Hola, amigos! Planning on heading to the land of paella and flamenco? Organise your travel money options ahead of time and you can spend more time soaking in the rich culture rather than worrying how you’re going to pay your way.
Although many places accept over-the-counter card payments, it is always advisable to have some cash with you in Spain. Expect to use it to pay for smaller purchases of up to €20 at many shops and restaurants.
Travel-friendly debit cards can give you the best of both worlds: the ability to spend your own money abroad and the freedom to withdraw cash without incurring extra charges. The best debit cards for travel in Spain will allow you to withdraw euros from an ATM without incurring foreign ATM usage fees. Over the length of a trip, ATM fees can add up to the price of a night out. Have a look at the Virgin Money M Plus current account. You get a Mastercard debit card to use over the counter or at ATMs. Virgin Money doesn’t charge for currency conversion, there’s no international ATM charge and no account keeping fee either.
You can load euros onto all travel money cards and spend without incurring the fee for currency conversion. This is the main feature of any travel money card, and one of the main reasons why they’re popular with travellers. With that box ticked, choosing the right travel money card to take to Spain will require a comparison of the cards’ other features such as reload fees, inactivity fees and ATM withdrawal fees.
There are a number of competitive credit card products designed for travellers. Credit cards often come with other bonuses such as complimentary travel insurance and rewards for spending. You shouldn’t be using your credit card to get cash from an ATM, though. Cash advance charges and interest can add up quickly and eat away your available credit.
Traveller’s cheques give you security. Only you can cash your cheques. However, given the money back guarantees in place from card providers if you’re the victim of card fraud, traveller’s cheques have been made redundant. You’re able to spend conveniently and safely in Spain using your debit card, credit card or travel card.
There are a number of different options for spending in Spain, however the two current standouts are Monzo and Revolut.
Yes, you can use Monzo in Spain. Monzo cards, both physical and virtual, are accepted at any shop, ATM, hotel, restaurant etc. that accepts Mastercard, which is most places in Spain. Spain is also part of the European Economic Area (EEA), meaning there’s no charge for any purchases you make. Also, if Monzo is your main bank account, you’ll get unlimited fee-free withdrawals from ATMs. If not, you’ll still get a free limit of £400 every 30 days, then a 3% charge kicks in. Monzo automatically converts to the Euro using Mastercard’s exchange rate, without adding any mark-ups or hidden charges.
Yes, you can use Revolut in Spain. Revolut cards, both physical and virtual, can be used wherever Visa and Mastercard are accepted, which is most shops and restaurants, ATMs etc in Spain. However, for users on the standard plan, purchases (up to a limit of £1,000 per month) and withdrawals (up to a limit of £200 per month) are only fee-free on weekdays, as Revolut applies a 1% mark-up on weekends. If you exceed your fee-free limit, Revolut charges 2% on top of each withdrawal until the end of the month. For all purchases, Revolut will automatically exchange to the Euro at the current exchange rate.
The national currency for Spain is the euro. As one of the major global currencies, all travel cards let you load and spend euros. But is a travel card the best travel money product for your trip? Visa and Mastercard have wide acceptance at shops and ATMs throughout Spain. You can use your debit card or credit card like you would in the UK; just look for products that waive the currency conversion fee when you spend.
Most digital banking apps, which are a great option owing to very low transaction and withdrawal fees, come with either a Visa or Mastercard bank card. They work as normal bank accounts do, so the “topping up” process simply consists of transferring money into the account.
| Travel money option | Pros | Considerations |
|---|---|---|
| Debit cards for travel |
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| Prepaid travel money cards |
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| Credit cards for travel |
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| Traveller’s cheques |
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| Cash |
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This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.
There’s no limit to the amount of cash you can bring with you to Spain. However, you’ll need to make a declaration at customs if you’re travelling with more than €10,000 cash (this includes traveller’s cheques). You have a number of options for picking up euros in the UK. Your bank can sell you euros for a competitive rate; however, you will be charged a commission for the service.
Providers such as the Post Office also sell you euros – you can order online and collect your cash from a branch near you before you leave. However, while there is no commission fee, the Post Office doesn’t always offer the best rates.
If you have foreign cash to change you will be overwhelmed with choice in Barcelona and Madrid. Exchange offices away from tourist attractions and banks will have better exchange rates. If you want to get the most competitive exchange rate, don’t get money changed at the airport.
You will be able to find ATMs in all Spanish towns and cities, petrol stations, shopping centres and bus and train stations. Bank-affiliated ATMs generally won’t charge you for usage except for Caixa Bank, which will charge a few euros. Most ATMs, and almost all in larger towns and cities, will have an English option.
A combination of travel money products is the best approach to funding your trip to Spain. Use a debit card or a travel card to withdraw cash from ATMs and to make over-the-counter purchases when available, and use a credit card for emergencies and big ticket purchases. Credit cards offer up to 55 days’ interest free on purchases if you pay your account by the statement due date, and there are cards which provide complimentary insurance to protect important purchases against damage and loss.
By spreading your travel money across a couple of accounts, you won’t be caught without cash if a card goes missing and you can take advantage of money-saving travel perks. Travellers to Spain may be surprised at how easy it is to get by without spending a fortune. With a few travel money tricks up your sleeve, it’s easy to sample all of the joys of Spain, from flamenco to Dalí.
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