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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Love books/music/videos/movies from & about Spain? Visit MadridMan's ALL Spain Market @ http://www.MadridMan.com/allspainmarket.html

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).]