Going to Spain: Dollars to Euros Tips

[HanDurley]

Couple buddies and I are going to Spain next week to travel to Madrid and Barcelona. We are visiting friends but that's just a cover to get some serious international recruiting done, like the old days. Anyways, was wondering if the BY had an experience traveling over there and knew the best way to exchange dollars for euros. I've heard many things online and from friends. Most people say to use the ATM over there and withdraw euros. I've also heard to not use the currency exchange at the airport. I have People's bank, so if you have them and have done this before that would be a huge help. Any tips appreciated. Thanks

 

[storrsroars]

Check with People's on what their ATM fees are over there. Different for different banks.

 

[jibsey]

It’s a bit late but Schwab has an account that reimburses charges for cash drawn at ATM’s over there. It shows the charge but it’s later removed. They can charge quite a bit. Tipping is included in restaurants but sometimes you leave 5-10% based on service.

 

[awfuldan]

I was in Barcelona this fall! You can definitely use an ATM to withdraw euros. My wife and I have a People's account and I'm fairly certain we withdrew from there on the trip. Can't remember what the charge was, nothing crazy. We definitely used a credit card more often than cash though.

 

[dannyHAM]

I'd probably just go to your bank and have them exchange the euros for you. That way you have the money in hand and dont have to worry about it over there. Keep in mind the online exchange rate you see is different then the one you'll get at the bank (Think it has something to do with the online exchange rate being a more wholesale amount) Also, check if your bank has euros on hand OR if they'll have to order them. IF they have to order them it could add a few days until they get there + delivery fees. Hope this helps.

 

[awfuldan]

Also, not sure if this is obvious or not, but make sure you call your bank and let them know where/when you're going. My Spain trip was my first time off the continent and that almost slipped my mind. Gotta call the cell phone provider too and set something up with them.

 

[storrsroars]

Also, not sure if this is obvious or not, but make sure you call your bank and let them know where/when you're going. My Spain trip was my first time off the continent and that almost slipped my mind. Gotta call the cell phone provider too and set something up with them.

Good point. Call Amex too if you're using that. Nothing like not having gone to Europe in awhile, going out for a great meal and having your CC declined as a "suspicious transaction".

 

[superjohn]

Always good advice to call your bank and credit card companies as pointed out, I would just use the ATM's over there for euros. You're going to have a blast, those are two of the best cities in the world!

 

[Marat]

Couple buddies and I are going to Spain next week to travel to Madrid and Barcelona. We are visiting friends but that's just a cover to get some serious international recruiting done, like the old days. Anyways, was wondering if the BY had an experience traveling over there and knew the best way to exchange dollars for euros. I've heard many things online and from friends. Most people say to use the ATM over there and withdraw euros. I've also heard to not use the currency exchange at the airport. I have People's bank, so if you have them and have done this before that would be a huge help. Any tips appreciated. Thanks

Maybe the Spanish advice at one of the Madrid car washes can lead to recruiting help ....

 

[LIuconn]

find a way to eat your way thru san sebastian

 

[Drumguy]

ATMs are the best source assuming you don't pay fees, otherwise bring some with you as DaddyHam says above. I always bring a hundred or two Euros home so next trip you don't have to worry until you get to the cities!

Once you've got your euros and get to Barcelona, and, are done with the Picasso, Miro and Gaudi site seeing, head over to Lambicus in (kinda) El Ravel in Barcelona for some great Belgium beer. Cantillon and Drei Fontainen among others (leave some room in your suitcase to bring home a few bottles - I did!) Worth the walk. There's also a little market near Placa Mayer in Madrid that is fun with tasty treats - sort of a mini La Boqueria in Barcelona - another place you should hit.

Lambicus Bar (Barcelona) - 2019 All You Need to Know BEFORE You Go (with Photos) - TripAdvisor

 

[NYC_HUSKY22]

Not sure if you'll get a similar experience w/ Euro's but worth mentioning. But for my wedding i am sending cash via Western Union to Peru (USD to PEN) and they are giving me .5 bps away from spot. Exponentially better then using my bank to purchase foreign currency (even with employee discount), ATM's, $ exchange desks. Not exactly sure how it would have to work if you were essentially sending cash to yourself or one of your friends. It ended up working out to an extra $50 USD or 160PEN per $1,000 USD sent... and non-linear relationship as the fee would cap @ $15 in the app up to $5000.

 

[Tommyboy]

I am taking the family to Paris/Barcelona in a couple months so this is all great info!

 

[tzznandrew]

Couple buddies and I are going to Spain next week to travel to Madrid and Barcelona. We are visiting friends but that's just a cover to get some serious international recruiting done, like the old days. Anyways, was wondering if the BY had an experience traveling over there and knew the best way to exchange dollars for euros. I've heard many things online and from friends. Most people say to use the ATM over there and withdraw euros. I've also heard to not use the currency exchange at the airport. I have People's bank, so if you have them and have done this before that would be a huge help. Any tips appreciated. Thanks

Depending on what you're bank is, there is likely a bank in Spain that has an arrangement that minimizes or erases exchange fees. Best to go through ATM because they are, by law, forced to give you the best exchange rate. Take out more in each sitting.

Now, though, all these places have chip readers. That's another good option if you have a travel card that doesn't do exchange fees because they, too, have to give the best exchange rate.

 

[SoFla Steve]

Be aware that you won't find ATMs on every corner like you do here.

 

[Baltic]

Been to Europe at least once a year for vacations. Use the ATM at the airport with either your debit card or credit card. Fortunately my cards have no ATM charges nor foreign currency transaction fees, a big bonus. There are ATM’s throughout all major airports.
While in the cities there are ATM’s readily available.
I normally get a couple of hundred Euros at the airport and then use my credit cards for most all purchases and food. Use a credit card with a chip if possible, universally used throughout Europe. If I have any Euros left at the end of the trip I use them in the Duty Free store. By that time I only have a handful of Euros so I buy candy bars.
Have fun. Might be a good idea to have a money belt to avoid pick pockets, particularly in heavy tourist areas.

 

[Sportsfan71]

Couple buddies and I are going to Spain next week to travel to Madrid and Barcelona. We are visiting friends but that's just a cover to get some serious international recruiting done, like the old days. Anyways, was wondering if the BY had an experience traveling over there and knew the best way to exchange dollars for euros. I've heard many things online and from friends. Most people say to use the ATM over there and withdraw euros. I've also heard to not use the currency exchange at the airport. I have People's bank, so if you have them and have done this before that would be a huge help. Any tips appreciated. Thanks

We went over and cheapest way was to exchange at a local bank since fees are higher if you exchange while there.

 

[huskiesouth]

When using an ATM in Europe be sure it is a bank ATM not one serviced by a non-banking company who charge higher fees and can use a less favorable exchange rate. Do not use a currency exchange company such as Travelex where you will pay more because of a weaker exchange rate. The most common fee I have paid when using a foreign ATM is $5.00 which is assessed by your bank. Also there are two major bank associated ATM operators so your card may not be accepted at all ATMs, and as someone else mentioned there are not ATMs on every corner.

 

[Da_Aisijimo_Gou]

Solid recommendations above on just using your ATM card and alerting your financial service providers in advance. If you happen to have a Schwab Bank ATM, overseas withdrawal fees are reimbursed yet the local bank you use in Spain will dictate the spread you'll obtain.

2 notes: Typically, ATMs provide competitive to better FX rates than other alternatives, e.g., run fast and far from Travelex and airport FX exchanges and most on the street unless you have extremely dependable local insight on legit exchangers. After you obtain some starting cash at an airport ATM, your local friends may know the latter. Aside from overseas fees your bank/institution may charge, some people inexplicably ignore or forget possible impacts of bad or good exchange rates.

Outside the States, Amex is far less frequently accepted than Mastercard or Visa cards. Your MC or Visa provider may not provide great rates, but simply do NOT plan to depend upon Amex. Bon voyage.

 

[uconndoit]

Another point about using ATMs overseas:

Some ATMs will ask if you want to use their exchange rate or your own bank's exchange rate.

Use your own bank's exchange rate.

Edit: by the same token, when using your credit card they might ask whether you want to be charged in dollars or euros. Choose Euros.

 

[uconndoit]

Also changing money isn't a big deal anymore (in Europe).

It used to be a major factor - you could get drastically different rates depending on where you go. But these days it doesn't vary much - so as long as you're only exchanging a few hundred dollars the slight variations from place to place are not a big deal - not enough to make it worth worrying about while on vacation.

Just check the official rate online (google) and then make sure you're getting something pretty close to that.

Also the rate for 50 and 100 dollar bills is much better than lower denominations.

 

[B1GEast]

Spend more time in Barcelona and less in Madrid.

The food and people are wonderful

So much to see. If you can get to the Andalucia region, Cordoba Grenada or Seville, it will be worth your time and a little farther south lies Toremollinos or Malaga on the Spanish Gold coast, it's probably a little cold for the beach, but still very nice.

Enjoy and have a safe trip

 

[uconndoit]

Spend more time in Barcelona and less in Madrid.

The food and people are wonderful

So much to see. If you can get to the Andalucia region, Cordoba Grenada or Seville, it will be worth your time and a little farther south lies Toremollinos or Malaga on the Spanish Gold coast, it's probably a little cold for the beach, but still very nice.

Enjoy and have a safe trip

Agreed! I lived in Madrid for 6 months back in 1999 (Go Huskies!) and it never grew on me - just seems kinda soulless TBH.

Definitely trade Madrid for Corboda, Grenada or Seville - that's a no brainer (which is perfect for B.E. ).

 

[huskypantz]

When I was in Italy, my uncle in law had a business and he was more than happy to exchange USD for euro at the current rate. Saved us the transaction fees. If your friends have a business dealing in cash, might not hurt to ask.

 

[uconndoit]

I was living in Bali in 2010 with my sister and her husband who were living there working on a surf movie.

My mother came to visit and wanted to change some money so we took her to a small exchange shop in Seminyak. Those guys are legit magicians. We gave them the USD and they counted out the Indonesia Rupiah in front of us. Then I counted it on the counter and it was short so I told them. They counted it in front of us again - I thought I must be crazy. I counted again and it was definitely short. Rinse, repeat. After awhile I was just in awe and laughing. Eventually we got bored and went elsewhere.

Moral of the story: be careful of huskypantz's uncle in law.