ATM’s

Suessister

I think it needs more clarification from Martin that using a recognised credit card abroad ( e.g Barclays reward’) does not = no charges! I went to so many cash machines in Spain to get ‘free transaction’. They all charge! So what should we do?  We are being ripped off by the banks. So realistically what is the cheapest option for obtaining foreign currency ? 

p00hsticks

Suessister said:

I think it needs more clarification from Martin that using a recognised credit card abroad ( e.g Barclays reward’) does not = no charges! I went to so many cash machines in Spain to get ‘free transaction’. They all charge! So what should we do?  We are being ripped off by the banks. So realistically what is the cheapest option for obtaining foreign currency ? 

If you do need cash from an ATM, here or abroad, you should use a debit card rather than a credit card - you'll be paying interest on the latter from the moment you take it out. 

NoodleDoodleMan

"They all charge!"

No they all don't.

Most do though.

Some more than others.

"If you do need cash from an ATM, here or abroad, you should use a debit card rather than a credit card - you'll be paying interest on the latter from the moment you take it out."

The Barclaycard Reward credit card is the exception to the rule - providing you use a fee free ATM and settle the card balance in full when the monthly statement is due for payment.

eskbanker

Suessister said:

I went to so many cash machines in Spain to get ‘free transaction’. They all charge!

Where are you quoting 'free transaction' from?  This site highlights cards for which the card provider doesn't charge when withdrawing cash from overseas ATMs, but is powerless to advise about which overseas ATMs levy (separate, unrelated) charges....

Suessister said:

So what should we do?  [...] So realistically what is the cheapest option for obtaining foreign currency ? 

Best option is probably to use one of the cards better suited for non-sterling spend to pay for purchases directly, rather than buying cash at all, but if you feel the need to use cash then you'd need to weigh up whether it's more cost-effective to buy before you travel, versus the overheads of using ATMs once abroad.

https://www.moneysavingexpert.com/travel/cheap-travel-money/

Suessister said:

We are being ripped off by the banks.

In your case, it's the Spanish banks who are levying a charge for using their services - they're quite entitled to do this, in that the UK model of mostly (but certainly not exclusively) fee-free ATMs isn't universal elsewhere!

Suessister said:

I think it needs more clarification from Martin that using a recognised credit card abroad ( e.g Barclays reward’) does not = no charges!

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/#accordion-content-02019671728-2

Since Brexit, more and more overseas ATMs have started to charge (higher) fees, so do keep an eye out.

bagand96

Spain is one of the countries where most of the banks now charge for cash withdrawals for foreign customers. From memory Banca March and Deutsch Bank still don't.

Do you actually need cash? I've done a couple of foreign trips recently where I didn't touch any local currency. Always plenty of ATMs should I need cash in an emergency, and I'd just swallow the fee. 

DullGreyGuy

Suessister said:
We are being ripped off by the banks. 

How are you being ripped off?

Do you think banks get ATMs for free?
Do you think they dont run on electricity or that they get free electricity?
Do you think the person that fills it with cash, services it etc does it for love rather than salary?

How do you think the owner of the ATM is being funded for providing that machine for your use in Spain?

The UK is in the minority that most banking services are free to personal lines customers. In most the rest of the world you have to pay for the services you use. 

For Spain and its prior colonies its generally best to use the Santander card and use it in Santander ATMs that are at bank branches as they dont charge their own customers... they do however charge non-spanish customers if they use off site ATMs

NoodleDoodleMan

As DGG says - for currency a Santander UK debit card used at a fully branded Banco Santander ATM in Spain & Canaries is the best option.

Ironically (maybe not ?) the worst deal is a Banco Santander machine with a non Santander card - I think it's 7 Euro fee per transaction.

Euronet ATMs are also to be avoided.

Banco March and Deutsche Bank are still fee free.

I think the OP has gone off on a mini rant without being aware of the full picture.

daveyjp

The cards such as Barclaycard Rewards are 'foreign exchange' fee free.  i.e. the card provider does not charge for withdrawing cash abroad.

An ATM useage fee is a local charge and nothing to do with the card issuer or Forex fees as everyone pays.

On any Foreign visit first option is to pay by card if possible.

NoodleDoodleMan

"On any Foreign visit first option is to pay by card if possible."

As long as the card is fee free for such transactions.

eskbanker

NoodleDoodleMan said:

"On any Foreign visit first option is to pay by card if possible."

As long as the card is fee free for such transactions.

Although fee-free cards are obviously better than fee-charging ones, paying for goods/services directly via fee cards may still be cheaper than withdrawing cash via ATMs, depending on amounts, rates used, card and/or ATM fees payable, etc....

NoodleDoodleMan

Indeed, ATM and card fees are variable.