I was recently told by two of my customers that there was a "locutorio telefónico" close to Hostal Chelo where they offered the best rates (even better than banks).

I checked it today (October 8th) and the rate was $1 = 189 pesetas, whereas at the bureauf of change at Puerta del Sol was $1 = 176 pesetas. I don't know how much they are paying at banks but if you take into account the commission I guess it will be less than 189 pesetas.

IMPORTANT: Note that I'm not 100% sure if they are authorized to exchange money but they also send money abroad.

Regards,

Antonio

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The best tips from your favourite hostal in Madrid.
Hostal Chelo at http://www.chelo.com

When I arrived at Barajas Madrid, I needed some cash, enough to make a phone call, took a USA $20 bill to the BBV exchange counter and they changed it at an amazing 187 pesetas/USDollar. Just checked http://www.xe.net and the rate reads 192.50pts/USDollar.

hi!
i really love this site,it's great!!! does anyone know where i can exchange dollars to pesetas here in the u. s. without getting charged a huge commision? i'd love to exchange now as the rate is unbelieveable good. thanks.

Check the rates offered by your bank as well as any others in the area ... If you are going to Spain soon, you might just want to use the ATMs there .... carry less cash.

[This message has been edited by Puna (edited 10-16-2000).]

Go to your bank. They will often get you a very good rate if you have an account with them. Most of them will take the amount you need from your account. They will usually charge a fee however. It can take up to a week for them to get the currency to the bank however, as they do not usually have it there. I recently got some currency and got a rate of 189-190. I was charged a fee of $6.00 however. Good luck

I am a huge believer in ATMs, however, be prepared for the possibility that your magnetic stripe may cease to function. It's happened to me in Chile and in Spain. (This has happened to my credit cards, too, and even in Spain it was a problem, since most places can't--or won't--process transactions manually.) I'd recommend arriving in any country with about $100 in local currency; you never know what you'll find at the airport, and if you arrive on a holiday (I say this in general, not about Spain specifically), it can save you a lot of inconvenience, if not downright misery. When in transit, I always carry dollars in a money belt, and cards in my money belt and my purse. Once I arrive, I like to leave some of the above in a hotel safe, in case what I carry on my person gets stolen or ceases to function. Luckily, I've never been robbed. Technology, however, has failed me repeatedly.