Have you seen the peseta rate today, boy I wish I was traveling to spain today!!!! I have never seen it this high, I never thought it would go this high! it is at 191.61 pts to the dollar. When the Euro comes in will this all change? will it not be as cheap to go to spain anymore?

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Spain Page!! Check it out! http://www.geocities.com/missmadrid98/homepage.html?957296168010

It is SO ridiculously high that I'm wondering... should we be buying pesetas or euros NOW? any good way to do this (i don't mean thru the local banks, which is a total rip off) I sure would like to trade my 2001 travel dollars NOW because it simply cannot go higher. Today is my b-day and my dad gave me $100. I'd love to buy pesetas today!

What I have heard is that the "Euroland" currencies are already tied to the Euro (which is being used for transactions between financial institutions etc but is not being introduced as coinage until 2001 or 2002), so when the Euro falls against the dollar (U.S. for you folks, Canadian for me) the peseta falls along with it. It is about 25% cheaper now than it was when I was there three years ago.

[This message has been edited by Brian Goldthorp (edited 09-07-2000).]

rgf - ifeliz cumpleanos!

Brian's right, the euro has already come in financially, and it's the euro which is falling. The peseta just goes with it. It's not a reflection of the state of the Spanish economy which, as Aznar says, "va bien!".

Saludos!

Hmph! Looks like you beat me to this topic by about an hour. I hadn't seen yours before I posted mine in the packing forum. Oh well. hehehee.. YES! Isn't it great???!! How exciting! I hope it hangs there awhile longer for when I'm there from October 2-18! (pssst!! I'm posting the "Party With MadridMan" information tonight -- but don't let this take us off-topic.. more on this later --- uh-oh... I just realized that I'm "PROMOTING" something here. Hmm.. I think I'm breaking my own rule. hehehehe)

Brian - does this mean it would still make sense to convert some of our "get away" money now? At other than a bank if at all possible thou I'm still trying to think of where that might be!

Have you thought about the poor Europeans from the Euro zone who are suffering under the euro-weakness, especially those staying in the United States right now and having to buy US dollars for their euros ?? I am sure the backlash of the dollar will not take place until I am back in Europe, that is, next year, (because experience taught me to be pessistic regarding my position in this respect ), so certainly your october trip should be save.
Anyway, you are right to be happy, enjoy and take advantage of the situation.

Yes, I AM thinking of all my euro-currency tied friends. It's TOUGH. Well, at least inflation WITHIN Spain is low and espanyoles can travel at prices that aren't much different from a few years ago. Remember 1992, when the dollar was so low? We had some Spanish friends visit, and they couldn't BELIEVE that they were staying at the Palmer Hourse Hilton in CHicago for $60 a night translated in their strong peseta currency! but, sadly, they arent laughing now, and it is bad for you euro-folk. Sin embargo, all of us gringos will be spending our dollars in Espanya, which, joke of jokes, is cheaper all around than flying to mexico and staying at comparable hotels! gracias a todos por los deseos que me mandasteis today on my birthday. eating fudge chocolate cake.... mmmm

Puna - well, if I knew where the euro was heading I'd make a mint on the currency markets and retire to Arcos de la Frontera right now! But it probably wouldn't hurt to get some now - the expression in investing is "dollar cost averaging" i.e. you invest the same amount regularly so the highs and lows average out over time.

How much would you take in cash, anyway? I know this discussion has taken place before, but I prefer to take not a whole lot (say, the equivalent of $200 or so) just for the first few days for airport cabs (or Aerocity!) and things like that before I've found bank machines. I also prefer to use a credit card as often as possible because I've found the rates are very fair. It also cuts down the worry of having money stolen.

Brian, I just came back from a weekend in what I think is your fair city, Toronto-- again, good news for gringo dollars! I was in a jacuzzi suite at the sheraton centre for the = of $90 USD a night. man, can't do that on my side of the border! I never take more than 5 mil pesetas to spain (um, probably worth $20 today!!!). I just use the bank machines at barajas, or figure 5 mil will get me into the city and from there i hit the machine. I carry traveler's chex as a back up but never use em. Credit cards is the way. ay, MM, cannot believe you are going and we are all stateside!

Yes, rgf, Toronto is my fair city snd the Sheraton Centre is two blocks from my office - hope you had a good time.

I know, the $US is very strong against our dollar these days too, even though our economy is doing very well. I had the opposite experience in the spring when I was at a conference in Philadelphia (fortunately on the company's nickel) and then in Connecticut and New York for vacation - adding 50% to the price of everything really hurts!

If my past experience with travelling in Europe is anything to go by, the peseta will rally strongly against the Canadian dollar in late October, when I go. I am definitely a jinx!

there isn't a lot to worry about right now in terms of inflation within spain. as everyone said the euro is so desperately weak that the peseta falls with it. as of january 1999 the euro was put into place for business and stock transactions. its not going to be official as the common currency until january of 2002. i think amazingly what people have to look at within the spanish economy is that inflation is low unemployment has shrunk to 9.1 percent.(lowest in almost 20 years) the euro will be like any new currency/new monetary concept...those early years are wrought with growing pains. each country knew this when going into it.
191 pesetas to the dollar is pretty ridiculous. just 18 months ago when i was last there it was 163 to the dollar. if anyone can find actually this exchange while still in the u.s., by all means change it now. be prepared to pay a hefty service charge.

rgf, you're right, we "euro"-peans have at least no worse conditions IN the countries members to the monetary union, our economies recover, our export industries blossom from the weak euro... Basically, the only persons in trouble are those that have decided to spend their money in the United States. And I unluckily enough picked a bad year to be in the US. But it is right--it was OUR turn a couple of years ago to enjoy travelling to the United States with a weak dollar and now it is YOUR turn to enjoy travelling to Europe.
Happy birthday!

Some information by your friendly EC lawyer:
The euro IS the official common currency in the 11 states members to the monetary union since the irrevocable locking of exchange rates and the taking-over of responsibilities by the European Central Bank in 1999. 1 January 2002 is just the date for the introduction of banknotes and coins, which will gradually replace the national ones.
That is why everyone in the news just talks about the relationship between euro and dollar and not between dollar and German Mark, French Franc etc. The exchange rate between currencies such as pesetas, French francs, German marcs etc. and the dollar change automatically according to the relationship euro-dollar. In case anyone is interested in more information, check http://europa.eu.int/euro/html/entry.html

I was half-joking - sort of "take my few dollars and run to Spain for as long as possible". A dream is to be able to live there six months out of the year - six months indicating there is still some "reality bites" in my outlook. In answer to your question Brian - like you, I take very little cash - I use ATMS and credit cards - one less thing to loose.

[from earlier today]
WOW!!!!!!!!!!!!!!! The El País headline story title: "El dólar alcanza el valor más alto desde 1985 y se cambia a 192,6 pesetas" is a HUGE BONUS for those of us from the US going to Spain soon (like me in October!). Woo Hoo!!! I just went to the Universal Currency Exchange website and it's true!! 191 pesetas to 1 US dollar (at least for today)! Time for a shopping spree!!! On the down side, I realize that what's good for us is usually economically bad for Spain.

Cha-ching!, MadridMan

What kind of service charge are we talking about when we exchange travellers cheques while in spain. I have already changed most of my money to travellers cheques in Canadian dollars. Any info would be helpful.

All banks charge a comission. Some have a minimum comis. no matter how much you change. Some places, like at the airport, charge no comis. but give you a rip off exchange rate! why not deposit a bunch of those traveler's checks back into your ATM-linked account and count on using the ATm most of the time? the other p-i-t-a (pain in the A##) thing w/ banks is they close at 1 usually. I guess if you have American Express chex you can change them at the AmEx office in madrid and that's a good deal. But i've found the chex to be more and more a pain, and prefer credit cards for purchases, ATMs to grab my weekly cash supply.

In the fall of 1984 the peseta hit 201 to the dollar. My father RAN to the BMW dealership and bought our beemer! Ahhh, those were the days. guess it was to make up for when we lived in Zaragoza during Franco's time, and the exchange rate was 60 pesetas to the dollar!!!
I have never seen such a mobile bunch of people, everyone but me is going to, coming from or studying in Spain! My friend just bought a house in Avila last week, Jeez, I feel a little jealous!
Some Spain bound-person please adopt me! I don't eat much, just love the dance places!!!

Rubia66 - if you succeed in getting adopted and moved to Spain, let me know how you did it - it's something I've been trying for years!!!

And today it's up to 192.9 pesetas to $1 US. WOW! It just keeps going up and up! At this rate, it may reach 200 pesetas to the US Dollar by the time I get there on October 2nd !! Can you say, "SHOPPING SPREE!!!???"

$aludos, MadridMan

[originally posted by...]

esq
Junior Member posted 09-14-2000 11:23 AM
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Expedia is quoting today: US$1.00=194 Pesetas

Hey guys, I am so happy for you, but I am very sad for my peseta. It was hard enough that they are going to change our beloved peseta for that ugly euro, but now is worst because the peseta is going to die like a not valuable, weak currency. Won't you be sad when you travel to Spain in 2002 and you pay with euro? How about when the waiter says "5 euros", instead of 700 pesetas?

yes nuria i am very devastated and cannot stand the fact the peseta's will be gone, i really don't like it.

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Spain Page!! Check it out! http://www.geocities.com/missmadrid98/homepage.html?957296168010

Up! Down! Up! Down! Just like the stock market. Now, the Universal Currency Converter website is quoting 189ptas to $1US, down from the 195pts peak it reached earlier in the week. ARGH! hehehe... Am *I'M* grumbling? It was about 160 last year when I went.

Saludos, MadridMan

Central banks have intervened to prop up the Euro, and it's likely they may do so again. That's why it's recovered a bit. On Thursday (28th Sept) the Danes vote whether to join the Euro. A No vote is bound to cause it to weaken further.

I'm no economist but I'm still not convinced the Euro is a "done deal". The Germans are used to their currency being worth a lot anywhere, and they're getting hammered.

The Dane's have voted NO! Euro may fall further. Bank's are likely to intervene, but I would hold off buying your pesetas just yet!

Hey, MadridMan: Guess who was in Spain from Sep 9-18? Just checked my charges and with an exchange rate of 193.5/dollar it was even acceptable after my MasterCard's 1% foreign currency transaction charge - didn't use my First USA Bank NA Visa (4% foreign currency transaction charge). Today's paper lists it as 188.10 - slipping. But you should still be in pretty tall cotton next week.

I charged my (2-night) hotel stay in Sevilla: we needed air conditioning because it was so hot; AVE tix (Sevilla-Madrid) & tix (Madrid-Santander & return) on ContinentalAuto (Gran Clase) & roundtrip on Alsa Santander-Bilbao. Total cost: about $325 (for my wife & 1 - both of us). My ATM doesn't charge withdrawal fees, so we relied on cash there in Sardinero, etc. We could have 'low balled' it but the lack of creature comforts really didn't justify it.

Have a great trip!


[This message has been edited by Eddie (edited 09-29-2000).]

That's fine! I'm satisfied with that exchange rate and I too will mainly rely on the ATM machines for cash, using credit cards for purchases, but I still have some backup cash in traveller's checks, but will only use that if my card won't work in the ATMs (but I'm not too worried). Today's exchange rate is still about 189pts to $1 US.

Saludos, MadridMan

Just by way of warning:

When it comes to exchanging cash: We were in the Amex office in March of 99 and pulled out the crisp $100 USD bills that were given to us at the airport by a well-meaning mother as gifts...nothing is more scary than hearing the woman behind the counter say, as she holds the bill up: "Creo que es falso". We took the bill back and, thankfully, avoided prosecution as international counterfeiters. Our mother had gotten the bills from good ol' Bank of America. I know we all usually travel with cheques de viajero, but just in case you get something like we got, check it out and avoid any "international incidents"!!!

Today's exchange rate: 197.78pts / US Dollar. WOW!

WOW!!! I hope it stays like that until December 15-25, when I will be there. It's dangerous though. Last time (with 150-160 ptas to the dollar in May 1998) everything was so "cheap" that we spent a ton of money. So watch out!!

the peseta has hit 201pts to the dollar today, never thought i would see that happen.

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Spain Page!! Check it out! http://www.geocities.com/missmadrid98

It is still at 201! I wonder how long this will be? A few weeks? A few months? A few years? What are the economists saying?

As I'm always saying, all this depends on the Euro. For all intents and purposes, the peseta no longer exists as an independent currency on international markets. So if you want to (try to!)predict the $/pta rate you have to look at the Euro. It's weak and falling. Some strong economies (e.g., UK, Denmark) which would help strengthen it have not joined it, while relatively weak economies (e.g., Greece) are trying to join, which can only weaken it further. Short to medium term, it looks in for a rough ride. Longer term depends on so many political factors it's impossible to guess.

Just to remind non-Euro members(if you need it!), your $ (or whatever) is going up against all Euro currencies, and you will enjoy exactly the same relative advantage (barring differences in rate of inflation) in France, Germany, Italy, Ireland etc.

Well, so much for the strong dollar / weak Euro. The Dollar reached parity with the Euro today. Yahoo Story . Spain is now 15% more expensive for Americans than it was in April.

This reminds me of my first trip to Spain in 1992-1993. In my first week in the country the dollar plummeted to 85 pesetas (the equivalent to .51 Euros) and then rebounded to 126 pesetas by the end of the school year (the equivalent of .77 Euros). (There was no Euro back them). I hope we don't see rates like that any time soon.

Caminante, did you hear about the "parity" of the US dollar and European euro on NPR (National Public Radio) as I did today?

I remember reading threads/posting here back when it was about, what, 1.6+€/US$? My goodness.. THOSE were the days... but those days are gone.. at least for the time being. Well, that's how things go, UP and then DOWN. Now it's almost like traveling across ANYTOWN, USA and getting the same price. In some regards, it's a good thing because it's easy to make the conversion in our heads.

I've spoken to some Spaniards and they STILL have problems thinking in Euros, always quoting pesetas.

Still, $35 or 35 € for a hostel room in the capital of Spain doesn't sound too bad considering many are paying 100+€/$ for a room at a hotel.

Saludos, MadridMan

While a weak dollar is not great for tourists going abroad, one must also remember that it means that Europeans will be able to afford our goods, and that means a more stable marketplace and employment arena for all of us.

And for those few of us, who had a heck of a time figuring out change in pesetas, it sure will be easier when conversion is one to one!

You're certainly correct MM, there are not many capital cities where one may stay at $36.00,
at a very nice hostal. Likewise, one can stay at a lovely hotel like el Suecia (where Ernesto H. used to sleep) for a $50.00 Bancotel voucher. Certainly not anywhere here in Florida.