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This resource is very helpful, thanks to @UngawawaPhil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.
I will try to send him this file. We do know about the extra fees, but it seemed especially excessive.This resource is very helpful, thanks to @Ungawawa
https://www.caminodesantiago.me/community/attachments/spanish-atm-fees-1-2-jpg.70534/
As @alexwalker said and as it says on the jpg, don't take the option at the ATM that uses the ATM exchange rates, always take the option that has your account charged in Euros rather than Dollars. Your credit card company or bank exchange rates are always better than the ATM rates.I will try to send him this file. We do know about the extra fees, but it seemed especially excessive.
1. When taking out cash from an ATM, always decline the option of have the transaction converted to US dollars. Your own bank will do the conversion for you at a much better rate. This also applies to using a credit card when they offer to do the conversion for you.Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.
I know it doesn't help you right now but I have a Revolut card. It works in Europe and the US and you can do currency exchange on the app. Its great for travel.Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.
We found Caixia (sic) bank had the best rates when we went, regardless of where we were. Others were ridiculous. That being said dollar/euro values are really bouncing around at the momentPhil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.
When we were in Zamora as hospitaleros in 2017 we had trouble with the Caja Rural Savings Bank machine (or maybe Rural Caja, not sure now which) and thought we were going to lose our card. Since then we are always careful to make sure the machine takes our bank's card. I think Caixia may be more in Galicia, but I know there have been some Spanish bank mergers in the last two years so I am not entirely sure of what brands remain. We always try to use the caja automatico on a day that the bank is open just in case something happens.We found Caixia (sic) bank had the best rates when we went, regardless of where we were. Others were ridiculous. That being said dollar/euro values are really bouncing around at the moment
This one confuses me because when I was asked whether to accept the conversion or to charge in euros, I said no to accepting conversion and the ATM said no to giving me money. So I was only able to do it by accepting the conversion. So it sounds like the ATMs should also give you money when you say no to conversion?Always withdraw in the LOCAL currency (Euros). Never opt for "Conversion".
The answer is Yes. Must be a greedy bank you chose...This one confuses me because when I was asked whether to accept the conversion or to charge in euros, I said no to accepting conversion and the ATM said no to giving me money. So I was only able to do it by accepting the conversion. So it sounds like the ATMs should also give you money when you say no to conversion?
I got the Wise app but didn’t know there was actually a card that goes with it.For anyone planning for future travels, I highly recommend getting a Wise card which allows you to transfer money at a very good rate from your bank account (in whatever currency) to euros which are held on the Wise card. The card can be used like a credit card or like an ATM card while you are traveling. Then you can withdraw at ATMs without the exorbitant fees that most US banks charge.
I am not affiliated with the company other than I have a card and it has saved me a lot of money while traveling. This is my referrer code if interested: https://wise.com/invite/t/lauras3363
Is he getting .77 cents Euro for a dollar American? .77 euro cents costs .84 cents American dollar. This is on Xe Currwncy app. This is the rate given to the banks best customers which isn't us ordinary people. So if every dollar he got .77 euro it probably isn't to bad. Last year the rate was 1Euro on the app cost 1.04 America. I went to the bank and it cost me about 1.15 per Euro and I had no service charge. That was the rate you get unless your a bank or investment firm. I found when I used an ATM I got about the same rate. I think it's supply and demand and what every the governments are doing at the time.Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.
I just opened one to see if the hype was real and I think it is. I went to 3 different ATMs and each one charge me a service fee. When I go to a bank I try to look at the symbols and only use at a bank that matches what's on my card but the Schwab card does not have them so I just used it and there was a charge on every withdrawal and at the end of the month they were all reversed. I only opened it for the Camino and but enough in it to last on my Camino. After I'm back I'll leave just enough in it until I'm ready to go out of the country again and transfer more money in. As a technically challenged person I found it easy to figure out. I just don't see how they make money because it is costing me $0. No Foreign transaction fees if I use it to pay for something.I think opening/having an on-line bank, not investment, account with Charles Schwab will solve all these issues. The bank (debit card) will absorb ALL transaction fees and reimburses at the end of each month. I first opened an account for Camino de Santiago several years ago and still have it.
The only disadvantage I see is the bank does not have local branches making it as a good secondary bank, not primary or the only bank. But if you travel often, it's worth the inconvenience. If you like to withdraw small amount money at a time, this card makes a lot of sense because usually fee is charged for each transaction.
Obviously banks tell each other how much was withdrawn and how much their fee was added. Charles Schwab debit card reimburses the fees no matter where the card is used, in the U.S or overseas.
I think that they are hoping that you will use one of their other services, like their brokerage service. Plus, I'm sure that they are making some money from your account.I just don't see how they make money because it is costing me $0.
I have been very happy with Charles Schwab for these same reasons when traveling internationally.I switched to using an account at Charles Schwab that refunds every ATM fee and charges no foreign exchange fee.
Me too, I use the App for Currency transfers. I have been offered the card by Wise which sounds like the way to go.I got the Wise app but didn’t know there was actually a card that goes with it.
In Spanish - Quiero pagar en Euros.But you might want to bear it in mind and try to remember to say, "I want to pay in euros."
Use the big banks in town in case there is a problem , withdraw the maximum allowed per day in euros and thank your lucky stars you can.When we were in Zamora as hospitaleros in 2017 we had trouble with the Caja Rural Savings Bank machine (or maybe Rural Caja, not sure now which) and thought we were going to lose our card. Since then we are always careful to make sure the machine takes our bank's card. I think Caixia may be more in Galicia, but I know there have been some Spanish bank mergers in the last two years so I am not entirely sure of what brands remain. We always try to use the caja automatico on a day that the bank is open just in case something happens.
This may be a silly question, but is it better to do the exchange before you leave or exchange in Spain?
Also for those who you the Schwab card, if you exchange before you leave are the fees reimbursed as well?
Thank you. I pretty much thought so but wanted to be sure.I always withdraw Euros from ATMs in Spain using my Schwab debit card.
Technically it is an exchange, but I don't think about it that way. I am simply withdrawing from my account in a different currency than my home country.
You will almost always get the best rate this way. In the past I have "bought" or exchanged for Euros from my bank. Sometimes they say that there is no fee, but the exchange rate is lousy.
No. The fees that are reimbursed are the ATM fees charged by the Spanish banks.
Huh, today on the radio they commented that the exchange rate is $1.01 to one euro, and that it was so near parity. Greed, it seems, conquers all.Phil is getting worst money exchange rate on this trip. Even at the cash machine which is usually pretty good today he got only 77 cents to the dollar. The online rate is 85 cents to the dollar.
Yes, that was last fall!!! Now we are here and getting almost a 1:1 exchange rate. How quickly the market fluctuates @Huh, today on the radio they commented that the exchange rate is $1.01 to one euro, and that it was so near parity. Greed, it seems, conquers all.
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