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Currency Exchange

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Stockton-on-Tees...
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121 posts
18 reviews
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Currency Exchange

I am visiting Palma for a week from 21 June and wondered if anyone can advise on where best to exchange sterling for euros. Having not visited Palma (indeed Mallorca) before, I wanted to avoid any possible 'rogue' exchange bureaus and charges. I am staying at AC Cuitat de Palma and will have currency when I arrive - it's for later in the week if I need to exchange addtional funds.

Would be grateful for any advice.

Poole, United...
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1. Re: Currency Exchange

Change some cash before you go as youve said and take a pre charged debit card which will allow free cash withdrawals from cash machines. The exchange rates on the island are as near as to make no difference to here, i'm unsure why people still think they will be radically different since Spain is part of the EU.

Colonia de Sant...
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for Colonia de Sant Jordi
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2. Re: Currency Exchange

Most of the exchange shops are gone now since the euro. This leaves banks as the only real solution for changing cash.

For smaller amounts you can ask at British run bars, where the owner may be building a "travel fund" for a trip home. Not strictly legal, but no commissions and who knows or cares anyway.

Edited: 15 May 2014, 20:53
Stockton-on-Tees...
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3. Re: Currency Exchange

Thanks to both for your advice. I am aware of the prepaid cards, I just didn't really want to get one for the sake of a week but perhaps that's the way to go. I'm not expecting to get any rate different to what i can get in the UK, it was more of advice on where to change and avoid commission/scams. Thankyou.

Tynemouth
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4. Re: Currency Exchange

We have started using a Post Office credit card for as many purchases as possible whilst we are abroad. There are no charges/commission whatsoever; every purchase just goes through at that day's official exchange rate.

Stockton-on-Tees...
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5. Re: Currency Exchange

Thanks to everyone for providing advice. I have decided to go with a prepaid debit card (Caxton) as it's primarily withdrawals I would be interested in rather than purchases. Plus, i'm visiting Mainland Spain later in the year so I can use it there as well. I tend to visit Eurozone countries rather than non-Euro so it will be handy for future travelling. Thanks again.

Palma de Mallorca...
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6. Re: Currency Exchange

If you're going to be in Spain often, I'd recommend opening a non-resident account at LaCaixa (Spain's largest retail bank). It will take about 15 minutes at a local LaCaixa branch with only your passport, you will get comprehensive online banking that allows you to conduct virtually any bank business - in English - also a very easy to use (free) smartphone app, a Visa debit card (5 days after opening the account - you pick it up at the same branch), and there is at least one LaCaixa branch in virtually every village in Spain with an ATM. ZERO charges for using their ATMs or any ATM with the "ServiCaixa" logo.

Before you come to Spain, just transfer some cash to the account from your UK bank. La Caixa's exchange rates are as good as it gets (exception being whatever your UK bank charges, which varies from bank to bank - so send Sterling, not Euros because the fx rates at LaCaixa are very reasonable).

A non-resident account will cost you about €40 annually in total. May seem expensive, but if you travel to Spain often, the convenience is well worth it.

Stockton-on-Tees...
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7. Re: Currency Exchange

Thanks for that information Mallorcat - useful to know. I do tend to visit Mainland Spain a few times a year and I know where i stay is more or less opposite a LaCaixa actually so that's something i might look into.

8. Re: Currency Exchange

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