what to take for money

I was just wondering what you would recommend as far as mix for taking pesetos, traveler's checks, & using credit cards?

I would like to use the credit cards as much as possible, and hearing about all the pick pocketing, I want to not carry too much cash, but I know traveler's checks can be a pain.. btw, I did get a money belt for security.

Will most places take credit card for services or what types of things will I need cash for (ie, restaurants, clubs, tours, clubs)?

Hi Dennis!

You have posted some good questions! I get these very often and the answer is always the same.

Yes, use the credit cards whenever possible as you'll get the absolute best exchange rate there is, even better than at the banks with traveler's checks.

You'll be able to use your CC (credit card) at nicer, sit-down restaurants, but not at the bars or bar/eateries probably. Of course, you can use the CC for many purchases in stores, probably even in the souvenir shops.

I suggest waiting to change any money until you arrive at the airport in Spain. There (at least in Madrid), you'll be able to exchange a little money, enough to get you into the city and get yourself to a real bank where the exchange rates are more favorable. Try to avoid the "CAMBIOS" or "Quick Change" kind of booth-money exchanges as their rates are not very good.

Keep in mind that when/if you exchange traveler's checks at the banks you'll have to have your passport with you AND there's a cutoff hour before which you can change traveler's checks. Banks close their doors at 2pm usually so you may have until 1pm. Ask at your hotel when you arrive. If you arrive late at night or on the weekend you'll have little choice, but to exchange money at the airport or at the CAMBIOS until you can get to a bank on Monday morning.

Don't try to buy anything using a traveler's check. You'll get a horrible rate from the stores. You'll likely have to pay much of the things you buy with pesetas like lunches (sandwiches and beer), but if you go to a nice enough place you can use your CC. Yes, you'll only be able to pay with cash in clubs and probably for tours too. I don't even think you can pay by CC for bus or train tickets - cash only. They may have changed this recently - hope so.

A money belt is a good idea. So is one of those neck pouches which is what I always use. Don't carry a wallet if you can avoid it. It's safer just to fold your bills and put them in your front pocket if it's not a loose front pocket.

Have a great time in Spain and don't hesitate to post your questions in MadridMan's Message Board!!!

Saludos,

MadridMan

I was pleasantly surprised to be able to use my ATM card in Madrid. To be honest, I don't remember what the exchange rate was. It was so convenient really that it didn't matter to my husband and I. Just another option for you that you could look into. Has anyone else used their ATM card? Oh, one important note - The ATM keys do not have letters on them. If you don't have a numberic pin, it would be wise to translate it before you go over.
Viva Espana
Carmie

I used my ATM card almost exclusively when I got to Spain. Some people prefer to use their credit cards and then pay the balance off when they return home (because one can dispute charges on a credit card).

Before leaving, you can ask your bank for a duplicate card in case your first one is eaten up or lost. Fortunately, I never had this problem. It was verrrrrry easy to use the ATM card (which had the VISA logo so I could use it in restaurants and at some hostals).

Keep in mind that a lot of hostals prefer cash. They may be set up for credit cards, but every one I went to asked me "Do you maybe have cash?" Maybe there is a fee involved for them? I don't know.

I used my ATM and credit card all through Spain. The exchange rate on the ATM is the best you can get. But first check with your bank to see what their service charge is for using it overseas. My companion had cash, and was always looking for a place to exchange it. There are ATM machines all over spain, even in the smaller towns.

A lady-friend of mine (she's Spanish, but working in the US) returned to Madrid just yesterday for the summer and took her US Dollars to exchange into pesetas. Her bank tol her that, next to using the ATMs and visa credit cards for purchases, exchanging US Dollars into pesetas at banks gets you the best exchange rate. I was surprised to hear this, but she says it's true.

Saludos, MadridMan

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Anyone visiting here from the UK can use their ordinary Cheque Guarantee Card at ATMs, so that the cash comes straight out of their bank current account. There's a commission to pay of course, but it avoids the use of credit cards altogether. However, I've had several visitors who couldn't do this because their card didn't carry the Maestro and Cirrus logos, which enable it for use in Europe. If your card doesn't show these, ask your bank for a new one with these logos on.

davej@wanadoo.es

We made the mistake of not checking that our ATM card would be accepted and as it did not have the Maestro and Cirrus symbols on we presumed that we could not use it?

Anyway, one day when we were a bit stuck for cash, we managed to change some in El Corte Inglesia (Puerta del Sol), at about 7.30 pm! We did it on the 3rd floor at customer services (we changed Sterling cash). We got a very reasonable rate which we weren't expecting.

I believe that this is the only place one can do such a thing at such a time? It was very convenient.

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Madly in love with Madrid

Jo-Anne! El Corte Inglés changes money? I had no idea! And at THAT hour too? That's incredible! This is a great trip for those who enter the city late and want to get a better rate than at the "CAMBIO" booths around the city. And, did they speak English or wasn't English needed to make this transaction? Probably not, eh?

Saludos, MadridMan
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Hi Madridman,

> El Corte Inglés changes money?

Of course, they do. You didn't know it?. They change money but I don't think they offer good rates (although I bet they offer better rates than any bureau of change).

By the way, some luxury hotels (4 and 5 stars) also change money but I guess they only do it for their customers.

Saludos,

Antonio

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

[This message has been edited by Antonio (edited 06-08-2000).]

The Corte Ingés has become my first stop for changing cash or traveler checks. I found their exchange rate to be the best.

The airport seemed to have a lower exchange rate.

The worst place to change money might be the places that say "no fee for exchange". The rate is so low, that you end up lossing a chunk of money in the exchange.

Watch out for cambios offering an apparently fantastic rate of exchange. It's not until the deal is done and you realise that you haven't been given as many pesetas as you expected, that you notice a line (in VERY small print) stating this rate applies only to sums over a certain amount - i.e. a lot!

OR that the great rate ONLY applies to exchanges FROM pesetas TO pesetas. Hehehee! If you can, JUST go to the bank and ALWAYS have your passport with you when changing money.

Saludos, MadridMan
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Hi everyone,

I checked for you the El Corte Ingles exchange office.

They charge 5% on bank notes!!!. You will get better deals at any bank so just leave El Corte Inglés in case you don't have other places to change you money.

For traveller checks they "only" charge 3%.

By the way, did you know you can change your American Express checks at no commission at the American Express office. This office is at Carrera de San Jerónimo, just beside the Congreso de los Diputados.

Regards,

Antonio

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

No kidding!!!! I ALWAYS take the American Express traveler's checks when I go to Spain, but didn't know I could take them to their local office and not be charged a commission. Now this is a valuable tip!! Thanks, Antonio!!!

Saludos, MadridMan

I found ATM's the most convenient way to get money in Spain, but I had one problem occasionally. Some machines give you a choice of withdrawing from savings or chequing account, while some don't give you a choice. Those that don't give you a choice seem to default to your chequing account, which was not too great for me because I had about $5 in it and all my money in my savings account! (I should add that it probably isn't a uniquely Spanish problem, as I was in Connecticut and New York last month and it seems to be the case with some machines in the U.S. as well.) It wasn't too big a deal, because I found I could just walk a block to the next machine and it would work.

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ok...I've searched the forum high and low for this info. Will my VISA debit card WORK??

It has these symbols on the back:
fastbank, plus, the exchange, accel, interlink & star. (no Maestro and Cirrus logos)

How can I find out if it works and if it will be charging me a 'transaction fee' every time I use it in an ATM? Also....the strip is getting worn out. Will a standard Spanish bank do the transaction inside?

Leche

Hi Leche, I have used my VISA debit on two prior trips and it does work...you must have a 4 digit pin only...I recommend obtaining a new card before you go so there are no incidences with the magnetic strip you mentioned....Also, the first 2 times I tried to use the card in the ATM it wouldn't work, so we went inside the bank, they gave us money with the debit card, no problem, and after that, my card worked at all the other ATM"s...BTW, my card has the star,plus and interlink stystems. hope this helps.

Wow!! Leche, you are a MEMBER in HIGH standing around here! You ACTUALLY searched the message board BEFORE asking your question. I thank you. I thank you. I'm down on my knees now, thanking you. hehehe...

As laduque says, your ATM/DEBIT card WILL work in Spain. Taking a new card is a good idea too...or at least taking two cards if you and your travel partner has the same account, but carries his/her own copy of the card.

As I wrote above in my 6-17-00 posting before my October 2000 trip, that I was taking travelers checks on my trip - which I did - but I did not cash a SINGLE one! I used my ATM/DEBIT (with Visa symbol) card exclusively. My card is on the CIRRUS system which is what Caja Madrid and, I believe, Banco de Santander (there are many other banks as well). Whenever possible, as laduque suggests, use the INDOOR bank machines for safety's sake.

As for transaction fees, your question is perfect timing because I have been meaning to post this on the board somewhere.

In the current Mar/Apr '01 issue of Arthur Frommer's Budget Travel magazine, to which I subscribe, there was a GREAT article about avoiding surcharge fees with your credit cards.

The article refers to the use of credit cards for purchases abroad, but does not mention the use of debit cards and their charges.

They suggest that long before going on your trip you get yourself one of the Visa or Mastercards from one of the "hero banks", the few companies which have resisted the 2% surcharge imposed on purchases abroad for a conversion charge.

The banks are: Amalgamated Bank of Chicago, AmTrust Bank of Boca Raton FL, Capital One Bank of Richmond VA, First Internet Bank of Indiana of Indianapolis, First Union National Bank in Charlotte NC, Key Bank in Cleveland OH, MBNA of Wilmington DE, Metropolitan Bank and Trust of Mayfireld Heights OH, Ocean Bank of Miami, Ohio Savings Bank of Cleveland OH, USAA Savings Bank of Las Vegas NV, and Washington Mutual Bank of Wilmington DE. (sorry, but I didn't post their phone number above -- please search them on the internet if interested)

The article ALSO says you can avoid these surcharges by using a credit card from one of the many Credit Union if you happen to belon to one. They say not a single credit union chargest a fee for foreign purchases.

As I wrote above, the article doesn't talk about debit card withdrawls so ask your credit union or the bank from which you may have gotten your credit card above, and ask them if they impose an immediate charge for cash advances from ATM machines (most do, but maybe not from one of these banks for credit unions).

Hope this helps someone! I'll certainly consider getting a Visa/Debit card from my credit union before returning to Spain!

Saludos, MadridMan

I just wanted to add a humble info.
Regarding Visa-derived cards, both debit & credit cards use the credit visa protocol for international connections. That allows Servired & 4B spanish cards to work fine in US ATMs. My advice in Spain will be to use the servired ATMs, then you'll get the lowest comission, Red6000 cards will give you the opposite.

Everyone seems to be useing the VISA "logo-ed" ATM debit cards. What about Mastercard "logo-ed" ATMs sporting the Maestro and Cirrus (among other) systems?

Oh - And I assume if you have any ATM (no logos) affilated with the Maestro/CIrrus, etc. systems, that these would also work....?

Thanksamundo!

[This message has been edited by SpainSpud (edited 02-17-2001).]

The quickest way to guarantee that your ATM card will work in Spain is to determine if it is on the accepted list at visa.com. If it is, you're sailing. If not, you can always open up a temporary account at a different bank, where they will issue the appropriate card. Remember the one answer that was given...... only 4 digit PINs work in Spain, and the best place to use the ATM card is at the bank ATM machines. They usually work.

On the issue of not being protected if there is a theft of an ATM card. Make sure you have the web address of the bank you deal with back here, and arrange that you can send them an email to cancel that particular card if it disappears. In our case, we always take two different ATM cards with different PIN numbers for each account with us. That allows us a second access to the same account.

On the question of being able to withdraw from savings vs checking account. We arranged through our bank to have them automatically make deposits at their 2 PM closing of business from our savings into our checking account. They were free transfers and we had them establish the checking account at $250 each day, for each of the three accounts we use. We never got caught short on a trip, and never had any problem whatsoever. That also limited any losses we may have encountered if a card was lost.

When it comes to "buying things," don't use the debit cards. Use a credit card. But not because you won't have recourse on a sale because I don't see how you can have it after you get home. Instead, because you can get the 16% VAT tax put back into your account on the items you buy, after you get home, by filing the proper documents when you leave Spain. That more than covers all the usage you have on the ATM cards, during a month long trip.

Wolf

I travelled to Madrid from February 9 till 19th, and just before my depart I called all my credit cards, in two of them I will be going to be charged for every purchase I make overseas. but with the third one there is no charge, the same with my ATM. So I decided to use that credit card for all I needed, I used money just to take the metro, or going to the theater, very small things, and for almost everything I used my credit card, and kept my ATM just in case I needed cash. And because that credit card has an interest of 16 % once I got the statement I made a transfer to the other credit card in which I have 1.9 %.
about the money. in all the places I changed money the rate were about 170 pesetas per dollar. and one Sunday when all the banks were close, the only place that was opened was in one store at Atocha station and they wanted 150 pesetas per dollar. And with my credit card when I got the statement, making the calculations the rate was 180 pesetas per dollar.
Rafael

Will they also accept Discover or other CC, or does it need to be VISA?

They definitely do not take Discover card in Spain. This is strictly for USA use (maybe Canada too). The MOST popular credit card, worldwide I belive, is the VISA card. Second would be...oh... Mastercard, then American Express, and I know some places, a few take Diner's Club. Safest bet is to take the Visa credit/debit card though.

OFFTOPIC (WHAT? ME??!!): One of my credit card companies, Citibank, sent me a cheery letter saying something like "We're working harder to make your life simpler so we're changing your Visa to a Mastercard and raising your credit limit!" I called them immediately, complained, and they "let" me keep my Visa card.

Saludos, MadridMan

Is it acceptable to pay for hostales with traveler's checks (in pesetas), or does it *have to* be cash? I would rather keep my lodging money separate from the rest of my travelling money without opening another account.

Thanks

Regarding el Corte Ingles, they have a sign up that says they are taking 5% on bank notes and 3% on travelers checks, but from my experience they take nothing.

For $100, el Corte Ingles gave 17,200 pesetas. The Exchange Office on Puerta del Sol next to Mallorquino Pastry shop offered to give 18,000 pesetas BUT they were going to take 3,000 pesetas as their commission, leaving me with 15,000. Once I saw what they intended to charge for the exchange, I returned to el Corte Ingles. There was no 5% taken from the exchange that I could see in the paperwork they gave me. (February '01)

When I travel with my students, they line up at el Corte Ingles to exchange their money.

We have also exchanged at Barajas airport, where they have given a better rate on the bank notes than the travelers checks, and also at the hotels.
http://www.geocities.com/srasofia/fiesta.html

I think Hostales is a family business, and it is probably that a great percentage only acept Spanish currency. I stayed at Hostal Castro in calle Leon. I is a nice place, very clean, rooms have enought space and the bathroom is nice. the hostal is owned by a Spanish woman and her daugther, and they do not acept credit cars or even dollars, only Spanish currency, and they do not speak English, on one ocasion there was a german guest that didn't speak Spanish and as I was walking to go out I noticed the problem and helped to communicate talking in English with the German and in Spanish with the local

Rafael

Yes, but if I buy traveller's checks *in* Spanish pesetas, they should not have to be changed, right? So wouldn't hostal owners be more apt to accept them? I thought they were like cash...?

[This message has been edited by Kimberley (edited 03-21-2001).]

Kimberely, One trip to Madrid about 3 years ago, I was "stupid" enough to buy some traveller's cheques in Spanish pesetas here in the States...Let me tell you, I could not cash them anywhere, even in El Corte Ingles in Barcelona!!!!We finally went to a casa de cambio and changed them into hard currency, losing even more to commission rates...I will never, ever do that again. We now use our ATM/VIsa debit card when we go!!!!

Banks charge you when issuing traveller's checks and then they charge you again when you change them into pesetas. It may be a better idea to get them in Euros (though banks will probably charge you a commission to change them into cash anyway).

I don't know any hostales taking traveller checks. I guess the main problem is hostales can't make sure checks are valid. Even my bank manager told me they would accept traveller checks issued by well-known companies and otherwise they will phone to check they are ok.