changing currency

Sorry for posting this twice, but I thought this was a better place for my question.
It seems that most people prefer using an ATM card rather than travelers checks. Isn't it easy to change trav. checks at any bank? I am worried about my atm card being stolen. I've already had my purse stolen in Madrid w/ credit card, some money, etc. If I lose the card, I'll have to put a stop on the account and won't be able to get money. Why is everyone so "down" on travelers checks?
By the way, even with that horrendous experience (there were also 2 other times), Madrid is still my favorite city in the world! I'm going in July and I can't wait!
Madridman, thanks for this wonderful website w/ a wealth of information!

Okay...to help somewhat...I don't use ATM's. From my perspective I have enough numbers and account numbers to memorize that I don't need any more. Also, I am hesitant to carry a card because, like you,...if it gets lost or something. In other words, I always use travelers checks. I have never had a problem with them and in fact, have received better rates with them than for cash (efectivo). My stays in Spain have been for long periods of time so gaging my usage, for me, was easier.

Checks can be cashed throughout the city...no problem...banks do it, hostals do it (although I have always used either banks or American Express), even some large scale restaurants.

Going back to Europe this summer (this time, Italy) I will again use travelers checks. To me they are safer...if lost or stolen (like the ad states, they can be replaced).

Sheryl

Sheryl, thanks, that's been my experience as well. Enjoy your trip!

I don't know about other cities in Spain but in Madrid you can cash American Express traveller checks with no commission at their offices at the airport and at the Marqués de Cubas offices (just besides de Spanish Congress, near the Prado museum).

Gracias, Antonio. I didn't know the exchange was free at their offices. I will be staying near Marques de Cubas so that will be convenient. Thanks, again!

Well, I guess they won't charge anything if checks were issued in Euros. If they are in Dollars perhaps they may charge commission for the sake of exchanging currency, but not for the "cashing" itself.

Please, if you can clarify this, come back and post it here. Thanks.

Well, Antonio, you got me all excited thinking their would be no commission fee! The checks will be in dollars, which I will have to change to euros. Anyway, I will let you know if it makes a difference if I go to an Amex office or a regular bank.

This is one of those topics that keep coming up. The answer is as varied as the indivdual.
You like travelers cheques, (American Express, Thomas Cooke etc) BRING them.

You don't like traveleres cheques...LEAVE them.

I HATE them. The last time I was in Madrid, we got ripped off at the Caja Madrid. By the time they exchanged the cheques, they KEPT about 37% of the total. Not to mention the waste of time of getting in line (hopefully the right one), showing your passport (which means you have to have it with you), having every "manager" and sub-manager authorize the transaction etc....I swore then and there that it would be the last time I would travel with travelers cheques.

Yes, you can go (out of your way perhaps) to the American express office (find it, find the hours etc) and get them exchanged with less hassle.

I'd rather walk up to any bank, use my debit card and withdraw cash Euros. No middle-man no commision, no passport, no signing, no waiting and getting the best exchange rate.

You decide.

No commission using debit cards?. Nowadays most Spanish banks they even charge commission if you use an ATM of the same network providing that it's not the same bank as the one that issued your card.

I guess this depend on your bank, but I guess they will charge you commission for using their card abroad.

My US bank does not charge a fee for using my card abroad and none of the Spanish banks charge one either. However, if I use my local Caja Madrid ATM card at another bank's ATM, I get charged at least 2.00 euros...

I always use my debit card at cash points, and never get charged by my bank. have booked flights today for August. hooray!! Countdown again.

Which bank do you use that does not apply fees for ATM withdrawals overseas???

I'm moving to Madrid in July and would like to open a new account w/ a bank that does not charge.

Check with your local credit unions. I used my credit union card at ATMs in Madrid and Cordoba during my visit in May and was not charged any fees. Some credit unions still have restrictions on who can join, but a lot of them have opened up their membership.

-Linda

I used Bank of America abroad and First Union (now Wachovia) and was never charged extra fees. I'd check into it to make sure rules haven't changed (this was back 2000-2002). Exchanging travelers checks is always annoying and for me at least I was there for so long that I didn't see the point. Credit cards are always good to have, if it gets stolen you can cancel it. NEVER NEVER take everything with you though!!! If you have two cards, only take one. Same thing goes with your id...leave your passport in a safe place. That way if something happens, you won't have a problem. Also, make copies of your passport and leave those in your suitcase, or with a relative in the US, in case something happens, you'll at least have a copy of it and someone in the US could fax it, if necessary. Enjoy your trip!!! Lucky people. I haven't been back for nearly 3 years now and I'm dying...I thought I'd get over it...still miss it like crazy. MADRID!!!!!!!!!!

after reading many of the messages on currency i would like to add that we are gonig to bcn in a few days and i ordered euros from my bank with no charges. they arrived in 2 days! now we will arrive in spain with euros. then my bank advised us that the atm card is easier and safer. hope this helps.