Exchanging cash

[YinFl]

Looking for advice for a friend who is currently on the Frances. He has some dollars that he did not exchange because he was keeping it in reserve but now he needs it and is having trouble finding somewhere to exchange it. I believe he will be in Fromista tomorrow. I have been looking online trying to figure out where he can take his dollars to get exchanged. Can he do it at a Correos office?

 

[Robo]

Currency exchange is not really a 'thing' these days, other than at Airports.........in my experience anyway.
Most people just use ATMs.
But maybe ask in one of the major banks?

 

[Takahiwai]

It is really awkward to do nowadays, as I found to my cost on my camino earlier this year. Banks are legally supposed to offer the service, but in reality will only do so if you have an account with them. On the CF, there are a few cities which have a money exchange - Pamplona, Logroño, Leon, and SdC itself. On the Via de Bayona, I had to take a day off twice, in order to travel to San Sebastian and Logroño to change money. I got a good rate in both places, fwiw.

 

[Robo]

It kind of raises the question........why would you travel to a country carrying 'foreign' currency?
(when carrying a card gives you direct access to 'local' currency)
Who even carries much cash at home these days?
Do you intentionally 'local' currency at at home, to take overseas?
Not trying to be snarky, just wondering about the logic of it.
Maybe I'm missing something?
Must be.......

 

[Takahiwai]

It kind of raises the question........why would you travel to a country carrying 'foreign' currency?
(when carrying a card gives you direct access to 'local' currency)
Who even carries much cash at home these days?
Do you intentionally 'local' currency at at home, to take overseas?
Not trying to be snarky, just wondering about the logic of it.
Maybe I'm missing something?
Must be.......

I live in a country with a 'closed' currency, so I have no option but to travel with dollars. Only pre-paid credit cards are available from the banks, and there is a very low limit on how much you can deposit/spend per month. There are many countries in the developing world which still primarily operate on a cash basis

 

[truenorthpilgrm]

It kind of raises the question........why would you travel to a country carrying 'foreign' currency?
(when carrying a card gives you direct access to 'local' currency)
Who even carries much cash at home these days?
Do you intentionally 'local' currency at at home, to take overseas?
Not trying to be snarky, just wondering about the logic of it.
Maybe I'm missing something?
Must be.......

Does it matter?

 

[TravellingMan22]

Purely based on a google search you can exchange at correos, but you may want to check their site as to to whether you need to apply and collect, whether you can pay for your currency in cash, and which branches offer it.

Cambio de divisas en oficinas de Correos y a domicilio

Te ofrecemos el mejor tipo de cambio para más de 70 divisas. Haz el cambio de divisas para tus viajes en Correos con todas las garantías y disfruta de tu viaje.

www.correos.es

If desperate maybe ask a fellow walker (especially an American, to change). Someone may have taken out too many euros and you can settle on a rate midway between the buy/sell rate.

 

[Robo]

I live in a country with a 'closed' currency, so I have no option but to travel with dollars. Only pre-paid credit cards are available from the banks, and there is a very low limit on how much you can deposit/spend per month. There are many countries in the developing world which still primarily operate on a cash basis

Fair point.
Thanks.

 

[Robo]

Does it matter?

Not really.
I was just curious.......
and learned something in the process.
Sorry

 

[YinFl]

Currency exchange is not really a 'thing' these days, other than at Airports.........in my experience anyway.
Most people just use ATMs.
But maybe ask in one of the major banks?

It is really awkward to do nowadays, as I found to my cost on my camino earlier this year. Banks are legally supposed to offer the service, but in reality will only do so if you have an account with them. On the CF, there are a few cities which have a money exchange - Pamplona, Logroño, Leon, and SdC itself. On the Via de Bayona, I had to take a day off twice, in order to travel to San Sebastian and Logroño to change money. I got a good rate in both places, fwiw.

I was surprised when he told me he couldn’t find anywhere to exchange it. When I went to Germany I was able to change it at any bank. When I went to Spain I changed it at the airport but then used my card from there on out so I had no idea it could be different until my friend relayed his experience.

 

[Kathor1]

When I went to Germany I was able to change it at any bank

Walk into a Volksbank branch in rural Germany and ask for cash from your Volksbank Raiffeisenbank account and the staff will say that they can no longer do this and direct you to their ATM. It is the same in other European countries: arrive will dollars or pounds in hand and they will take your banknotes, convert the sum to euros and put it into your account. You then go to their ATM to retrieve the sum. It is similar in Spain: many bank branches do not hold cash other than at their ATMs and when you want to change foreign currency into euros on the spot in a branch you must have a bank account.

Leon may be the best bet for your friend. Google cambio Leon or cambio de monedas Leon. El Corte Inglés (large department store) seems to be an option and there are several casas de cambio de moneda. The website of the Spanish Post Correos says "en pocos dias", so that sounds to me like pre-order and waiting for a few days before you get your cash and it also says that the service is only available for those who are a resident on the Spanish peninsula and the Balearic Islands.

Please let us know how it worked out for your friend. This question comes up from time to time.

 

[Kathor1]

There are many countries in the developing world which still primarily operate on a cash basis

Cash basis and a government policy with strict foreign currency exchange controls. I remember this from years ago when I travelled to Libya. It was probably the same when I travelled to the German Democratic Republic but that is so long ago that I don't remember.

But in today's Europe the issue are the cost of handling cash and security concerns. Criminals marching into a bank branch and demanding money have become a rarity. Nowadays they use explosives to detonate the ATM - and at night when nobody is around.

BTW, cost and security are also the reason when the staff at a bank refuse to change €50 banknotes or even €100 banknotes into €20's and €10's. They simply do not have the means to do it.

 

[YinFl]

It kind of raises the question........why would you travel to a country carrying 'foreign' currency?
(when carrying a card gives you direct access to 'local' currency)
Who even carries much cash at home these days?
Do you intentionally 'local' currency at at home, to take overseas?
Not trying to be snarky, just wondering about the logic of it.
Maybe I'm missing something?
Must be.......

It kind of raises the question........why would you travel to a country carrying 'foreign' currency?
(when carrying a card gives you direct access to 'local' currency)
Who even carries much cash at home these days?
Do you intentionally 'local' currency at at home, to take overseas?
Not trying to be snarky, just wondering about the logic of it.
Maybe I'm missing something?
Must be.......

a lot of times take a little cash to change at the airport so I have an initial infusion of local currency. Some countries may or may not have ATMs easily available so I like to know I have some to hit the ground with while I figure things out. Unfortunately my friend did not change his "emergency 100$ bill" at the airport and now has a useless piece of paper. He should have changed it but how could have known it would be that hard. I wouldn't have guessed. But the world changes and what was once common becomes uncommon.

 

[YinFl]

Walk into a Volksbank branch in rural Germany and ask for cash from your Volksbank Raiffeisenbank account and the staff will say that they can no longer do this and direct you to their ATM. It is the same in other European countries: arrive will dollars or pounds in hand and they will take your banknotes, convert the sum to euros and put it into your account. You then go to their ATM to retrieve the sum. It is similar in Spain: many bank branches do not hold cash other than at their ATMs and when you want to change foreign currency into euros on the spot in a branch you must have a bank account.

Leon may be the best bet for your friend. Google cambio Leon or cambio de monedas Leon. El Corte Inglés (large department store) seems to be an option and there are several casas de cambio de moneda. The website of the Spanish Post Correos says "en pocos dias", so that sounds to me like pre-order and waiting for a few days before you get your cash and it also says that the service is only available for those who are a resident on the Spanish peninsula and the Balearic Islands.

Please let us know how it worked out for your friend. This question comes up from time to time.

This is good to know. It was a little over 10 years ago when I went to Germany and was able to change cash at banks. Times change. I think you are right about using Correos.

 

[Camino Chrissy]

I usually bring approx. €100 back home with me to easily use once I arrive in Europe again before stopping at a bank ATM in opening hours at my convenience as I prefer not to use airport ATMs in general.

I once brought some crisp US bills to another country and a local bank would not convert it for me.

I live in a small village of 2600 in population that has two local banks. A year ago I brought in a bag of coins from home and asked them to run it through their coin counting machine in exchange for bills and they refused because I don't have an account.
My, how things have changed in recent years.

 

[dfox]

Walk into a Volksbank branch in rural Germany and ask for cash from your Volksbank Raiffeisenbank account and the staff will say that they can no longer do this and direct you to their ATM. It is the same in other European countries: arrive will dollars or pounds in hand and they will take your banknotes, convert the sum to euros and put it into your account. You then go to their ATM to retrieve the sum.

Just curious to know if such banks would open an account for non-residents ("foreigners")?

 

[Rkme]

Just curious to know if such banks would open an account for non-residents ("foreigners")?

European banks are very hesitant to set up an account for US citizens. You might be asked for your original birth certificate. So prepare accordingly.

 

[Robo]

Just curious to know if such banks would open an account for non-residents ("foreigners")?

It can be hard. Everyone is wary of money laundering and tax fraud.
That's why many Tax Offices around the world share tax information now.

 

[Kathor1]

Just curious to know if such banks would open an account for non-residents ("foreigners")?

I have no idea. I doubt that a small bank branch in Fromista (this is the concrete situation in question) would open a bank account for a foreigner just for the purpose of changing $100 into euros.

A lot has changed over the years and recent decades. Laws about banking and money laundering for example. You'd think to yourself "Why all this fuss. What have I got to do with money laundering?" but there we are. Hence much stricter rules nowadays even for private individuals concerning proof of personal identification and residency requirements when you wish to open a bank account and there is a transfrontier or transnational element to it.

For example, in addition to your foreign passport you may need a Spanish NIE number (Número de Identificación de Extranjero) which is apparently required for nearly all financial and legal transactions in Spain and you can apparently get this even when you are not a resident. But you won't have an NIE when you step inside a bank as a regular Camino pilgrim.

 

[RRat]

I live in a country with a 'closed' currency, so I have no option but to travel with dollars. Only pre-paid credit cards are available from the banks, and there is a very low limit on how much you can deposit/spend per month. There are many countries in the developing world which still primarily operate on a cash basis

Which country?

 

[CTLawGal]

Wow! All of this so good to learn! Sorry for the Pilgrim's misfortunes, hopefully he's able to use cards to pay for what's needed!

 

[Kathor1]

Which country?

The answer is visible in the poster's profile but frankly why do posters have to reveal this? Is it not enough when they describe their general situation in a few words? Why does it even matter why someone wants to change foreign currency in Spain? They have brought some foreign currency with them and now they are in a situation where they wish to change it into Spanish currency. And they want to know where and how they can do it.

The travel-savvy among us know that this can be problematic. They can advise to avoid such a situation. But the person concerned, given their current experience, will know anyway that such a situation is best avoided in future.

 

[YinFl]

Purely based on a google search you can exchange at correos, but you may want to check their site as to to whether you need to apply and collect, whether you can pay for your currency in cash, and which branches offer it.

Cambio de divisas en oficinas de Correos y a domicilio

Te ofrecemos el mejor tipo de cambio para más de 70 divisas. Haz el cambio de divisas para tus viajes en Correos con todas las garantías y disfruta de tu viaje.

www.correos.es

If desperate maybe ask a fellow walker (especially an American, to change). Someone may have taken out too many euros and you can settle on a rate midway between the buy/sell

Looking for advice for a friend who is currently on the Frances. He has some dollars that he did not exchange because he was keeping it in reserve but now he needs it and is having trouble finding somewhere to exchange it. I believe he will be in Fromista tomorrow. I have been looking online trying to figure out where he can take his dollars to get exchanged. Can he do it at a Correos office?

I want to say thanks for everyones input. He got things figured out. I learned some new things from this post. Mainly get any money you need changed asap and don't plan on doing it at a bank or you will be SOL.

 

[Takahiwai]

Which country?

I live in Myanmar (aka Burma).

 

[Bothydave]

I found Spanish banks fairly obstructive - even changing €50 into smaller bills required many hoops to be jumped through - certainly the case with Santander

 

[Takahiwai]

Cash basis and a government policy with strict foreign currency exchange controls. I remember this from years ago when I travelled to Libya. It was probably the same when I travelled to the German Democratic Republic but that is so long ago that I don't remember.

Somewhat off-topic now, but your comparison with Libya is about spot-on. I lived and worked there in 2010-2011, and it was much the same - an isolated, sanction-riddled, failing state, where it was nigh on impossible to change money. Luckily, I worked for an organisation which could send money overseas to a home-country bank account, so it wasn't an issue. Here in Burma, it is becoming increasingly difficult to buy dollars, which is why my company now pays 25% in local currency. The official exchange rate for dollars has risen as high as x5 on the black market, prices are astronomical (as Myanmar manufactures relatively little, and must import things), and all the rest of it. End result - if you want to travel outside the country, you need to take dollars, and hope to find someone to change them at a decent rate.

 

[RRat]

The answer is visible in the poster's profile but frankly why do posters have to reveal this? Is it not enough when they describe their general situation in a few words? Why does it even matter why someone wants to change foreign currency in Spain? They have brought some foreign currency with them and now they are in a situation where they wish to change it into Spanish currency. And they want to know where and how they can do it.

The travel-savvy among us know that this can be problematic. They can advise to avoid such a situation. But the person concerned, given their current experience, will know anyway that such a situation is best avoided in future.

The original post indicated "dollars". So to a caual reader that could infer USA dollars. The country of orgin would clarify for the reader.

 

[Camino Chrissy]

I found Spanish banks fairly obstructive - even changing €50 into smaller bills required many hoops to be jumped through - certainly the case with Santander

I most always use Santander ATM's when the bank is open. I step inside and convert them at the counter, or choose an oddball amount where I get some 50's and some 20's.

 

[Bothydave]

I most always use Santander ATM's when the bank is open. I step inside and convert them at the counter, or choose an oddball amount where I get some 50's and some 20's.

Did that and they refused to change to smaller denominations even though I am a Santander account holder.
Directed to their main branch and took 30 minutes and 3 forms plus passports to change ONE €50 note Each into Euros
Dreadful

 

[truenorthpilgrm]

Not really.
I was just curious.......
and learned something in the process.
Sorry

Upon landing in Vietnam, I had to pay for my visa in USD, which had me running around Singapore before my flight, trying to find a shop that would exchange SNG $. And the same for my Indonesian visa, if I remember correctly.

 

[dbeatriceb]

If your friend doesn’t want to go to Logroño to exchange money, perhaps he could find a Western Union office closer to where he is— they used to be located at larger Correos offices but I don’t know now. I once had money sent from home via Western Union and picked it up in Burgos. If your friend doesn’t have anyone back home who can access his bank account perhaps someone could loan him money, send it via Western Union, then he could repay them once he’s back home.

 

[oursonpolaire]

If your friend doesn’t want to go to Logroño to exchange money, perhaps he could find a Western Union office closer to where he is— they used to be located at larger Correos offices but I don’t know now. I once had money sent from home via Western Union and picked it up in Burgos. If your friend doesn’t have anyone back home who can access his bank account perhaps someone could loan him money, send it via Western Union, then he could repay them once he’s back home.

I have twice exchanged US$ for euro for US pilgrims (both Californians....) as living in Canada not far from New York and Vermont, I or family members have occasion to go South of the Border for amusement and/or shopping and have occasion to use US banknotes. We need to remember that for many US pilgrims, they do not travel outside their country or Latin America, and have little experience in the bizarre world of currency exchange.

Now I must figure out what to do with 215 Turkish lira.

 

[Rick of Rick and Peg]

European banks are very hesitant to set up an account for US citizens. You might be asked for your original birth certificate. So prepare accordingly.

It is my understanding that the main reason for this is the interest is income for American tax purposes and may have to be reported.

 

[dbeatriceb]

I have twice exchanged US$ for euro for US pilgrims (both Californians....) as living in Canada not far from New York and Vermont, I or family members have occasion to go South of the Border for amusement and/or shopping and have occasion to use US banknotes. We need to remember that for many US pilgrims, they do not travel outside their country or Latin America, and have little experience in the bizarre world of currency exchange.

Now I must figure out what to do with 215 Turkish lira.

Interesting. We have some friends (Californians) who recently planned a trip to Spain and asked us a lot of questions since we spend so much time there. I thought they had traveled extensively outside the US and was kind of shocked when they asked if they could pay for things in Spain with US dollars. We always go to Europe having already exchanged dollars for Euros or we bring leftover Euros from a previous trip, to get started with until we get to an ATM. That is kind of you to help folks out. My husband is from Buffalo and quite familiar with the Canadian holidays when y’all cross the border to do some shopping!

 

[Stephan the Painter]

So that emergency 50 or $100 US dollars I always take with me are basically useless? I guess next time I know I have to change it at the airport instead of carrying it around. I had no idea that it was difficult to change money at banks. The last time I did it was years ago.

I did change large Euro bills that had come out of an ATM several times at banks for smaller bills this year. No one gave me a problem. I think banks in Spain still keep currency behind the counter.

If desperate maybe ask a fellow walker (especially an American, to change). Someone may have taken out too many euros and you can settle on a rate midway between the buy/sell rate.

And above sounds like the best plan. Although I myself would hesitate because I'd be worried that the dollars were counterfeit.

@YinFl You said your friend figured it out, what happened?

 

[trecile]

So that emergency 50 or $100 US dollars I always take with me are basically useless? I guess next time I know I have to change it at the airport instead of carrying it around.

You would be better off hanging on to your USD to use when you are back home. Exchange booths at the airport generally have the worst possible rates.

 

[Stephan the Painter]

You would be better off hanging on to your USD to use when you are back home. Exchange booths at the airport generally have the worst possible rates.

It is intended as money I carry to exchange if my cards don't work or I lost them. And then to take back home if I do not need it. But the cards always worked and I never exchanged it, because I know I'm going to get a lousy rate, especially at the airport.

But it seems my plan doesn't work if I can't exchange it in an emergency at a normal bank. I've only ever seen currency exchanges in Spain in the big cities.

 

[Camino Chrissy]

You would be better off hanging on to your USD to use when you are back home. Exchange booths at the airport generally have the worst possible rates.

I bring $40 US dollars to keep with me in Spain, but its only purpose is to use at the Chicago airport either going or coming back for any small incidentals or a snack, never to use in another country.

 

[Molly Cassidy]

It is intended as money I carry to exchange if my cards don't work or I lost them. And then to take back home if I do not need it. But the cards always worked and I never exchanged it, because I know I'm going to get a lousy rate, especially at the airport.

But it seems my plan doesn't work if I can't exchange it in an emergency at a normal bank. I've only ever seen currency exchanges in Spain in the big cities.

Surely you could just take out an extra €100 from the ATM when you arrive and keep that for emergencies.

 

[trecile]

Surely you could just take out an extra €100 from the ATM when you arrive and keep that for emergencies.

That's what I do - in theory

 

[TravellingMan22]

Cash basis and a government policy with strict foreign currency exchange controls. I remember this from years ago when I travelled to Libya. It was probably the same when I travelled to the German Democratic Republic but that is so long ago that I don't remember.

But in today's Europe the issue are the cost of handling cash and security concerns. Criminals marching into a bank branch and demanding money have become a rarity. Nowadays they use explosives to detonate the ATM - and at night when nobody is around.

BTW, cost and security are also the reason when the staff at a bank refuse to change €50 banknotes or even €100 banknotes into €20's and €10's. They simply do not have the means to do it.

Re GDR. Only went once. That was 1988. The deal was that you could go in visa free for one day only! You had to change 25 West German Marks (about 12 USD) to East German Marks and you could not take their currency back into the west later in the day when you left. I wasn’t overly travel savvy then and am pretty sure I struggled to spend any money, and whatever there was on sale had big queues, so I pretty much forfeited the money. I wasn’t a drinker then, but later learnt that there were a few bars near the border where folks would go to spend their money!

 

[TravellingMan22]

We are quite lucky that currency is pretty simple when you travel in Western Europe, North America, Australasia, etc, if you are from those regions, but go beyond that ‘bubble’ and it changes hugely. Access to credit a very different game too! Been held at a border and had to pay a bribe once due to holding a certain currency,denomination, then there is the south east Asia and South/Central America border crossings where it can be a ‘damage limitation exercise’ financially, and then the countries that love USD, but they have to be absolutely perfect, and if not, you have a to sell in the black market for approx. 75% of the value! Demanding and exhilarating at the same time!

 

[henrythedog]

Now I must figure out what to do with 215 Turkish lira.

You could just about have bought a pint with that in the UK before the recent budget. Drop it in a charity box next time you’re in an airport.

 

[TravellingMan22]

Somewhat off-topic now, but your comparison with Libya is about spot-on. I lived and worked there in 2010-2011, and it was much the same - an isolated, sanction-riddled, failing state, where it was nigh on impossible to change money. Luckily, I worked for an organisation which could send money overseas to a home-country bank account, so it wasn't an issue. Here in Burma, it is becoming increasingly difficult to buy dollars, which is why my company now pays 25% in local currency. The official exchange rate for dollars has risen as high as x5 on the black market, prices are astronomical (as Myanmar manufactures relatively little, and must import things), and all the rest of it. End result - if you want to travel outside the country, you need to take dollars, and hope to find someone to change them at a decent rate.

I carry dollars to many countries now, even if not their official currency. I think only maybe 3 countries have USD as their official currency outside The Americas. Works well in many developing countries. Often get better rate for USD 100 bills when compared to 50s and 20s.

 

[Tincatinker]

Anyone wanting to break a €50 note just needs to walk into the nearest REPSOL petrol station and buy a cafe solo. They’ll change a €50 without a blink

 

[dougfitz]

I bring $40 US dollars to keep with me in Spain, but its only purpose is to use at the Chicago airport either going or coming back for any small incidentals or a snack, never to use in another country.

It is some time since I used USD as my emergency reserve, and that was when travelling in South America and Africa. Having a small amount of a hard currency was not just useful, but essential for some transactions where foreigners were forced to use USD specifically. At the time, these seemed to be practices either mandated or sanctioned by national governments eager to get hard currency from whatever source was available.

To @Camino Chrissy's point, I do much the same, still. And I always have a small amount of British pounds, Euro and Singapore dollars for that coffee and snack in transit or on arrival. Post COVID, there hasn't been anywhere that I needed to use this with the now almost universal acceptance of some form of EFT for transactions. I know the risks of doing this. Years ago my wife and I were multi-millionaires in Turkish lira, but before we returned they had re-issued and re-valued their currency, and we were once again paupers when we returned there.

 

[Camino Chrissy]

I bring that small amount of cash from home because even though tap cards make using credit cards so easy, I have a little quirk, in that I do not like using a credit card for any small purchases under $10.

 

[dick bird]

A long shot, but maybe find some American pilgrims prepared to exchange for Euros?