Money Issues on the CF

[Humbertico]

I was wondering, for those who had traveled the CF, how to handle money issues on the trip. Does one use a bank card such as visa or American Express and periodicaly go to a bank to pull out cash as you need it? Will appreciate any tip. Gracias Peregrinos!

 

[Kanga]

@Humbertico there are ATM machines in towns and cities along the CF. I take a debit card and withdraw cash every few days, usually enough for three or four days. Credit cards are good if you are staying in hotels in larger places, but mostly on the Camino cash is king.

It is worth doing some research to see what fees attach to your card. I now use one that refunds all the ATM fees charged by the local facility, and mine does not charge commission on the exchange rate into euros. One thing to know is that if you use the local bank (i.e. the ATM's bank) to do the transfer from your currency into euros, you will almost certainly pay more. So when the machine asks, say no. It is a bit confusing - sometimes the way it asks is (imo) deliberately misleading. Ask for a euro amount, not the equivalent in your own currency.

I hope I've got that right - if anyone can explain it more clearly, please do!

 

[Robo]

Lots of information if you use the search feature.

The general advice is:

Expect to use cash mostly.
Carry enough cash for the next few days.
Use some kind of bank card, debit card, cash card for the ATM
Don't use ATM machines if bank is closed (in case it swallows your card)
Have a backup card.

I use credit cards also, if staying at Hotels in larger towns.

Whilst I have an American Express card, it is probably the least accepted of all credit cards anywhere
I think due mainly to merchant charges. Might be more commonly used in the US.
Visa is generally accepted by anyone who accepts credit cards.

 

[mspath]

Generally the camino is a cash economy. Private tourist accommodations usually accept cards but at most albergues you pay in cash. ATMs are found in most of the major villages and towns. Never carry a lot of cash but always have some tucked away for emergencies.

Whatever your budget and whatever cash and card(s) you usually carry always have a hidden stash of emergency cash. This stash might be very useful when an intense storm knocks all power out and no ATM works or during a long holiday weekend when the machines are 'milked dry'. As always it helps to be prepared!

See this earlier form thread for more info re ATMs along the CF way.
https://www.caminodesantiago.me/community/threads/atms-on-camino-frances.46635/

 

[Mark Barnes]

I did not follow advice I received on this forum. I spent several months prior to my Camino in 2017 watching the US $ to euro exchange rates and dollar cost average bought when dollar was high. I took 1800 euro in cash with me. That ended up being fairly bulky. I did not have to worry about atm’s but I would not recommend this tactic for others, but the watching the dollar to euro exchange rate and buying when dollar is high worked out well for me.

 

[Robo]

I did not follow advice I received on this forum. I spent several months prior to my Camino in 2017 watching the US $ to euro exchange rates and dollar cost average bought when dollar was high. I took 1800 euro in cash with me. That ended up being fairly bulky. I did not have to worry about atm’s but I would not recommend this tactic for others, but the watching the dollar to euro exchange rate and buying when dollar is high worked out well for me.

You can do the same with a foreign currency account.
That's what I do.
The ATM card I take is from my bank at home, but it is a Euro account.
I top up that account when the rates are good, during the months prior.

 

[Walking Lover]

I was wondering, for those who had traveled the CF, how to handle money issues on the trip. Does one use a bank card such as visa or American Express and periodicaly go to a bank to pull out cash as you need it? Will appreciate any tip. Gracias Peregrinos!

Carry enough cash for the trip and keep it on a separate money bag under clothing. I take out what I need for the day and carry it on a separate pouch.

 

[Mark McCarthy]

I take out €200 from the ATM and then look for another ATM when I get down to €50.

 

[Sailor]

Buenos [raining here] Dias Mister Humbertico, good information in one of our active conversations.

"How Many Euros" link: https://www.caminodesantiago.me/community/threads/how-many-euros.53193/

Sigamos caminando, y que la luz de Dios alumbre su camino.

 

[owms2323]

@Humbertico there are ATM machines in towns and cities along the CF. I take a debit card and withdraw cash every few days, usually enough for three or four days. Credit cards are good if you are staying in hotels in larger places, but mostly on the Camino cash is king.

It is worth doing some research to see what fees attach to your card. I now use one that refunds all the ATM fees charged by the local facility, and mine does not charge commission on the exchange rate into euros. One thing to know is that if you use the local bank (i.e. the ATM's bank) to do the transfer from your currency into euros, you will almost certainly pay more. So when the machine asks, say no. It is a bit confusing - sometimes the way it asks is (imo) deliberately misleading. Ask for a euro amount, not the equivalent in your own currency.

I hope I've got that right - if anyone can explain it more clearly, please do!

What kind of card do you have that doesn't charge you commission and refunds the ATM fees?

 

[Kanga]

ING. To get a refund of the ATM fees overseas I have to notify them of the trip.

 

[LouLou]

I’m tossing up bringing my ING card from Aus when I walk Sept-Oct, do they charge an international $?

Cheers Lou

 

[Kanga]

@LouLou I'm not sure I understand the question. Please do your own research by reading ING's terms and conditions but my understanding is that ING will refund all ATM fees provided you meet the pre-conditions (see below). If you use the card to purchase anything in the local currency there is no commission and the exchange rate is whatever is set for Visa that day.

The pre-conditions - to get the refund of the international ATM fees for the next month you have to deposit or transfer into the account at least $1,000 from an external account (like wages) into the card, and use the card for purchases at least five times during the month.

It is not a travel money card - your money stays in Australian dollars. The exchange into euros happens when you withdraw the money from an ATM (and do not let the ATM do the currency exchange - as I tried to explain in my post above), or when you purchase something on the card.

 

[Anniesantiago]

I opened a Charles Schwab account for traveling.
They reimburse ALL fees at the end of each month, including ATM and exchange fees.
I can use the ATM card anywhere in Spain and their customer service is great.

 

[LouLou]

@LouLou I'm not sure I understand the question. Please do your own research by reading ING's terms and conditions but my understanding is that ING will refund all ATM fees provided you meet the pre-conditions (see below). If you use the card to purchase anything in the local currency there is no commission and the exchange rate is whatever is set for Visa that day.

The pre-conditions - to get the refund of the international ATM fees for the next month you have to deposit or transfer into the account at least $1,000 from an external account (like wages) into the card, and use the card for purchases at least five times during the month.

It is not a travel money card - your money stays in Australian dollars. The exchange into euros happens when you withdraw the money from an ATM (and do not let the ATM do the currency exchange - as I tried to explain in my post above), or when you purchase something on the card.

Thanks Kanga

 

[Camino Chrissy]

I opened a Charles Schwab account for traveling.
They reimburse ALL fees at the end of each month, including ATM and exchange fees.
I can use the ATM card anywhere in Spain and their customer service is great.

Me, too. Charles Schwab.