I'm traveling to Spain in June and am looking for advice on when and where it would be best to convert my US Dollars for Euros?

Use your ATM card to get €'s and your credit card for major purchases. Exchanging at a bank or currency exchange facility are the most expensive way to go. Traveler's checks are nearly impossible to cash so don't even consider taking those.

Be sure to notify your bank/credit card company there will be overseas use.

Agree with P_M.. ATMs the best way and when I was in Spain last Oct. and again this May I found that BBVA doesn't charge fees (your bank will, however)..You can take a few Euros from home for initial expences if you feel the need or get them at the airport. To save transaction fees take your daily limit each time you need $. Check with your bank but I think 300E is top withdrawal. Also copy all documents and leave one set home with family and take a set with you. Handy to have if the originals are lost for quick replacement.

A couple of points -- All fees on your debit card are solely determined by the card issue. There are no fees charged by European banks for using their ATMs. Your card issuer sets all terms including the max withdraw. I have withdrawal as much as 750 Euro. BUT you may encounter a withdraw per transaction limited SET by the ATM. In high tourist areas that limited could be as low as 200 or 250E. We tend to use ATMs attached to banks during the week and encounter no limits.

"There are no fees charged by European banks for using their ATMs."

That is generally true but when I was in Spain last month Caixa Bank charged me €3 for an ATM withdrawal. The ATM machine told me of this charge in advance but since I was in a hurry I went with it. BBVA did not charge me a fee so avoid Caixa Bank if possible.

Here is the total amount of US dollars I changed into local currency before traveling on my international trips since 2000: .

Simple answer to your question is what P_M said: use the ATM.

Better answer is with a question: who is your debit card issuer? Your best bet could be to set up a CapOne account and use its debit card because CapOne does not charge foreign exchange fees and does not charge transaction fees. My chase account charges 3.5% and $3 per transaction.

Presumably you are from Texas so you can also check out local credit unions, which tend to have low-to-no fees for foreign exchange and lower forex fees on their credit cards. If you live in Dallas, Cooke or Ellis County, you can bank with www.citycu.org.

Be sure to use bank-based ATMs. Caixa Bank aside, most banks in Spain (Europe) won't charge for a withdrawal. Private ATMs, such as the ones you encounter here in the States at, say 7-11 stores, may.

Thank you all. Great information. I'm familiar with BBVA and have a local credit union, so I will try here 1st. I have another question..Are the Euros I withdraw from the ATM based on the most up to date exchange rate?

Except for the credit union, I would strongly advise you not to purchase Euros in the U.S. Rates are much worse than waiting until you go to Spain.

Pull up a terminal map of the city airport you're arriving in, it will show you where the ATMs are located.

The exchange rate for ATM withdraws will be within 1% of the interbank rate. The half to one percent is the network fee (Plus, Cirrus)charged everyone. A debit card at an ATM is the cheapest and most convenient way to obtain Euro in Europe.

Nowhere. Pay for as much as you can with CCs and pull walking around money from your checking account with a debt card at a bank ATM. This will cost you about 1 to 3$ of your money. Any dealings with US $ will cost you 8 to 19% of your money - and carrying a lot of cash is just foolish.

We do just the reverse. Almost a 100% cash except for the last day or so when managing our Euro reserve so that we come home with 100 to 200 Euro in our pocket for the next trip. We use two debit cards that do charge any currency conversion fees. Many hotels will give a 5% and sometimes more for cash payment. Five percent over a month time adds up. Eliminates the concerned that the credit card could be compromised. Works for us but maybe not for you.

Count me as advocating using credit card as much as possible (Capital One has one without any overseas surcharge) and my credit union's debit card for cash at ATMs.

I also save about 50€ to bring back and hold for my next trip -- enough to get me to my hotel in the city in case there is a problem with airport ATMs.

Remember to notify your card suppliers about your trip, and ask to raise the daily/withdrawal limit if you think you'll need it.

Remember to take a couple of backup credit and debit cards from different banks...just in case there is a problem.

Remember to write down the card numbers and phone numbers in case your cards get lost/stolen -- and keep this in the safe with your passports.

SS

Yellow Rose,

When you make a credit card purchase they might offer to charge you in US$. Do NOT accept this!! They will use a horrible rate of exchange. This was offered to us a few times and it's important to insist on being charged in €'s.

When you make your ATM withdrawals at BBVA the ATM might do the same, as it did to me. The screen presented a US$ amount with a bad exchange rate and asked if I want to be charged in US$ or €. Always go for the charge in € to get the best rate.

Again P_M you are right on the button..This US or Euro business is terrible, especially for Canadians..First the exchange rate from E to US tnen again to Cdn.. Hurts.!!! Caixa is a bad guy ATM wise..BBVA wears the white hat!! USE CCs at most places and $ elsewhere. CC requires ID at most places also that I experienced. Was asked for passport most of the time. Never refused by my CCs or ATM card in the 2 trips to Spain this year. What a great place to go!!!Also the Prado has kiosks to get entry ticket with a
CC so you can avoid the line ups. No problem there either.

Once again, thank you for all the information. Wow, I love Fodor.