Hello everyone,
I am going to be in Spain for six months studying and I want to know what the best way to have my money is. Debit card, Checking account, travelers checks etc. . .and the way to go about setting these acounts up.
Thanks Geoff
Keoghgeoff@hotmail.com

Hi Geoff! Another fellow study abroader! Yea I studied last summer in Bilbao, and am leaving soon to spend next semester in Granada...sooo I know where you are coming from with this question.
I would say bring it all- travelers checks, cash, a credit card, and most importantly an atm card- all from your bank in the USA. That way you can withdrawl money from your account their in euros, while in spain. I dont know if opening a bank account in Spain would even be possible...? However...
-I would only bring a smaller amount of travelers checks as I found them a pain to have to cash- but they are good in emergencies.
-Bring enough cash in euros to get you through the first couple days or week- but not so much that you are out alot if it is stolen, etc.
-Bring a credit card for emergencies also. I found VISA and Mastercard to be accepted most places.
-The method I used most by far, and also found to be the easiest was an atm card. You can use it at almost any ATM in spain (and they are all over), to withdrawl money from your bank account back home in Euros. They also had the lowest fees compared to exchanging money at banks.
-Some things to keep in mind....before you leave, call your bank, credit company and let them know that you will be using your card overseas...so they don't think it was stolen. Also make sure your ATM card has a 4 digit pin that you can use internationally. Check and see what your bank is going to charge you to withdrawl money overseas. Some are higher than others...mine was pretty low-only a buck.
Have fun and good luck!!!!!!
Kelly

Excellent, Excellent advice from Kelly! I recommend you check out any Banco Atlantico for ATMs. It is the only bank which gives me a balance on my account. You can exchange USD for Euros at the money exchange in Barajas Airport, but beware, not all ATM cards will work in the machines in the airport. Mine did not, although I did not know enough at the time to search for other machines, which are sprinkled around the terminal, often near central pillars.

I suggest you take the bus from the airport to Plaza Colon and get a taxi from there. It is way cheaper than taking a taxi all the way in (the airport is fairly far outside the city). You can take the Metro in, but will be dealing with possible crowds, and the pickpockets are thick in the subway, beware, keep you money in an undershirt holster, or at least your wallet in your front pants pocket with your hand on it at all times.

Other than pickpockets, there isn't much crime, especially violent crime,in the city, so don't get freaked out by the preceeding paragraph, just be aware.

Enjoy yourself, you really can't help but doing so in this wonderful city!

¡Bien viaje!

I got back from 40 days traveling about the country... I arrived at Frankfurt airport with no Euros... within 3 minutes there were enough ATM's to give you choices... my bank in the States is USBANK(not that great) and they are part of the Star system... you would be hard pressed to find a village that didn't have at least two atm choices if not more... after many trips to Spain I am of the opinion that I can get Euros at ANY airport or train station... don't take a chance or pay extra for exchange use your ATM... I ALWAYS take a spare card just in case I damage one... DO NOT TAKE OUT MORE THAN YOU NEED FOR A DAY OR TWO... keep your money in your front pocket and you will be a happy traveler... it is easy to open a checking account... but you won't need it..

just one caveat in regards to jllawson's comment about not taking out more than you need for a day or two...make sure that your bank doesn't charge for foreign ATM withdrawls...fleet bank, a big new england bank, charges $5/transaction! and it doesn't matter what your balance is or if you're a "gold member"
so check this out before you go...$5 per transaction adds up really quickly...

same goes for credit card purchases, beware...some cards (amex, citibank, etc.) charge 2% and you never know it because they hide the charge in the currency conversion!

On my recent trip I used my ATM card to withdraw Euros all over Spain and it was very convenient. I just got my bank statement and I realized something for the first time however. When I used the ATMs in Spain, they didn't ask if I wanted to withdraw from savings or checking, like they do in the USA. The money was always withdrawn from my checking account. This wasn't a problem, but I don't usually keep a large balance in my checking account. Maybe some banks are different, but none of the banks I used offered a choice between checking or saving.

As far as I know, the credit function that allows you to choose between deposit or credit accounts doesn't apply to international operations.
For example, the ATM "credit choice" procedure, in Spain is available to holders of nationally issued credit cards.

Arturo writes: I had just the opposite experience: I have a Credit Union Debit Card. I am required to maintain a minimum balance in my Share - S-1 (savings) account and keep my working cash in a Share Draft - S-4 (checking) account. The first ATM I hit at Madrid's Aeropuerto de Barajas withdrew the money from my Share account. Most of the others withdrew from my Share draft account. When I got back, I had to hustle to transfer money back to my Share account for minimum balance requirements.
The Moral of this story: If you're going to be away for a whole Semester, make sure the people at your Credit Union understand what's going down and will work with you on the problem.

I have a suggestion. In the northeast, there is a bank called, SHBC. Well, when I was in Europe, I saw alot of their branches. Check it out, you might want to open an account there. I do not know any details about the bank. My curly reheaded friend loves that bank.