Currency Exchange...

I've sifted through the other postings I could find on this topic, but I still have a few questions and would like current info...

As a Canadian with a dollar that is relatively weak on the world market (especially against the US dollar) I'm curious what currency would be suggested to carry in traveler's cheques when I come to Spain...

Canadian, Euro, Deutsche Mark, British Pound, Peseta, US, or maybe the Swiss Franc...

Another thing for me to consider is how recognizable each currency will be in neighbouring countries of Portugal (likely no problem) and Morocco...

Maybe there's some fellow Canadians that have just tackled this issue or some foreign investors willing to lend a hand...

thanksabunch

Let me help you with the Moroccan angle! They accept virtually anything (or so they say!) When we shopped there, they quoted us prices in pesetas (they pronounce it so it sounds like potatoes ) and dollars, but when I paid by credit card, I was charged in their currency...which I don't know ANYTHING about! If you go there with pesetas in hand, you should do fine. They were somewhat reluctant to accept my credit card...I suspect because it came from a bank they were not familiar with, though I can't pretend to know how they think!

The more times you change your currency, the more you lose money, so I don't know that I would suggest going from Canadian dollars to US dollars to pesetas. How awful is the rate from Canadian to pesetas? If you carry American Express you can cash them in at American Express and not pay a transaction fee, if that helps any. You might also rely on your ATM and avoid the fees as well.

Hope this helped a bit!

[ 06-26-2001: Message edited by: la maestra ]

Thanks for the info 'la maestra'.

The rate from Canadian Dollars to Pesetas is pretty good...$1 CDN = 127.404 ESP, it's even up a little today...My curiosity would lie in the ability for me to change my Canadian $ travellers cheques into Pesetas in Spain...Do you (or anyone else) know if Canadian funds are recognized in Spain...If so, does it receive a decent exchange rate...In the banks, at least...

I took Canadian traveller's cheques to Granada and had absolutely NO problems. I exchanged them at the BBV bank, and from what I recall, I was happy with the exchange rate.
If you're as lucky as my cousin was in Spain, the bank teller might mistake your Canadian traveller's cheque for an American traveller's cheque, and get a GREAT exchange rate!!!
As for the Canadian funds being recognized, OF COURSE!!!!

SusiLaGallega

What the previous poster said is very true. Try to exchange your money as few times as possible because you lose a little bit each time you go from, say Canadian Dollars, to US Dollars to Pesetas to Dinars, etc.

If you have a credit card or atm card you can actually just withdraw cash from an atm most anywhere in Spain or Portugal. This usually gives you one of the best exchange rates and is most convenient. You should have some sort of negotiables on you though, for those times when you just can't find an atm. Traveller's checks are fine though most places require you show a passport when exchanging them. It's always good to have just a little "hard currency" squirreled away.

Try not to exchange too much money, especially when you go to Morocco, because their currency isn't so easily re-converted, and , agian, it costs you when you have to exchange from one currency to another and to another, etc.

DO take a money belt or pouch and try to access it only when you know you aren't being watched. Otherwise, don't worry and have a great time.

hi all!
i was just told by someone who recently went to spain that they got a better exchange rate using travelers checks than using an atm card, 196 pesetas/dollar vs. 166 pesetas/dollar. i always thought it was the other way around. now i'm really confused. can anyone help clear this up? thanks!!

Usually you get better rates using the ATM than you do using traveler's checks, unless you are changing AmExpress checks at the AmExpress office. Most places charge a fee for the transaction PER CHECK. That means that the amount posted is not really what you wind up with. Now, if the ATM is taking money from a credit card and not from your home bank account, the bank that issues your card will often charge a user fee PLUS a foreign currency fee (there is a string on this somewhere!) If that happens you could indeed come up with less money than what is posted.

If somehow this person got more money from checks that were not issued at the office cashing them, then I too would be quite confused!

196 pesetas to 1 US Dollar!! (as of today) Woo Hoo!! I can't remember when the dollar had SUCH a great exchange rate. MAN!

Hi,

What I always try to do when travelling abroad is to use as little cash as possible, and pay everything I can with a Visa credit or debit card, thus avoiding the fees.

You don't have to worry about Portugal, credit cards are widely accepted at shops, restaurants, hotels and ATMs. I am not sure about traveller's cheques, I don't use them! Most banks have exchange offices, even out of the main cities.

Guida

I paid for hotels and gas with a credit card and used cash for everything else. I took about 300 with me and actually changed it before I left, better exchange rate and no charge since I have an account with them. After that I used ATM's, never had a problem and they are everywhere. It's nice not traveling with a ton of money.

We used Canadian AMEX Traveler's Cheques while in Spain and Portugal. Find an AMEX office and you'll be able to cash them there without any fees. That way if you have naything left when you come home you aren't hurting to cash them, or use them for shopping at home. We also used the ATM and VISA which gave us good current rates. This helped minimized the amount of cash we carried. This was the key when we went to Morocco. Don't bring too much with you to Morocco. I would use your credit card rather than taking the chance of cash being stolen from you, and then you're out of luck. Most places in Morocco quoted us prices in American dollars. Try to bring some cash to get you thru the first 48 hours of your trip. Just in case offices are closed when you arrive.

I'm totally confused as to why anyone would want to carry travelers checks, or exchange money, while in Spain. I usually arrive there with about $30 in cash in my pocket, ATM cards, and credit cards. I never use the cash... Since I can go to an ATM and draw out money, why would I want to mess with the travelers checks? It's too costly, and a total waste of time.

Traveling in Spain isn't any different than taking a weekend trip away from your home in the States, Canada, or anywhere else. You don't get travelers checks for that, do you? Why bother to do it there?

As far as ATM cards go, make sure you have two seperate accounts, with different ATM cards that you take along. Then put money in a savings account, and tell the bank to allow you to transfer a specific dollar figure (We always say $100 from each) per day, with a maximum figure of $250 in each card. That way, if one is stolen, you can still use the second one, and it isn't a problem, because the money will be transferred only to the ATM card that is valid. Of course you have to notify the bank if one is stolen or lost, so they can cancel it.

As for credit cards, it's wise to carry at least two or three Visa cards so you have the same protection.

Cash? Travelers checks? A waste of time, a waste of money, and too much of a hassle to deal with. Give me plastic anytime, and I won't waste half of each day trying to get the darned things cashed.

By the way. We did six weeks in Spain/UK using this approach on two occasions, and never had a problem, and got the best exchange rates possible, and in the currency of the country where we were at. I left Spain with the same $30 in cash in my wallet.

Wolf (Who is trying to say that Spain is not a backwards nation.)

Wolf - I have to agree with you.

But I must also confess that I just purchased $650 worth of them because AmEx was running a promotion offering a free companion airfare if you purchase them.

What did I do with the traveler's checks? I deposited them back into my account to pay the AmEx bill for the traveler's checks!

Pookita

Wolf, you are right to a certain extent. One should definitely not make a muddle of it.

IMHO Spain is not a backward country even if I couldn´t pay with my VISA-card at Hostal Austria in Granada (back home I found out in the statement of my account that they obviously had tried to since there was a withdrawel of 10 (ten) pesetas from my account . I don´t consider bringing any action against them .

I usually have a VISA-card and some cash with me, because I have to pay 3$ to the bank every time I draw out some money with the ATM outside Sweden.

Tía (who cuts up the application of a summons and makes a good swap by exchanging the banker)

Pooky, Tia,

I love it! Free tickets because you bought them, and a 10 pta charge when they didn't even accept the card?

The companion fare shows how desperate they are to keep people using T-checks, and the 10 ptas shows the person who was running it through was clueless as to how it worked...

What's nice about the ATM cards is the fact you can go a block away, pull out cash of the realm, and be back in a heartbeat with what you need to complete the transaction.

Wolf (Whose motto is; "Have plastic! Will travel!")

ATM cards are great, but not all ATM cards can be used in Europe. Double check with your bank before you rely on it when you get there. As for paying for traveler's cheques, you don't if you're a member of AAA. And if there is ever a problem, like they get lost or stolen, you'll have less difficulty sorting it out then you would with a credit card company. That's the benefit of them. What would possess anyone to bring more than one ATM card and credit card to a region that is prone to petty crime is beyond me.

Can,

We always carry extra protection. If we have to shut down one card because of theft, we always have another to rely on. We don't use ATM or credit cards that will allow us to be bilked out of more than $50, and each one of them is doubly protected because we won't lose anything since they are "picture ID" inclusive... Fortunately for me, nobody in this world is nearly as ugly, so they could never pass as me... If it isn't my face, and they let someone use it, the merchant who allowed it is liable.... period. There are no questions asked.

You're right about free with AAA. But you pay a premium price when you cash them in. I know, having made that unfortunate mistake when we traveled Europe for the very first time. We were being charged as high as $20 to cash $250 worth. Even worse, were getting charged an exorbitant fee by hotels to cash them, and getting a low ball figure on the exchange rate. My guess is, we were losing somewhere in the neighborhood of 11 to 12% across the board. The problem is, you don't see it, and won't because it's disguised in the exchange, though considered legal.

Along that line, one day I made the mistake of grabbing my wife's CC and headed out the door to buy a few things at the grocery. I stepped up in line, whipped out my trusty Visa card, and handed it to the clerk, who looked at it, and at me... then back at the picture... and me again... Then, in broken english said, "Did you have a sex change?"

I looked at the card and started laughing. I explained to her that it was my wife's, and gave her my ATM card to use instead. Yes, there are pitfalls in using cards. That's the biggest one I know of.

Wolf (Whose wife is much better looking than he is.)

Wolf - Agree with everything you said - and thank you for the idea of a second ATM card - the checking and saving accounts concept. Never crossed my mind before - but makes a ton of sense re access to cash if worse comes to worse re theft.

Of equal importance...where do you carry your ATM card (& cash)? Back pocket or in a bag is the wrong answer. Money belts/neck pouches are so uncomfortable noticeable too.

For guys I suggest a small cloth bag stuffed into the front of your trousers. I use one with a cord tie that I simply slip around my belt so the bag doesn't fall down anywhere it's not supposed to .

It's a little awkward when you need to get into it but that's the point. While spending the day with the renowned Dr. Everett in Madrid and Segovia I was surprised when he asked where I was carrying my money. I was even more surprised when I showed him and he was wearing the same thing (a resident of Madrid for over 40 yrs)!

Leche

Leche,

Sounds like Dr. Everett, you, and I shop at the same places... That's exactly what I use, and carry a $2 wallet for the thieves to steal. Inside the wallet? A folded piece of paper with the outline of my hand, one finger extended. Kind of a "gift" to anyone who wants the wallet that bad... A nice "social gesture," don't you think?

To me, it's worth the loss of that crummy wallet... now, if only I could see the expression on the face of any idiot that takes it... that would be priceless!

Puna,

It's the slickest way to go. I was getting frustrated by the time I was into my third or fourth currency, and had pockets full of money that I had no idea where I was ever going to use it...

Can you imagine trying to keep Francs, Pounds, Pesetas, and Kroners in the same bunch? Been there... done that... nearly ended up going to the looney bin trying to keep the moneys straight. I'm too old for that! I can only count to 11 as it is. Of course that's easy. I just count my fingers.

Wolf (Who believes nobody wants to go where he keeps his valuables, without an invitation... )

[ 08-16-2001: Message edited by: MadridMan ]

a small cloth pouch dangling in your trousers?! so that was you i saw walking awkardly through the rastro! really, that seems a little bit much.

the most important thing is to be aware of your surroundings. i walked around town with a small backpack and kept my wallet in my front pocket. thieves look for easy targets so the main strategy is simply to look less vulnerable than the next chump - you know, the guy with the camera dangling around his neck and the fanny pack slung around his waste. keep everything close and tight to your body, be alert, hold your head high, walk with a confident stride and no one is going to mess with you.

still chuckling picturing you at a nice dinner reaching into your crotch to pay the bill! and the decoy wallet? oh my god, do you have "SUCKER" written across your forehead or something? why so paranoid?

Bob,

It's a flat pack, you should be able to understand that concept.

Being a little paranoid is a good thing. I don't care where you go. Until you've been on the business end of a gun, or had the opportunity of sweeping up what's left of someone who was so vain that they wouldn't let someone rob them, you hardly qualify as an "expert" in these areas. If that's being a sucker, so be it. It beats walking around like an arrogant peacock like you describe, and getting your head blown off.

Wolf

Once I did as Wolf recommends with my wallet - reaching into my crotch-, and when paying the bill the waitress got so excited she hurried to give me her phone number, try it! :p

I am with you, Wolf. I have been to other countries, and you never know where to put your money. Once, they took it from my room's safe, with a second key. And if assaulted, better give them small change, avoid fights and save the rest.

I see many people here say "head up, confident pace, ...". That is good and helps a lot, but if you can be pointed like a tourist, professionals of stealing won't back off unless there is some other easier prey, because they know a foreigner many times doesn't know the language, the area, what he/she has to do, ..., and because they are not prone to meet him/her again since is staying for fifteen days only and use to carry more money in the wallet.

On one of our trips an elderly Italian woman in a typical long, black dress suddenly pulled her skirt up to her head in order to retrieve her passport and money...both concealed in a pouch she carried under her dress! We're not the only ones concerned about security!

I'm sort of the belt and suspenders type too, Wolf. My valuables are under my clothing and/or in pretty odd places! I'll take safe over sorry any day!

la maestra (who is not paranoid, just prudently cautious.)

I found that when I went to Spain (in June) that when you do a currency exchange from cash or traveller's checks, you lose a considerable amount of money (at least a 25% charge). This was through the various change making places or "cambio" as they were called. Banks are even worse (minimum of 1000 ptas. charge). This was the best rate I found!!!
However, you may try to get Pesetas through your local bank, as I did. That way, you will have money with you when you get there.

Ben
pbchamp@intercom.net

I was told at La Caixa a few days ago they don't charge commission providing that you change US dollars up to 100000 pesetas.