Anyone in Madrid or the area have any recent currency exchange data for Dollars converted to Euros?

Just wondering. Getting sunk here by lousy fees and rates.

Admiral44.

I'm not in Madrid or even in Spain (at least not for another 2 weeks) but the interbank rate is currently 1 US Dollar = 0.78079 Euro /1 Euro (EUR) = 1.28076 US Dollar (USD) (http://www.oanda.com/convert/classic)

But why bother exchanging loads of $$$ in adavnce when you can just use your plastic in the ATMs? Ok, you'll pay a fee each time you make a withdrawal, but it'll probably work out less than exchanging cash in advance, it's a lot more convenient and it's safer because you won't have to take so much money with you (also, your money will stay in your account earning you interest longer than if you take it out in one lump sum beforehand). And you won't even have to worry about the language because in Spain, the cash machines give you an English option.

You can also check going rates (although rates typically vary by bank and ATM) @ http://www.MadridMan.com/currencyconverter.html

As puppyfeat states above, withdrawing cash from ATMs always gives you the BEST exchange rate and, depending on your bank (and the ATM you're using), you may not be charged a fee for the international exchange.

See you Saturday, Admiral44!

Saludos, MadridMan

I agree. You will get the best bottom line results using your ATM card or paying with a credit card.

I was just in Spain for the entire summer and the exchange rate always fluctuated from around 1.28-1.32/1euro.
I exchanged some money at Bank of America, almost free of charge, there is a 7.50 shipping fee, but besides that I used ATM's and my visa debit card for just about everything.

just as an aside - and I know this has been discussed before - what thread I don't know - but Bank of America ATMs charge some of the highest rates of any bank - and, sad to say that is still true despite their purchase of MBNA which allowed them a door into the EU .....

One thing I did find out though regarding using the Spanish ATM's, VISA looks at more than 1 use within 15 minutes as unusual activity and will turn your card off for secutity reasons. If this happens when out of town it can be a major pain in the ass.

Make sure you notify your financial institution you will be leaving he country and for how long or the first few days can turn into a nightmare.

Later, Paul

Watch out, because some ATMs (and stores like Zara) try to do the exchange on foreign debit and credit cards now. It's always a very unfavorable rate, so be sure to decline this option.

madridmadridmadridmadridmadridmadrid, is that right? That might explain why suddently, recently, I'm being charged a "foreign exchange fee" when using my USA-based debit card for cash at the local Caja Madrid ATMs when I was never charged this fee before. At the ATM screen, however, you don't have an option. I'll check it again soon to see if it wasn't a one-time fluke or if it's a new, permanent policy to stick-it-to-us once again.

Saludos, MadridMan

madridmadridmadridmadridetc seems to have discovered the joys of 'Dynamic Currency Conversion.' Retailers are meant to give overseas customers the choice of payng in euro (good) or their own currency (not so good). Always check the amount and currency symbol on the terminal before you sign or enter your PIN. http://www.fexcodcc.com/