Travelers Cheques, ATM, etc for Spain
Mar 17th, 2004, 09:29 AM
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Travelers Cheques, ATM, etc for Spain
Hello everyone,
What have you brought in the way of funds to Spain? I have read that travelers cheques are becoming outdated? Is it best to just bring credit cards for ATM withdrawls, or is a combo of cash, cheques, credit cards the way to go? I understand that ATM fees can run high, as well fees for cashing travelers cheques? Thanks for your input.
turbokid
What have you brought in the way of funds to Spain? I have read that travelers cheques are becoming outdated? Is it best to just bring credit cards for ATM withdrawls, or is a combo of cash, cheques, credit cards the way to go? I understand that ATM fees can run high, as well fees for cashing travelers cheques? Thanks for your input.
turbokid
Mar 17th, 2004, 10:47 AM
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Hi turbo,
Use an ATM card, not your CC to get cash. Your CC will give you a "cash advance" at a high interest rate. Your ATM card debits your checking account without interest charges.
Charge whatever you can. Use your ATM for cash as needed. Bring a few hundred dollars in TC's for emergencies.
Enjoy your trip.
Use an ATM card, not your CC to get cash. Your CC will give you a "cash advance" at a high interest rate. Your ATM card debits your checking account without interest charges.
Charge whatever you can. Use your ATM for cash as needed. Bring a few hundred dollars in TC's for emergencies.
Enjoy your trip.
Mar 17th, 2004, 11:02 AM
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You are slightly off when you say, "I have read that travelers cheques are becoming outdated". The fact is that they already have become outdated.
But I will again repeat my theory which may be opposed to that of most other posters. If you are indeed inclined to take a few travelers cheques strictly for EMERGENCIES, then I suggest you get them at home in euro. Why? Well, if you can guarantee that all your emergencies will happen during bank hours and within a short range of a bank or an American Express office, then US dollar cheques will work fine. But I shutter to think if you have a true emergency with a car in the Spanish countryside or in a remote village on a Sunday night and discover you have no cash and no one will take a credit card what will happen. If you pull out a US $100 travelers cheque for a 37 euro bill you have to pay, you are at their mercy. First of all, this "little time" merchant isn't going to want to take it at all, but not being too informed about exchanges, I wouldn't expect him or her to figure out what the bill would be in dollars and accept your cheque and give you change. On the other hand, present him or her a 100 euro cheque and once they accept that is the only way you can pay your bill, I can almost guarantee that they WILL accept it, and almost assuredly give you 63 euro in change. If they do charge you a fee for taking the TC, it certainly will not be as great as the fee for taking a dollars one plus the exchange rate cost.
And don't fall for the age-old story that you'll have to exchange them for dollars when you return losing money. All you have to do is put all the uncashed ones for full euro value on your last hotel bill -- end of problem.
Yes, you will have paid a fee for getting them in euro at home, but it will be under your control. Cashing US dollar ones for euro in Europe at a merchant or hotel (which is where you will conducting your EMERGENCIES) will cost you a much greater fee or poorer exchange rate.
But I will again repeat my theory which may be opposed to that of most other posters. If you are indeed inclined to take a few travelers cheques strictly for EMERGENCIES, then I suggest you get them at home in euro. Why? Well, if you can guarantee that all your emergencies will happen during bank hours and within a short range of a bank or an American Express office, then US dollar cheques will work fine. But I shutter to think if you have a true emergency with a car in the Spanish countryside or in a remote village on a Sunday night and discover you have no cash and no one will take a credit card what will happen. If you pull out a US $100 travelers cheque for a 37 euro bill you have to pay, you are at their mercy. First of all, this "little time" merchant isn't going to want to take it at all, but not being too informed about exchanges, I wouldn't expect him or her to figure out what the bill would be in dollars and accept your cheque and give you change. On the other hand, present him or her a 100 euro cheque and once they accept that is the only way you can pay your bill, I can almost guarantee that they WILL accept it, and almost assuredly give you 63 euro in change. If they do charge you a fee for taking the TC, it certainly will not be as great as the fee for taking a dollars one plus the exchange rate cost.
And don't fall for the age-old story that you'll have to exchange them for dollars when you return losing money. All you have to do is put all the uncashed ones for full euro value on your last hotel bill -- end of problem.
Yes, you will have paid a fee for getting them in euro at home, but it will be under your control. Cashing US dollar ones for euro in Europe at a merchant or hotel (which is where you will conducting your EMERGENCIES) will cost you a much greater fee or poorer exchange rate.
Mar 17th, 2004, 01:04 PM
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Hi,
As you probably know by now, I was there last month. I used my ATM card to get cash, credit cards for hotels, dinners, other bigger purchases, and that's it. I did exchange about $200 for euros before I left to get me started, but it really wasn't necessary.
Don't use credit cards for cash.
My bank is Citibank, so I brought with me the locations of Citibank in the cities I visited in case I needed them - or to take out money to save ATM fees. But my ATM worked fine at the big Spanish banks.
No travelers checks needed. It's just not necessary anymore. There are banks everywhere in Spain and even the little shops in the white towns took credit cards.
Karen
As you probably know by now, I was there last month. I used my ATM card to get cash, credit cards for hotels, dinners, other bigger purchases, and that's it. I did exchange about $200 for euros before I left to get me started, but it really wasn't necessary.
Don't use credit cards for cash.
My bank is Citibank, so I brought with me the locations of Citibank in the cities I visited in case I needed them - or to take out money to save ATM fees. But my ATM worked fine at the big Spanish banks.
No travelers checks needed. It's just not necessary anymore. There are banks everywhere in Spain and even the little shops in the white towns took credit cards.
Karen
Mar 17th, 2004, 05:17 PM
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Hi Turbokid, I suspect it depends on which little shops you make your purchases in. Our experience was that we used much more cash than we had planned. The great jazz club, Cafe Central, in Madrid has a cover charge - cash only. (10 euros a piece, but it was our last night, we had already spent down most of our euros and had to make a quick run to the ATM machine. Between the two of us we had only 30 euros left.) ATM's worked great. We always obtain local currency for our destination before we leave home. Except for places like South and Central America which the American banks don't risk trading their currencies. We do this as a matter of convenience and gets us going quickly once we land.
There are ATMs all over Spain and you won't have any problem finding one.
There have been some excellent posts on this topic recently, I'll do a quick search and put the links here for you.
We bring two different credit cards and two different ATM cards. We also bring American dollars so we have a little walking around money to use at the airports in the US.
There are ATMs all over Spain and you won't have any problem finding one.
There have been some excellent posts on this topic recently, I'll do a quick search and put the links here for you.
We bring two different credit cards and two different ATM cards. We also bring American dollars so we have a little walking around money to use at the airports in the US.
Mar 17th, 2004, 05:49 PM
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I found many discussions on this particular topic. You can do a search at the top of the window with keywords: ATM credit card exchange rates.
At the end of the day, you'll need to find what you are comfortable with.
Patrick's idea of Euro Traveler's Checks as an emergency back-up isn't bad. Personally, I don't go that far in my back-up planning; but, if you do get traveler's checks for a trip to Spain, get them in Euros.
The worst thing on a trip is to run out of a way to spend money. (It happened to us when we were young marrieds with our pre-school aged son in tow... We ended up having to pay a fee to Western Union and have some more money wired to us from one of our bank accounts. This happened in New Orleans. I actually saw Western Union offices in Spain last month and chuckled to myself as I remembered that incident from roughly 15 years ago.)
Here are some posts to review: http://www.fodors.com/forums/pgMessa...p;tid=34472812
http://www.fodors.com/forums/pgMessa...p;tid=34463683
http://www.fodors.com/forums/pgMessa...mp;tid=1307305
No matter what you do you will pay some sort of exchange rate. It's smart to know what rate and fees you'll be charged for each of your credit cards and ATM cards. There are both transaction fees and exchange rates to consider. We found our ATM charged 1 1/2% above the interchange bank rate of exchange for foreign currency. Many credit cards will chage you much more, so read that small print they mail to you and learn what the policies are.
At the end of the day, you'll need to find what you are comfortable with.
Patrick's idea of Euro Traveler's Checks as an emergency back-up isn't bad. Personally, I don't go that far in my back-up planning; but, if you do get traveler's checks for a trip to Spain, get them in Euros.
The worst thing on a trip is to run out of a way to spend money. (It happened to us when we were young marrieds with our pre-school aged son in tow... We ended up having to pay a fee to Western Union and have some more money wired to us from one of our bank accounts. This happened in New Orleans. I actually saw Western Union offices in Spain last month and chuckled to myself as I remembered that incident from roughly 15 years ago.)
Here are some posts to review: http://www.fodors.com/forums/pgMessa...p;tid=34472812
http://www.fodors.com/forums/pgMessa...p;tid=34463683
http://www.fodors.com/forums/pgMessa...mp;tid=1307305
No matter what you do you will pay some sort of exchange rate. It's smart to know what rate and fees you'll be charged for each of your credit cards and ATM cards. There are both transaction fees and exchange rates to consider. We found our ATM charged 1 1/2% above the interchange bank rate of exchange for foreign currency. Many credit cards will chage you much more, so read that small print they mail to you and learn what the policies are.
