Murphy Writing of Stockton University

As you probably already know, the Euro (€) is the currency of Spain. The Euro is divided into 100 cents. Coins are available in the following denominations: €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1 and €2. Bills are available in the following denominations: €500, €200, €100, €50, €20, €10 and €5. Have a look: https://www.ecb.europa.eu/pub/pdf/other/euroleafleten.pdf.

Exchange Rate

Good news. In the last year, the Euro has declined significantly against the US Dollar, which means you will get more for your money. Today, May 30, 2017, the rate is $1.12 for 1€, and that’s great.

Getting Cash While In Europe

In two decades of regular travel overseas, we have found the most affordable way to buy Euros is actually the simplest, by using a debit card at an ATM. You can get cash at one of the airport ATM machines as soon as you clear customs. It’s safe and convenient and you will get the best exchange rate.

Some ATM machines will charge you a fee to withdraw money, and your US bank may also charge you as well. Despite these fees, we have still found them to be significantly cheaper than using a currency exchange (Or airport money changer, Bureau de Change, AAA or hotel concierge). You should contact your bank to check on their fees, which may be different for an international ATM, and to see if they have a daily withdrawal limit.

Questions to ask your bank before your trip:

• Fee for international ATM withdrawals?
• Daily limit for withdrawals?
• Fee for using your debit card?
• Notify them of your dates abroad or your card will probably not work.

Using Credit Cards While Abroad

Visa or MasterCard are accepted most places in the Spain, but Discover and American Express are not as common. Most credit cards tack on a fee of 1-3% for international purchases, so we find it best to make most purchases with cash, especially since we often find ourselves eating at small cafes and sandwich shops. Our exceptions to this rule are hotels, trains, and when making a large purchase and we want the customer protection many credit cards offer.

In general, Capital One cards don’t charge a fee for international purchases, but it’s best to check with your various cards to see which one will give you the best rate. While you’re on the phone with them, it’s also a good idea to notify them of your travel dates.

Questions to ask your credit card(s):

• International transaction fee?
• Notify them of your dates abroad or your card will probably not work.

Sales Tax in Spain

Spain charges a Value Added Tax (VAT) on nearly all purchases, but it is usually included on the price listed for an item or service. When you see a price listed on a shelf or a menu, that’s the price you will pay.