It is important for expats In Spain to understand various ways on how to save money when it comes to currency exchange. The concept of most expats is to use the services of banks for currency exchange purposes without realizing that other sources could be cost effective.

Currency Exchange for Expats in Spain necessitates more or less the same procedures as elsewhere in Europe. The currency used in Spain is the euro, which is in line with the implementation of this common currency for most European Union members since 2002.

In Spain, all tourist areas are awash with shops and exchange offices that deal in currencies. As such, Currency Exchange for Expats in Spain is no problem. Like in all places, currency exchange rates are quoted in two prices. One price shows the currency at which it is bought, while the other price reflects the rate at which the currency is sold. One important tip for all expatriates is to carry their passports with them at all times. This document is often required to establish your identity before making any transactions in banks.

Here is some information on how to exchange currency from sterlings and dollars to Euros in Spain.

ATM Machines

Using ATM machines is the most convenient way for Currency Exchange for Expats in Spain. You just need to check if the bank is charging you a conversion fee and/or if the ATM is charging a transaction fee. Generally, most ATM machines do not have any spread between the prevailing buy and sell rates. Bank ATM machines are conveniently located at airports and at city centers.

Bank Transfer

This a good option if the transfer amount is beyond the limit of what an ATM can manage. Most banks are open Monday through Friday from 9 am to 4 pm and on Saturdays from 9 am to 3 pm. Banks may charge a substantial amount as a commission for foreign transactions.

Credit Cards

Credit cards are very convenient for any kind of transactions. Using them does not entail any transaction fees and moreover, you have the benefit of reasonable exchange rates as well. In Spain, you will need to show your passport for identification purposes before you use your credit card. Virtually all credit cards are accepted in Spain.

Personal Checks

Spanish banks charge a minimum commission of 0.5% to transfer money via a foreign check. A drawback however, is it could take a few weeks to get the check encashed.

Travelers Check

A traveler’s check is no doubt a safe instrument to carry around, but encashing these entails a heavy spread between the buy and sell rate. Traveler’s checks are acceptable in most Spanish cities and tourist areas. To avoid excessive additional exchange rate charges, expats would do well to carry euro traveler’s checks with them.

For transacting large sums of money, you can use the services of a foreign exchange broker. This is a safe way for Currency Exchange for Expats in Spain. A foreign exchange broker will be able to manage a good competitive rate for you resulting in a decent saving of money.

Spain is a wonderful destination, both for a tourist on a short stay or for someone looking to settle down. Once you know the best Currency Exchange for Expats in Spain, your stay in this country will be hassle free.