We've found the best way to deal with money is to charge everything you can, which gets you the best exchange rate, and carry a few hundred Euros for those times where credit cards are not accepted. Never exchange money at any money changer, no matter where they are located. Use your ATM card to get what you might need for cash.

As for her not having an ATM card, as other posters have noted, what will she do in college. Can you go to your bank to have them issue you a second ATM card as a backup. We do that so if one gets lost, or eaten by the ATM machine (as just happened two weeks ago at the Madrid train station), we still can get cash.

Lastly she should be aware, it seems especially in Spain, to always request all credit transactions to be in Euros, not dollars. A lot of p[laces we charged at offered us the DCC (Direct Currency Conversion) option, which adds 2% to your bill to get the charge in dollars. That's a ripoff. Refuse it.

<< A lot of p[laces we charged at offered us the DCC (Direct Currency Conversion) option, which adds 2% to your bill to get the charge in dollars>>

It's Dynamic currency conversion and it's not limited to a 2% upcharge on the interbank rate.

BigRuss, you're right. I misremembered the name. We looked at the DCC's we were offered and all were at 2%. But I agree, they can charge whatever the merchant, or his processor,wants.

I cannot understand why anyone would want this, but obviously many do, or everyone just gets caught, because they still do it.

I've always wondered why DCC has been legalized, per international banking laws, there's very limited benefit, if any at all, to the consumer while the potential for abuse and misrepresention on the part of the merchant is high.

From many of the countries we have visited, both in Europe and Asia, certain countries tend to pull it off more frequently on the unsuspecting and unguarded consumer/tourist. As an example, I have observed that it tends to occur more in Amsterdam or China than in Germany or Japan.

I would advise your daughter to read the credit card invoice carefully before signing if she uses her credit card. Many of the vendors I've encountered who tried to pull it off on me didn't even "offer" the choice, they were quick to re run the card however, when I pointed out I want the cc charge to be in local currency. And there was once a store clerk who told me that she can only process my cc payment in US dollars, they don't have a local currency option! There is a lengthy discussion on here regarding DCC.

I have never seen DCC at such low premium as 2%. When offered, it is something around 6-7%.

What is even more annoying about DCC is that you don't avoid foreign transaction charges at your bank, either. You get <u>double</u> hits: once from the DCC processor then again from your bank even when processed in "dollars."

Look at the fine prints such as
http://promo.bankofamerica.com/busin...nsaction-fees/
<i>*You should also be aware that even if a transaction is in U.S. dollars, this fee applies if the transaction is made or processed outside the U.S.</i>

or http://www.ricksteves.com/travel-tips/money/card-fees
<i>The dollar price is usually based on a lousy exchange rate set by the merchant — and to make matters worse, even though you’re paying in “dollars,” your credit-card issuer may still levy its standard foreign-transaction fee. </i>

When offered with verbiages, it comes with ominous message that if you refuse the DCC, all sorts of unpredictable exchange rate will hit you, blah, blah, blah.

Why is it allowed? It is one of a classic example between free market "innovations" vs. consumer protection. It is difficult to hit the balance, and it often tilts to the company side as they define the terms of offering.

The OP said he couldn't add his daughter to his account. kucks, did you ask if she can have her own account, with a debit card? That would be a better solution any way. Your funds are protected. You can put money into her account as needed.

Update: I went back to my bank and spoke with someone that I knew would give me some straight answers, she suggested that I head over to Chase bank as they could expedite a card for a smaller cost than my bank. She was a little upset that no one at the first branch I went to suggested opening her own account, which I could have done and had the card in plenty of time before her departure date. I did exchange some money into Euros so when she lands she has some in her pocket and is not searching for an ATM on day one. The only thing worrying me now is the ATM machine eating her card! I'll tell her to make sure not to try and get money on her last day in Madrid just in case anything happens and there is no time to get her card back.

She is also traveling with a friend who will have a couple of credit cards so if she gets into a jam she has that as backup. I did speak with the other girls mother who was fine with with that scenario.