Currency exchange

[Clark]

Hello all,

I'll be traveling from the States to Portugal, and I'm wondering if it's best to exchange some American currency to Euros before I leave or just to visit an ATM at the airport when I arrive?

I've heard that the exchange rate can be heavily taxed at currency exchange centers, but I'd also hate to arrive and find difficulty accessing money once there.

Any thoughts or experiences are much appreciated.

Clark

 

[notion900]

I would bring 100USD in Euros, and then use ATMs away from the airport, at proper banks. I think airport ATMs give as bad a rate as airport bureaux de change.

Also search for threads about ATMs in general.

 

[Mike Savage]

Clark,

It has worked out well for me to travel from the states to Lisbon and get Euros from the ATM at the airport.

Bom Caminho!

 

[notion900]

Someone has recently had a horrible problem, though, and got stranded at Madrid airport. Please also look up other threads on how many digits your PIN has, and other related nitty gritty. I am in Europe, so don't know about American banking and why this should be.

 

[jo webber]

On our previous trips to Europe we take what we expect to spend in cash for the first few days. Then use the ATMs.

Before you leave be aware of any fees or per use charges by your bank. Some charge a percent, some a flat fee and some BOTH. One credit card has no exchange fees or charge fees, but the banks in Europe will charge a non-bank fee for debit cards.

Remember, if you have a daily limit of $500.00 you will end up with fewer Euros due to the exchange rate and any fees applied. I remember asking for $xxx. Euros and my card being denied, took me a couple of days to figure it out. lol

Ask plenty of questions from each bank you use.

 

[whariwharangi]

I would suggest exchanging 100 Euro in cash prior to travel. That's for in case the atm at the airport isn't working or in case you are pressed for time to make your next transportation.

 

[HighlandsHiker]

Someone has recently had a horrible problem, though, and got stranded at Madrid airport. Please also look up other threads on how many digits your PIN has, and other related nitty gritty. I am in Europe, so don't know about American banking and why this should be.

Notion900, am happy to report that am all regrouped, have arranged several new debit and credit cards, have relieved the old bank of its debit card duties, and will be armed with a goodly amount of extra cash to exchange. Will never be stuck like that again, and am heading back out on June 7 to re-start a modified route. You people are wonderful. Beth

 

[trecile]

Someone has recently had a horrible problem, though, and got stranded at Madrid airport. Please also look up other threads on how many digits your PIN has, and other related nitty gritty. I am in Europe, so don't know about American banking and why this should be.

Airport ATMs, if they are owned by a bank will give the same exchange rate as their locations elsewhere.

 

[C clearly]

Yes, it costs money to avail of the services of currency exchangers and banks (not a tax, though; it is a fee for services). I always get enough of the destination currency to last a few days, and always maintain an emergency supply. You can encounter bank machine problems anywhere.

 

[evanlow]

I have experience of getting money at the ATM (airport or otherwise) with credit card and my bank's ATM card (Cirrus or Plus system). Needless to say the former is really bad as it is considered advance cash and they even add interest from the date I got the cash to the due date in the statement. The latter is the way to go.

Try to arrange with the bank before you go on the latter to make sure that your ATM card is authorized for Cirrus or Plus.

You still will be paying for not so good exchange rate and hopefully no additional charge (one time a bank ATM even mentioned an additional 2 euros service charge).

So it is best to get some euros before the Camino. Most ATM also have a max amount of 300 euros for each transaction. Depending on how much Euros you need for the Camino and after that, work out a minimum number of bank trips to the ATM. For me I am comfortable to be carrying up to 500 euros to start so a month long Camino I only need to use the ATM once for around 800 euros.

 

[Rick of Rick and Peg]

I'll be traveling from the States to Portugal, and I'm wondering if it's best to exchange some American currency to Euros before I leave or just to visit an ATM at the airport when I arrive?

We got euros in advance of the trip and would do so again. If something goes bad some money will help out. If something goes bad without money you now have two problems that will feel bigger than that.

Once in Spain we withdrew 300 euros from the ATM each time to make it easier to see on reports if there was an unauthorized withdrawal (this actually did come in handy.) Next time I will pick an odder amount to withdraw though probably 280 euros.

 

[wcsjms]

Hello all,

I'll be traveling from the States to Portugal, and I'm wondering if it's best to exchange some American currency to Euros before I leave or just to visit an ATM at the airport when I arrive?

I've heard that the exchange rate can be heavily taxed at currency exchange centers, but I'd also hate to arrive and find difficulty accessing money once there.

Any thoughts or experiences are much appreciated.

Clark

We will be taking about 500 euros we those get in the States @ Chase Bank as we did the last time. We have JP Morgan Chase debit cards, no fes and a Capital One Mastercard Credit card we got just for travel and it too has no fees.

 

[Clark]

Thank you MIke! That's great to know!

 

[Clark]

Thank you to everyone for your suggestions! They've all been very helpful!

 

[camino-david]

Of course if you use your CREDIT card to access you will be charged fees, and interest from the time you withdraw money. I never take cash with me to a country such as Spain as the ATMs are always several available just after customs in the arrivals area, and I use a DEBIT card to withdraw cash. I have used this system multiple times in very many countries. It was only in countries such as Pakistan, Iran, and Georgia that I took cash into a country, and that was always in US dollars, Spain does not come into the category of the latter three countries by any means.