We are travelling to Spain next week and were wondering what the best thing to do about money was. Should we take travellers checks, cash, or just rely on credit cards and ATMs? Are there large fees for using ATMs? If we take American cash are exchange places easy to find?
Thanks,
Stefanie
Also remember to tell your bank that you will be in Spain. That way they do not put a hold on it because they think some one has stolen your card.
Most large banks (e.g. Chase) will charge you about 3% for "currency exchange". Usually, smaller, local banks will only pass on to you the 1% Network charge that they have to pay for the transaction, plus a fee for using another bank's ATM (same as if you use another bank's ATM here).
Stefanie,
DON'T use Traveller's Cheques! They're an archaic relic of the past. ATM's are by far the best method for obtaining cash. One point to note is that your travel funds usually must be in a Chequing account with a four-number PIN. I have the same attitude as Rick on that point - "I've cashed my last Traveller's Cheque!"
DON'T take American cash and then exchange it. The "exchange places" often charge exorbitant rates, so this is not the best method.
Regarding fees for ATM use, I'd suggest you check with your financial institution as the rates differ somewhat between them.
One final point concerning ATM's, is that it's a REALLY good idea to pack a "backup" ATM card. I had problems with my primary card for a few days last year, and having a backup card was a big help!
Happy travels!
Generally, banks in Europe don't usually charge you for using their ATMs, so any ATM charges will probably come from your bank. For example, Bank of America charges $5.00 per transaction to use a foreign ATM -- plus their currency conversion charge, which could be as much as three percent (I don't know for sure).
There are some banks, such as Charles Schwab Bank, that don't have any withdrawal fees, but since you are leaving next week, you don't have time to switch banks. Your best strategy is to take our as much money as possible each time you withdraw, which will minimize the fees. Like, take out $300 to $500, if you can. If you do a lot of little withdrawals, the fees will add up fast.
And to add to what Tyler has said (above) to minimize concern, consider whatever fees you ARE charged just part of the expense of travel, which, of course, is what they are. Don't obsess over it.
It is very important to notify your bank of your departure date, return date and the countries you plan to visit. THEN reconfirm they have the information a few days before your departure.
Totally agree with Ken. A back up card is a must have.
I know they charge too much, but for convenience I would exchange at the airport $100-200 into euros before you depart. It's useful to have some local money when you land.
On my first trip to Europe, I got about $300 changed before I went, then used ATMs. The 2nd time, I got about $50 exchanged. Haven't gotten any money exchanged since then. Be sure your bank knows you'll be gone and use atms. Much cheaper and airports have several to get you started. Don't panic if an atm refuses your card. Just move to the next one and try. On my first trip to Germany, I landed and tried to get money out but couldn't get as much as I wanted because I didn't have enough money in it to cover my withdrawal. I really panicked since it was payday and I had direct deposit. It took me awhile to realize that with the 6 hour time difference my money hadn't been deposited yet!My daughter had a similar moment when she tried to withdraw E200 and was rejected. She had a $200 daily limit.That's been it in all the trips I've made. I no longer try to use up my euros before I leave so I have a little to start with on my next trip. Definitely forget the travelers checks.
