I think I've finally decided on how I will care for my passport, credit card and spending money while travelling through Spain and Portugal this summer. I'll be staying at hostels, hostals and campgrounds and using my atm card to take out money every few days for expenses.

While travelling I'll carry my valuables in a money belt under my clothes. While touring around a city I think that I will lock up my passport if possible and carry my credit card and extra money in a purse (carried on the side with the strap slung across my chest). I will keep it in the front pocket of the purse which will be facing my side.
At night, if I go dancing, I'll only carry a bit of money in a pocket and hopefully be able to lock up my credit card,etc. If I can't lock it up, I guess it will have to come with me somehow

Does this sound like a good plan?

P.S: Jer--I really enjoy the webcam pictures of Madrid on your site. Although, they make me wish I could leave for Spain tomorrow!!

Hola vicci_2, welcome to the group & glad you enjoy my site. Happy ot see it makes you yearn for Madrid and Spain

I think your udea for carrying your valuables is a good one but read my money matters section at www.multimadrid.com/practical_info/spain_money.htm for additional tips on handling money in Spain.

Do yourself a favor and check with your bank on the charge for taking cash out of ATMs abroad. The feedback I have gotten from visitors has been negative on that subject and they all say that they are charges a lot each time tey withdraw. On the other hand, using credit cards to pay for just about everything is your best bet since you will get the best exchange rate and will not have to carry irreplaceable cash.

You can take out cash once in a while however to pay for things that may not be able to use a credit card for like "copas" (drinks) at busy discos and such.

Plastic money is the way to go, especually VISA and Mastercard. Beware of AMEX as explained on my MONEY MATTERS SECTION

Saludos,
jer...

I agree with Jer about the charges for withdrawing, but I was never charged. Lucky me. I have an account with a local credit union in Virginia and they didn't charge me at all during my entire year in Madrid.

Shawn

Hi.

I don't know how the banks are in the U.S. but I know our banks a lot. Here, in Spain, if you have a VISA card in a bank, most of the banks removes you 6 Euros from your account each year just for using it. And if you withdraw money from ATM machines from another bank chain (for example, from a 4B bank) they removes you 1 Euro from your account.

This is what they do normally. But, what I have learnt is that, when they charge you the 1 Euro or 6 Euro fine, you just have to call them and tell them not to charge that fine (or better said, to give you back what they already have charge you), or you'll close the account and you'll change to another bank, or even to another branch office of the same bank. Just telling this they immediatly give you back what they have charge you.

Can you do something like this in the U.S. ?or if you tell this to the bank manager he says "OK, go away to another bank, I don't mind".

Shawn, you did well in having a bank that did not charge for cash withdrawels.

Hey totx, I know what you mean. I got a rather large transfer in $$$ from the states and my bank here took out about $24 commission

I went in and told them that I wanted to close my account and change banks (a bluff but it worked) and they appologized and said they would credit my account. They also said that I should advise them the next time I am expecting a transfer of funds from abroad and they will charge me 1/4 of the usual fee. Just gotta put them in their place i guess.

I have done the same in the U.S.A. as well. There is so much cutthroat competition there (and worldwide for that matter) that the bank managers will not let you close your account and leave as a customer for a few bucks.

You know the Spanish saying "si cuela, cuela" ("if it gets through it gets through" or "iff it goes unnoticed it goes unnoticed"), well it is the same there. I think about 90% of the people just let it slide and do not complain and the few who do and threaten to go to another bank just get the money back.

Let's just say the banks will not go broke due to the loss of a few commissions, they get us everywhere else

Saludos,
jer...

Hi,

This may help any Canadians who've come across this thread. Toronto Dominion Bank offers a chequing account which allows unlimited debits overseas from ATM's with the Plus symbol. It costs $25/month. Since I'll probably be taking out small amounts of money quite often, it sounds like a pretty good deal.

I withdrew cash from an ATM with a Visa/debit card and neither the Spanish bank nor my bank had any charges. The best advice may be to check out your bank's policy. I have used my card in British Columbia without any charges either--so free ATM usage is a reality!

Hey vicci_2, glad you found something you can be comfortable with.

ToniG, good call on checking with your bank on their policy before you travel.

Saludos,
jer...