Currency exchange - USD to EUR, where?
 

Hi, we are leaving for Spain in a few days and are wondering what to do about changing USD to EUR. I know the banks here (NY) don't give very favorable exchange rates and so I'm wondering if we should just wait and use an ATM in the Madrid airport? Is it advisable to head over there with no EUR? Are there even ATM's in the Madrid airport? We are just wondering what to do and where to get EUR.

Thanks.

pnb:

Always better to wait till you get to Europe. ATMS are everywhere! The exchange rate at U.S. banks is inequitable and often with added fees. The ATMS in Europe do not charge an ATM fee for use of a bank card from another institution, in this case an American one. The exchange rate is also the best (beats currency exchanges both here and there, over-the-counter at banks, and credit card advances which also charge interest from date of withdrawl).
The only caveat is that you should check your bank before you leave to see what the daily limit is for withdrawl. Mine was 250 Euros per day.

Otherwise, it is the cheapest method to obtain foreign currency and also the most convenient.

Barajas Airport has ATMS. It also has 22 information counters, located throughout the three terminals in case you have trouble located the nearest ATM.

I guess you haven't been reading the board before as hardly a day passes without this coming up.

My feeling....look it's the 21st century. ATM's work and work very well thank you. I am 1000% sure there are ATM's in the Madrid airport. There is no reason to be paranoid as to what will happen if the ATM's are down or how much time is saved by having euro in advance etc.

Wait till you get to Madrid. While you are queing for your baggage you can saunter over and use the ATM and withdraw spending money.

My advice is to use your credit cards for every purchase no matter how small wherever it is taken. That way you won't have too much need for cash anyway.

Now if by some chance the ATM doesn't work, then walk a few steps to the right or left to the exchange bureau and exchange maybe $30 to euro.

The idea is that if you use credit cards for everything, you won't have too much need for cash anyway.

While I've never been in the Madrid airport, I'm virtually certain you will find ATMS there. Here's a helpful article about changing money in Europe, including things you need to do *before* leaving home to make sure your credit cards and ATM cards will work when you get there: www.ricksteves.com/plan/tips/moneytip.htm.

Numerous threads are available on this topic. If you type "currency exchange" in the search box you'll have access to several pieces of great advice from past posts.

In general, many will tell you that ATM machines offer the best convienience and larger US banks have good rates. But, you'll also hear that you should check with your bank before you leave as to their rate and their fees for foreign ATM usage as often times you'll see hidden costs, such as a $10 foreign currency fee. I'd suggest you call your bank and ask about their policies.

Some will swear by travelers checks. Some believe the best rates are found by using your credit cards for most purchases.

My wife and I opt for convienience. We'll change enough before we leave just to make sure we have money for a cab and a meal as we've found the rates at airports to be about the worst. Beyond that, we use credit cards or an ATM for cash.

With so many different credit cards issued by various banks and different rules/fees for ban ATM usage, your first step should be to find out what your cards and your bank charge.

If you have a checking account debit card that is the best thing to use in the NUMEROUS ATMs at the Madrid airport and all over the country.