Taking Euros vs withdrawing money while abroad

GixerKate

I'm going to the Canary Islands soon and just wondering what is best these days.  Usually I exchange Pounds for Euros here and then top up when I'm out there however my bank account doesn't have any charges for use over there so am wondering if its easier to just withdraw cash out there as and when required?  Would there be any charges from using the local ATMs out there or anything?

DullGreyGuy

Often ATMs apply their own charge, you could open the relevant Santander account as inevitably there will be Santander cashpoints in the Canary Islands and they dont tend to charge their own customers.

daveyjp

From my experience of three EU visits this year the best way and almost universally preferred way is to use contactless payments.  I did have some currency just in case, but never had a need to use it.

Just ensure you can see the terminal and select Euros when prompted and not GB pounds.

thegreenone

Beware, ATMs can charge between 3.50 and 7.00 euros per transaction.  I declined to use the higher rate!  I usually take some 5/10E notes for tips as I'm never sure whether the staff get anything which is added to bills.  I rarely use my current account card abroad and use a currency card.   Not always the best, but prefer to keep my current account completely separate.

eDicky

Paying with your fee-free card is best and cheapest, buying cash euros in UK the worst. The need to use cash these days is rare. Due to the fees for each ATM withdrawal charged by Spanish banks it's best to avoid doing it frequently, unless you find a Banca March or Deutsche Bank machine which reportedly don't (yet) charge. It's wise to have more than one card available, in case of any problems, there are several fee-free debit cards available that are easy to obtain.

Doshwaster

Just back from Tenerife. A few of things to note:

1) There are still a few cash only bars and restaurants but these were far fewer than on previous visits

2) Banca March is fee-free for cash withdrawals (on my Starling card). Avoid the Euronet ones.

3) Don't know about the other Canary Islands, but on Tenerife the local buses now accept contactless but you can still pay by cash or travelcard.

TadleyBaggie

I also found Banca March ATM's to be fee free in Lanzarote using Starling.

NoodleDoodleMan

Banca March ATMs in the Canaries are fee free for the "right" debit cards - Chase, Starling, Metrobank and now First Direct etc. and they have a decent presence in the main resorts.

https://www.bancamarch.es/en/branches-and-atms/

Likewise Deutches Bank - but not sure about their abundancy.

The best deal is a Santander UK debit card used at a FULLY BRANDED Banco Santander branch or ATM, there are plenty around - but avoid Euro Automatic Cash machines which bear a small Santander logo - only fee free to Spanish Santander accounts.

There's actually little need for cash, other than small amounts, card payments are almost universal.

 

GixerKate

Thanks all!  Seems the way to go is my current account :-)

NoodleDoodleMan

Indeed - Your FD card is now fee free at ATMs and also for goods and services.

A backup card is always recommended.

tightauldgit

NoodleDoodleMan said:

Indeed - Your FD card is now fee free at ATMs and also for goods and services.

A backup card is always recommended.

Yeah I noticed that the other day which was a welcome change. I might need to find the card now as a backup.