank caps their end at $300, then my fee to the bank is $5 plus 3% of 300, which is $9. So I owe my bank $14 fee total. And depending on the exchange rate, I'm getting maybe 250 Euros.
But let's say I really want 300 Euros, and that's what I type at the ATM. And it goes through. That's nearly 400 US dollars for the 300 Euros.
Now if my bank figures the 3% fee on the dollar value of $400, that's $12, plus the flat $5 fee brings me to $17 in fees on 300 Euros or $400. That goes to my bank every time I want my money in 300 Euros. The European ATM fees are extra!
So the main question, isn't there a better way to get cash?
Next, how much is the typical ATM charge in Europe?
Another question is, how do the ATMs in Europe calculate the exchange rate? Do they use the exchange rate offered by Deutsche Bank and HSBC, or do they use Bank of America or Wells Fargo numbers, or something else?
For example, today Bank of America and Wells Fargo want $495 for 400 Euros. I'm sure the Deutsche Bank and HSBC rate was better, something like $445 for 400 Euros, but can't find the link now.
I'm asking about using cash because I thought American credit cards like Visa are not very widely accepted in small towns along the Camino, and in albergues, etc. So the last question, how accepted is Visa and credit?
Villamayor de Monjardín in Navarra has no ATM nor pharmacy nor centro de salud. Those are ten kilometers away in Estella or twelve in Los Arcos. And it's not the only such place..... Even small towns in Spain have ATMs...
Not sure what you mean by ATM charges. Any ATMs I used along the way had no charge for their use. I know that in England, I had difficulty finding an ATM that was free to use but not in SpainSo how is everyone handling the issues surrounding currency exchange?
I'm kind of a minimalist and only have one credit card with my bank. My bank has no ATMs in Europe.
When I withdraw Euros from an ATM in Europe, a typical American bank charges $5 flat fee for each international ATM use, plus 3% of the value of the withdrawal. I don't know whether they mean 3% figured on US dollars or Euros. I'm not sure the local tellers know either.
Some US cards have safety features that cap the maximum cash withdrawal at $300. So the first question, does this mean one cannot actually withdraw 300 Euros, but more like a couple hundred Euros, due to the exchange rate and the $300 cap?
Anyway, if I withdraw whatever Euros I can, and my bank caps their end at $300, then my fee to the bank is $5 plus 3% of 300, which is $9. So I owe my bank $14 fee total. And depending on the exchange rate, I'm getting maybe 250 Euros.
But let's say I really want 300 Euros, and that's what I type at the ATM. And it goes through. That's nearly 400 US dollars for the 300 Euros.
Now if my bank figures the 3% fee on the dollar value of $400, that's $12, plus the flat $5 fee brings me to $17 in fees on 300 Euros or $400. That goes to my bank every time I want my money in 300 Euros. The European ATM fees are extra!
So the main question, isn't there a better way to get cash?
Next, how much is the typical ATM charge in Europe?
Another question is, how do the ATMs in Europe calculate the exchange rate? Do they use the exchange rate offered by Deutsche Bank and HSBC, or do they use Bank of America or Wells Fargo numbers, or something else?
For example, today Bank of America and Wells Fargo want $495 for 400 Euros. I'm sure the Deutsche Bank and HSBC rate was better, something like $445 for 400 Euros, but can't find the link now.
I'm asking about using cash because I thought American credit cards like Visa are not very widely accepted in small towns along the Camino, and in albergues, etc. So the last question, how accepted is Visa and credit?
Not sure what you mean by ATM charges.
Are you sure? When I was in England, every ATM I used except one had no fees. While in Spain, my bank, LaCaixa, charges €5, others less, but the only one I've found with no fee is iberCaja.Not sure what you mean by ATM charges. Any ATMs I used along the way had no charge for their use. I know that in England, I had difficulty finding an ATM that was free to use but not in Spain
Maybe some misunderstanding of charges. I dont mean anything your bank charges, I mean the charge levied by the ATM on all users. I travelled from Scotland to the Channel Tunnel port and only in the service station before the port did I get an ATM that did not charge me. On a week in Liverpool, Almost every ATM I went to levied a charge for using it. Along the Camino however, not a single ATM I came to charged me. Found them to be free to use in Norway too BTWAre you sure? When I was in England, every ATM I used except one had no fees. While in Spain, my bank, LaCaixa, charges €5, others less, but the only one I've found with no fee is iberCaja.
That as not my experience along the camino. I used ATMs in Burgos, León Arzua and Santiago with no problemSometimes I have been to an ATM in Spain, and during the process of making a cash withdrawal, it tells me that there will be a x euro charge, and do I want to continue. I usually press the No button, and go find a Santander ATM.
Jill
Which is what I meant as well. (Except they don't charge a fee to people who have accounts in their bank.) I found one ATM out of dozens in U.K. and Ireland that charged a fee. But in Spain, iberCaja is the only bank I've found (so far) that doesn't charge a fee. In Peru, I found none that were free.Maybe some misunderstanding of charges. I dont mean anything your bank charges, I mean the charge levied by the ATM on all users.
More puzzles. Santander always tells me there's a fee. Do you have an account with them? iberCaja charges me no fee, and LaCaixa doesn't charge me to use their ID, but if I use any of my other cards at LaCaixa, the fee is €5. One sneaky bastard in Los Arcos quoted a fee, and I said OK because my bank refunds those fees. But then the record printed that showed the withdrawal, the announced fee AND an unannounced and rather large "commission."Sometimes I have been to an ATM in Spain, and during the process of making a cash withdrawal, it tells me that there will be a x euro charge, and do I want to continue. I usually press the No button, and go find a Santander ATM.
Do you have an account with them?
Ok we are on the same page then as to what we mean by charges. You found none in England, I found a heck of a lot. In Spain, I found none and you found a heck of a lot. Thats just the way it is I suppose. Agree about Ireland, we dont tend to do that. Any ATMs that charged an Irish man to lift his own money would not last very long. We would simply boycott it. I suggest if you must lift money use ATMs in Burgos Ponferrada and Arzua. These are three of the places I used and there were no charges. Santiago also, I found no chargesWhich is what I meant as well. (Except they don't charge a fee to people who have accounts in their bank.) I found one ATM out of dozens in U.K. and Ireland that charged a fee. But in Spain, iberCaja is the only bank I've found (so far) that doesn't charge a fee. In Peru, I found none that were free.
The $50 estimate is about right. Whole lot better than the olden days. Anyone remember Travelers Checks, the fees and the hassle?Hi, CaminoJoy,
I know that many people will tell you that the Camino is a "cash camino", but I have always used my credit card a lot. Maybe that's because I have stayed in and shopped in places that are not as local as others. My advice is to use the CC whenever you can, it is much simpler and it means that your transactions are "on the books." I know there is a lot of disagreement about this, but I have problems with establishments that offer you a discount for cash. In many instances that just means they are not going to pay taxes on their income. In fairness, it may also mean that they are going to avoid the CC fee.
As far as ATM fee, this is a function of both your bank at home and the bank you use in Spain, so it's hard to give you good advice. My bank in the US waives (absorbs) the foreign ATM fees, so I don't pay attention to their charges.
Bottom line -- I think that if you do the math, you will find that over the cost of an average camino, you are talking about no more than $50, so it may not be worth worrying about.
I certainly do. When I was eighteen or so I deferred my entry into university for a year and spent 6 months working 60 hours a week and the next six months spending my earnings and travelling. I took all my money for that six months with me in the form of travellers cheques. I started signing them with a legible signature, but by the time I had finished signing them all my signature was a quick illegible scrawl which it remains to this day.The $50 estimate is about right. Whole lot better than the olden days. Anyone remember Travelers Checks, the fees and the hassle?
What? The only reason banks are there is to make money using my money, not to help me! Other than Amadeo Giannini who started the Bank of Italy over a hundred years ago in San Francisco to help immigrants have a decent life, I have never heard of a bank doing anything that didn't get them a profit.Well, the banks aren't supposed to profit on the exchange, I'm retrieving my own money! They charge interest for loans and profit from that.
So your budget for Camino is about 800 Euros, and you stayed under? That's amazing and great to hear!
Banks are a business and they can attempt to profit where they feel fit. It is up to the consumer to do business with them. I had no problem with my USA ATM card. Only withdrew money from ATMs in front of its bank during business hours but never had a problem.Well, the banks aren't supposed to profit on the exchange, I'm retrieving my own money! They charge interest for loans and profit from that.
So your budget for Camino is about 800 Euros, and you stayed under? That's amazing and great to hear!
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