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What about ATM´s fees and exchange rates?

Miguel Pazos

Member
Time of past OR future Camino
Will begin on September 8th, 2016
Any tips on how to avoid getting ripped off by ATM fees and exchange rates? I´m traveling on a budget and don´t want to find out I over spent in dollars because of fees and outrageous exchange rates. Any experiences that can help a first time traveler deal with this important issue?
 
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First of all make sure that you carry a card with a 4 digit PIN and that your bank knows that you are about to travel abroad. As for fees, Schwab cards have a good reputation in this Camino community http://www.schwab.com/public/schwab/banking_lending/checking_account

Also, taking a second card for emergencies/when your first card has been 'eaten' by the machine is a good idea.

Buen Camino, SY
 
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Hey SY, thank you. I have both a debit and a credit card, and already told my bank. What worries me is the exchange rate at the ATM´s. I still have no real clear information about this, not even from my bank. And when there is a budget, the cost of money needs to be factored in.
 
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The exchange rate is set by YOUR bank, not the ATM. It debits your account in Euros, and your bank debits you in dollars, pounds, pesos, or shekels, whatever your local currency is. Some ATM's charge a fee to use. Your bank MAY also charge a fee. I used Santander ATM's, since these were "In Network" for me, and had no fees, as well as a reasonable exchange rate. Press your bank for details. If you stay away from unbranded ATMs in Spain that charge a fee, just like home, then your fees and exchange rate are just from your bank. As a second detail, lots of debit card purchases in the towns will ask you if you want to be charged in Euros or your local currency. In my case it was ALWAYS a better deal in Euros as my bank gave me a better rate that the debit machine did.
 
I bank with BBVA Compass. The only fee charged is a 1% international fee. There are no other charges when I use it at any major bank ATM machine in Europe. Before, when I used my USBank ATM card, I was charged 3-4% + Fees so we changed banks.

Oddly, there is a fee charged in the States or in Mexico if we use a bank other than BBVA Compass/BBVA Bancomer.

(BBVA, originally founded in Bilbao Spain in 1857 is the largest bank in Spain - it has offices throughout the world and is known as BBVA Compass in the US)
 
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I always use a bank machine (not one of the private ATM's) and have never had a problem. The exchange rate is what it is, and the variations are small when we are talking about the amounts withdrawn for the camino. My bank charges me $5 per transaction, so I try to withdraw only once a week or so. But, really $5-10/week is a minor cost for the convenience of being able to use machines!

I spend no time or worry trying to evade minor bank charges and exchange rates! I am more interested in the reliability and security.

What @Rick M says above!
 
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What the others said and this too:

When you use an ATM you may be charged a fee by the ATM and may also be charged a fee from your bank and perhaps also another for money conversion. To minimize these fees minimize the number of times you use the ATM by taking out a substantial amount each time. You should have a money belt or something similar to keep it safe.

We decided to take out 300 euros each time we got down to 100 (but then that is 2 of us; also our bank didn't charge us.) By taking out the same amount each time we could more easily see if there were any unauthorized withdrawals (that came in handy when we got home.) We probably should have drawn 280 or 320. We used Telebanco for all withdrawals but one. It is easier to use familiar machines.

Other tips: Use machines at banks so if something goes wrong you can get help. Do it well before siesta or quitting time. Plan ahead so you don't use an ATM on Sunday when the banks are closed, just in case. Also Google here: http://www.google.com/search?q=atm+site:ricksteves.com

You may be charged what you think is too much but you aren't going to be impoverished by the ATM. Don't fume at the bank; enjoy your trip.
 
Miguel Pazos said:
Any tips on how to avoid getting ripped off by ATM fees and exchange rates?
Click to expand...
There are some great replies already, but one theme I would reinforce is that if you go expecting that there are rip-offs, you will see every fee and charge as a rip-off, even if you choose options that minimize the transaction costs. My recollection is that every time an ATM operator is going to charge you a transaction fee over and above your own bank's charges, you are given the option of accepting that fee.

So you are in charge of your own destiny here. If you think a charge is excessive, don't pay it - find another ATM. That is if one is available. It might mean walking a bit further, which goes to the question of what pattern you adopt about when to think about your cash reserve. You might want to start looking when you still have the flexibility to do that, rather than pay at an ATM you think is too expensive.

The techniques already described above worked for me, and while there were some more expensive ATMs, I accepted this as part of the cost that I was prepared to pay.
 
I am from Canada. My experience -- I always used ATM at the bank, but some bank ATM charges 5 euros so I always try to get as much as I could, but still most ATM would only allow 200 or 300 euros max! And at one bank ATM in Santiago, I was charged 10 euros, maybe every bank charges differently? My Canadian banks charge $5 on every transaction on top too.
 
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I have a slightly different approach, I have been popping over to Europe every years for about 30 for a couple of weeks motorcycling, in the early days paid commissions and had my card eaten, very embarrassing. Often asking mates for petrol on the way home.

For years now I have always taken what I need up front, always paid cash and never had a problem, I just pay for what I need and then no nasty surprises when I get home from the card companies or the bank.

This approach helps me budget when I need to.

For next May I will be taking cash probably about 3000 Euros to cover everything. Works for me and it simples.

I read all the posts every day now and as wonderful as they are, blimey don't things get unsimplified, if indeed that is a word

Regards

Ian
 
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The only problem I see with that approach is the risk of theft/loss ... Buen Camino, SY
 
ChristianSdeM said:
I can recommend two web based services that have worked for me. https://transferwise.com and revolut.com. You would need to have set these up in advance.
Click to expand...

Christian I just had a look at the transfer wise website and am a little confused how it works. Are you in Australia? I was going to get either Aus post travel card or an ANZ travel card BUT the reviews are bad for both . In the past when I have travelled I always just used my Visa debit card successfully but there is always the risk it could get swallowed by the machine . ALSO i just use the ANZ app to transfer money into debit card as I need it BUT am not sure how secure that is on free WiiFii.

Anne
 
Get a Spanish mobil number + data while on the Camino
Get a spanish phone number with Airalo. eSim, so no physical SIM card. Easy to use app to add more funds if needed.

Transferwise works for me because I have accounts in more than one currency and using it gets the best rates. I can transfer funds into euros before traveling in the euro zone. I also pay bills in different currencies routed through Transferwise.

Revolut is a payment method where you set up an account with them and top it up from your chosen linked bank account. The card works in the country you are visiting as a debit card and gives you euros without extra charges, just the exchange rate levied on the funds in your Revolut account. It works for 30 currencies including the AU$ and NZ$. It also allows transfers between Revolut account holders using a mobile phone instruction only.

A separate advantage to a Revolut card is that if mislaid or stolen, at worst you lose the balance on that account without compromising your home bank or credit cards.

Note: I don't work for either company but travel a lot and look for ways to save costs. I have just started with Revolut so my experience with it is brief. I am not a specialist on wifi to comment on security of bank instructions in cafes etc!
 
If you have a four-digit PIN, and have notified your bank(s), you are good to go. Here are some concise recommendations based on experience:

1. The WORST exchange rate is at your departure airport money exchange. They may not charge commissions, but they make it up with an unfavorable exchange rate...in their favor....not yours. So, do NOT change money before you get on the plane, at least at the airport.

You may choose to obtain some Euros from your local bank if they offer this service, before you depart. I have been told that can be cost-effective.

I do not do it, as I keep my Euros from previous trips...I make the trip two to four times annually. I always have a couple hundred Euros in my Euro wallet, ready to go.

2. The NEXT WORST exchange rate, although fractionally, is at airport ATMs. All banks know that most travelers make a bee-line for the first ATM they spot at the airport, on arrival. So, they shave the conversion rate, fractionally. It does not usually make a big difference with the traveler, as they NEED the cash. But, at the end of the day, the bank profits...hey they are banks. It is what they do.

3. The overall "best" exchange rate will be at an ATM mounted in an attached physical bank branch in a large town or city. The big Spanish banks include Santander, Sabadell, Banco Popular, and others you will come to recognize quickly.

4. For safety and security, AVOID USING FREE-STANDING ATM devices in gas stations, cafes, convenience stores, or other such places. The sole exception is a free-standing ATM that is plainly, clearly and obviously the property and responsibility of a major Spanish bank: Santander, Banco Popular, Sabadell, etc.

Like in North America and the rest of the world, ATM machines found in gas stations, hotels, retail stores, or convenience stores are frequently operated by a third party for their convenience and profit, not yours. Hence, they always charge "convenience fees" and always have a bad exchange rate. This is also the highest risk of having your card information skimmed and stolen.

As an example, I will use the ATMs located in SOME 7-Eleven convenience stores in the States, but ONLY because they are operated by Citibank, a world-wide banking firm. They are so labeled, and the software is clearly from Citibank. THAT is how you make a determination, before you stick your card into the slot... It is like other things in life...pay attention...

So, BOTTOM LINE, when you arrive in Madrid, Paris, or wherever, take an initial €100 withdrawal at the airport (if needed) to give you enough funds to get away from the airport environment, and to your first night's lodging. Near that place, you will find a real bank, with a more agreeable ATM. Get enough Euros there to last you about four days.

You will get the rhythm of your out of pocket expenditures and recognize when it is time to top up your wallet. Initially, I usually plan on about €50 per day. Plus, I pay for EVERYTHING possible with cash. I only use my cards in the ATM, or a department store, supermarket, pharmacy, or train station ticket kiosk. I also stay in hostals, not albergues, so my daily spend is higher than most others. You might adopt a lower daily average, if you are comfortable with that. Everyone is different.

Also, try not to use credit or debit cards in places where the card is out of your immediate and direct control at all times. So, buying groceries in a supermarket, or supplies at a pharmacy, or in a shop, where you can use a debit or credit card at the register is okay. But, giving your card to a server who leaves your table to process the sale behind the bar is a "no-no." That is how my cards have been compromised three times in three different countries. If you do not have direct control of the card at all times, the card data can easily be stolen.

Do not be paranoid, just be observant, and PAY ATTENTION. After walking across northwestern Spain in the "boonies" for a week or more, coming into a large town or city can be jarring and very disorienting. You MUST remember to turn your street smarts back on.

I hope this helps.
 
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I appreciate each and every response and tip offered by all of you. Together with my own ongoing research and other resources I've tapped into, I'll be making better choices than if I hadn't put the question out there.
I hope I see some of you along The Way.
Buen Camino
 
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Thanks from me to all the people replied . Also to Miguel for asking the question .

Anne
 
One more hint- most ATMs have a button you can select for " other amount". If you request an amount that is divisible by 20 and not 50 ( example 280) you will get some 20 Euro notes as well as 50s which are easier for small merchants to handle.
 
Charles Schwab - they give you back ALL fees at the end of each month
 
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When I go to Europe, I always use my FairFx Currency/Credit/ATM card (see https://www.fairfx.com/ ).
This is a Credit Card / ATM card that I preload with Euros from my own current account (maybe €500 at a time). I can do this via the Fair Fx App on my phone or from my PC. The exchange rate from my local currency (GBP) to Euros is always competitive and I am charged a flat rate of €1.50 each time I use an ATM. The card can be used at any credit card outlet also, up to the value still available on the card. Another common provider of Currency cards is Caxton (see https://www.caxtonfx.com/ ).
 
For UK citizens I'd recommend a Citibank Euro account. You can use Transferwise to send £s to the account at spot rates, and then withdraw with no fee throughout Europe. They also offer accounts in USD, AUD, NZD. Saved me a fortune over the years!
 
 
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My local bank takes care of most fees and I recently got a Schwab ATM card through by brokerage account which takes care of all fees and one gets the current official exchange rate. Credit cards now mostly do not charge for overseas charges and again you get the current rate. Check with your local bank. If they can't accommodate you, go to another one. These fees can get very expensive. Buen camino
 
Just carry cash - simples no stress
 
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Ian T said:
Just carry cash - simples no stress
Click to expand...
AND what is your recourse when something happens to your money. Plus the exchange rate is really high with cash.
 
I would not normally ever respond in a negative or challenging manner so this is not my intention, but given the huge range of anxiety and stress exhibited within these posts about exchange rates, bank charges etc, it does appear that the mere thought of using ATM's is great.

My suggestion about cash is old, simple and actually what we all did years ago.

I thought undertaking such an adventure like this is for many reasons and very personal, so why does nearly every thread draw out pain, stress and anxiety.

Just do it and let it unfold. I do feel a fraud writing this post as I have never walked in this way but I have traveled extensively across Europe many times each year for over 40 years, and always just done it.

Writing this I now find I am drawn into feeling that I must make or offer excuses for my thoughts - surely this wonderful forum should be for the celebration on joint goals and aspirations not constant negative thought about how stressful or difficult it will be because I can't use an ATM or find wifi or how many sticks to use - is this really what life is all about

I sincerely apologise if I have offended and may now just drop away from this wonderful and fulfilling family because you know I think I have read everything posted on here and my god most of it is so depressing and feeble causing the wondrous joyful messages and celebrations to get by poor coping or total repeats of life or previous posts. A search engine is a wonderful thing.

To close my response to the previous two posts is firstly I posted carry cash because there is a theme that carrying cards is far too stressful so if both is perhaps stay at home

Secondly my recourse if something happened to my cash is I would use my backup cards that I always carry - but my position in all of this is why oh why after I post my preferred method, prompted out of all the posts before about oh god what shall I do in my life if I use a cash machine am I met with a response like that. I am not here to be so rudely challenged as I can cope in life, what I do with my money is my business and if I couldn't afford to carry it I wouldn't.

There that last little bit is a rant but as someone who has just read about every post I am sure the forum was not established for that probably more to share the experience and love

I challenge all of you to go back on a dozen or so threads and read them you will see what I mean

Ian
 
In this “virtual” albergue (aka forum), we cannot see each other, nor hear the tone of voice. We see only the written words. In a “real” albergue, where we are all chatting around the dining room table, many of the same comments and challenges would go happily over our heads because of the way they are said, or the smile on the person’s face. At least, that’s what I say to myself as I read many threads on this forum.

Don’t leave us Ian T, I loved your first posts, and your sense of humour.

Now let's go back to ATM's fees and exchange rates, before this thread gets closed down.
Jill
 
Camino Preparation Guide
The focus is on reducing the risk of failure through being well prepared. 2nd ed.
One thing I haven't seen mentioned here is that some banks offer to do the conversion for you so that the transaction is transmitted in dollars to your bank. Avoid selecting this option as the rate they will use is way to high. I also now avoid any arm that won't allow me to withdraw at least 300€. I don't mind that I have to pay a few to use an ATM, but if they only allow me to withdraw a small amount, those fees add up.

Also, when using a credit card, select the pay in euros option, not the dollars option. Most credit cards have no foreign transaction fees, and the banks offering to do the transaction in dollars will charge a transaction fee.
 
Ian, but sensitive old love. A lot of people travelling a long way from home, many for the first time and stepping into the unknown. People want reassurance on things. What might seem feeble to you and me is a genuine cause for concern to someone who may not even have visited Europe before. Back to money - I'd feel a bit iffy carrying three grand. A couple of kids tried to turn me over near Tarifa earlier this year. Old bloke, easy target. I bought some pepper spray the next day, legal in Spain, to safeguard things. Will do the same for my first Camino in January as it will be quite lonely on the Levante I think.
 
Ian T said:
I thought undertaking such an adventure like this is for many reasons and very personal, so why does nearly every thread draw out pain, stress and anxiety.
Click to expand...
@Ian T
Some of us are naturally adventurous. Others would like to be, but find reaching forward to the new experience of walking the camino to be challenging and anxiety making. The usual response of forum members is to give information, so that they may feel more in control and less afraid as they set out on their great adventure. This anxiety is largely a front for hope, and the uncertainty that is always part of hope. It has been fun to see how you regard this particular adventure. Try to believe that there are many potentially adventurous pilgrims reaching out to this experience of the camino with their honest feelings and need for reassurance. Most report having a wonderful time, once they are on The Way.
 
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