I am travelling to Spain in a couple of days. I would like to know if its better to buy Euro when I get there?

Question

I live in the States and I have noticed that my bank charges more to buy Euro than what I see online. I was thinking of buying just what I need for the first day out there and purchasing the rest in Spain. Is it better to do this or will it all come out to be the same amount? My bank is charging me 1.64 while I see it on Yahoo Finace for 1.56

Answer 1

You always pay more than you see online.  That's true in Europe as well.  You'll probably get something around that rate, there, too.  There is also always a transaction fee.  

If you bring money and change it there, the transaction fee is, I believe, a bit higher than if you just bring your credit card.

Use your credit card.  It's tons easier, and the exchange rate is the best possible, and the fee ranges from 1 - 3%, while, I THINK the fee for doing it at the bank used to run from 3 - 5%, but I'm not that sure of that.  ATM cards work well for cash, and either way, you don't have to carry around large sums of cash.  The only thing to be aware of is that your ATM may charge you a per use fee.  Mine is, like 3 or 5.00 for using any bank but my own, which, of course, there isn't any of in Spain.  Call your cards, make sure they will get you the best rate, and ask what their exchange fee or transaction fee is.  Capital One is 1% and AmEx is 2%.  Most of mine are 3, so I used the Capital One for everything.  

Traveller's Checques, which used to be the norm, apparently are too easily forged, and no longer accepted in most places, plus, they cost another 1%.  

They're banks.  They get you coming and going.

Answer 2

take some for starters and do not use these commission free kiosks rip off bank /hotel is best

Answer 3

Don't buy Euros, just use your Visa or Mastercard debit card to access cash through ATMs.

Answer 4

If you can find a Thomas Cook there, they do currency commission free but make sure you get the money changed up at the airport if you will not be staying in a major town as foreign exchanges can be scarce.  In all the major tourist resorts they are plentiful.