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.