kelar,

I used my Bank One ATM at least 7 times to make cash withdrawals and I was charged a $7.50 fee. BankOne usually charges its customers a few for using non-BankOne ATMs after you've reached the minimimun allowance of 5 times anyway...But I still think the use of the ATM is simpler and most convenient...plus, using the ATM/debit card combination---you won't need any other credit cards...

I will have to check on that AMEX charge as soon as it posts on my online statement...that would be worth checking out!

Just my two cents,
Wyndyl

I was never charged to use an ATM in Spain. I bank with a credit union in VA and I get 5 free withdrawls every month. Not many people have that going with their bank.

Credit Unions are very good.

Shawn

Foriegners can open accounts at la Caixa or Banesto from what I know. I use Banesto because la Caixa are bastards and charge for everything. Banco Sabadell usually will do it too but they are only in Barcelona I think. This also depends on getting a helpful bank employee... welcome to Europe.

People living here can transfer their American Express accounts over to € and avoid problems with conversion. Citibank would not do it for a card I had with them hence they, too, are bastards!

After reading about the charges on the credit cards, I called several which companies and was told that VISA and Mastercard charge all the companies a flat 1% fee and then each company/bank is allowed to charge an additional fee if they so choose. The Mastercard card companies I checked, charged at least an additional 1% fee. MBNA America VISA was the only company that did not charge anything above the flat 1%. There were some cards with annual fees which offered other services, but I only checked NO fee cards. I even checked the companies who were listed in a previous thread as being NO charge cards. The credit card conversion rate is great and helps make up for this charge.

Asterault writes:
Banco Sabadell does have a main office here in Madrid if I recall correctly. I believe it is adjacent to the Plaza de Colón on La Castellana. I know that there are also branches (surcursales) here, but they are few and far between.

I agree with you regarding Citibank. They have a nice "program" for expats, but is only really worth it if your stay here is temporary and you plan to keep a balance of $5,000 - $10,000 in the checking account. Yes, in the CHECKING account. Shoot, that kinda money belongs in an investment fund.

If not, you get slapped with some horrendous fee for each transaction, including ATM withdrawls. I tossed the paperwork, but I believe it was like $5 per transaction and then a monthly fee ontop.

Asterault, Citibank are bastards, I agree 100%. They got me with the charges Chica was talking about (2000 pts./month for SAVINGS)! Can you imagine. They changed the regs after I had an account and that was the last month of my account there!

Wyndyl, check with your membership agreement with AMEX, it states it there. I kept receiving a monthly charge that was 2% above the charge (I was charged dollars in a foreign country so there was no exchange rate to smoke-screen it with). The AMEX representative didn't know why I was being charged the extra dollar/month and it wasn't until I had read online somewhere about the extra % they slip in that I knew (and then I read the agreement). I charged my wedding on the AMEX, imagine the money they got from that purchase alone!

Sel, I have the MBNA as well and I found few others (save credit unions) without the extra % charge. It adds up after years of foreign purchases, let me tell you!

Why can't it just be simple?

We use MBNA credit cards for all foreign purchases. The rates have been darned close to those listed in the newspaper. And better rates than using our Chase ATM card. And Chase charges us $3.00 for each withdrawal. But for cash, it's still the best bet for us.

Another tip is to tell your credit card company when you'll be abroad so all your purchases in Spain don't raise security flags.