“I’m planning a trip to Spain and I’m curious about how currency exchange works there. Can I exchange my foreign money at the airport? What are the best places to exchange currency in Spain? Are there any tips on avoiding bad exchange rates or hidden fees?”
When traveling to Spain, it’s important to understand the currency exchange system to ensure you get the best rates and avoid unnecessary fees. Spain uses the Euro (EUR) as its official currency, and exchanging foreign money into Euros is a common task for travelers. Here’s everything you need to know about currency exchange in Spain.
The Currency in Spain: The Euro (€)
Spain is part of the European Union and uses the Euro (EUR) as its official currency. The Euro is divided into 100 cents. Coins are available in denominations of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, 1 Euro, and 2 Euros. Banknotes come in €5, €10, €20, €50, €100, €200, and €500.
Where Can You Exchange Currency in Spain?
There are several places in Spain where you can exchange your foreign money for Euros, but the best options vary based on your location and needs.
1. Currency Exchange at the Airport
- Convenience: Currency exchange services are available at most airports in Spain, such as Madrid-Barajas, Barcelona El Prat, and Malaga-Costa del Sol.
- Drawback: The exchange rates at airports tend to be less favorable, and they often charge higher fees or commissions.
- Tip: While it’s convenient for small amounts, it’s best to avoid exchanging large sums at the airport unless absolutely necessary.
2. Currency Exchange Offices (Casas de Cambio)
- These offices are commonly found in city centers, shopping districts, and tourist hotspots.
- Rates: The rates are usually better than at the airport but still tend to have higher fees or a worse exchange rate compared to banks.
- Tip: Always compare the rates at different offices before making a transaction.
3. Banks
- Banks offer reliable currency exchange services and often provide better exchange rates than airport kiosks and exchange offices.
- Exchange Fees: Some banks may charge a small commission, but this is typically lower than other options.
- Tip: Visit a bank for larger exchanges, but keep in mind that the process may take longer, and not all branches offer foreign exchange services. It’s a good idea to call ahead to check availability.
4. ATMs (Cash Withdrawal)
- Using an ATM in Spain is one of the most common ways to get Euros. ATMs are widely available in cities and tourist areas. Simply withdraw money from your international debit or credit card.
- Fees: Keep an eye out for fees from both your home bank and the ATM provider. Foreign withdrawal fees may apply.
- Tip: If you plan on withdrawing larger amounts, consider using ATM networks with lower fees such as Global ATM Alliance.
5. Hotels
- Some hotels offer currency exchange services, but rates at hotels are generally poor, and they may charge additional fees or commissions.
- Tip: Only use hotel currency exchange services as a last resort.
Tips for Getting the Best Exchange Rate in Spain
- Avoid Exchanging Currency at Airports or Hotels: While these places are convenient, they often offer the worst exchange rates and charge higher fees. Try to avoid changing large amounts of money in these locations.
- Compare Exchange Rates: If you’re planning to use a currency exchange office, compare the rates at a few different places to make sure you’re getting the best deal.
- Use a Credit or Debit Card: Many places in Spain accept credit and debit cards, which can offer good exchange rates. If you’re traveling with a no-foreign transaction fee card, you’ll likely get a better deal than exchanging cash.
- Check Your Bank’s Foreign Exchange Fees: Before using ATMs or exchanging currency, check with your home bank about their foreign exchange fees and ATM withdrawal policies.
- Avoid Using Airport Currency Exchange Kiosks: They typically have less favorable exchange rates than local currency exchange offices.
How Much Does Currency Exchange Cost?
The cost of currency exchange varies depending on the method you use. Here are the most common fees you might encounter:
| Method | Typical Fees |
|---|---|
| Airport Exchange | High rates, often 5-10% worse than market rate |
| Currency Exchange Offices | Commissions of 1-3% (sometimes more) |
| Banks | Low fees, but may require a wait or an appointment |
| ATMs | 2-5% foreign withdrawal fee plus ATM operator fees |
| Hotels | Very high fees and poor exchange rates |
Should You Bring Cash or Use Cards in Spain?
- Cash: Spain is a cash-friendly country, and while credit cards are widely accepted, having some cash on hand is a good idea, especially in smaller towns, markets, or for tipping.
- Cards: Major credit and debit cards like Visa, Mastercard, and American Express are accepted in most places, including shops, restaurants, and hotels. However, always check with the shop or restaurant before making a purchase to ensure they accept your card.
- Tip: If you’re planning to withdraw cash from an ATM, try to get a good amount at once to avoid making multiple withdrawals and incurring more fees.
Is It Safe to Exchange Currency in Spain?
Exchanging currency in Spain is safe, but as with any major city, always be cautious when handling cash or credit cards. Stick to well-lit areas and avoid street-side currency exchanges where scams can occur. Always check your receipt for the exchange rate and ensure no hidden fees are added.
Final Thoughts: Currency Exchange in Spain
Spain uses the Euro, and there are several ways to exchange currency. ATMs, banks, and currency exchange offices are your best options, with ATMs often offering competitive rates for larger withdrawals. Avoid exchanging large sums at the airport or hotels to get the best value. Be mindful of fees and exchange rates, and always check with your bank for any international withdrawal charges. With a bit of preparation, you can make your currency exchange in Spain smooth and affordable.