Hi People,

In my home country, I will be paying about 3% commission/fee to the bank for getting a travellers cheques.

Would like to know if we cash out Traveller's Cheques in Spain, will there be any charges/fees imposed ?

Are they widely accepted ?

Thanks

All banks in Spain will cash your travelers checks but they too will charge a commission for doing so. I really don't know why anyone would use these anymore as they 'get you' coming and going AND you have to adhere to the banking hours/days. You really won't find it easy, if even possible, to pay for things with travelers checks.

Most everyone now uses their ATM ("cajero" / automatic bank machine) cards or bank cards (not to be confused with credit cards) and then they only pay a small-ish conversion charge (maybe less than the 3% you're paying for the travelers checks - see your bank for details).

Saludos, MadridMan

There are really inconvenient and not accepted like they are in the US and Great Britain. Stores will not accept them. Perhaps the larger expensive hotels will, but the regular places will not. I would not take them. An ATM card is the best way to go. In the past I have taken them for security in case all else failed, but it is just as easy to have money wired if you encounter an unexpected disaster!!

American Express checks can be cashed at no commission at the American Express office either at the airport or at their office near the Congreso de los Diputados.

However, as Sel says, they are not widely accepted. Also, I was told in a bank that only changed American Express but not any other kind of checks.

The only advantage is the security they offer in case you lost them.

I had a difficult time with my American Express Travelers cheques. NO one wanted them, when you cash them in, they charge too much commission ( I would even say I got "robbed" by the Caja Madrid, they charged so much commission). I spent a good part of one afternoon going to the American Express office. I will NOT be using Travelers Cheques in Spain again.
You have been warned!

OIC...

Thanks for the valuable info..

Shan't waste $$$ on the cheques.

I will use the ATMs then

on the contrary to what MadridMan said..I've found that not every bank cashes travelers cheques. The only places I've found that cash them are the BBVA bank in Sol and the banco Atlántico in Callao, I'm sure there are more but these are the ones I've used. I spent about 20 minutes walking around looking for a bank that would cash travelers checks. Cajeros (ATM's) are definately the way to go and if necessary, there is an English option on most of them.
ta lueego..
pfitz