Currency

The local currency in Spain is the Euro €. Your dollar (USD) currently buys a bit less than one Euro (EUR). Check the current exchange rate so you can get a sense for your anticipated cost of living as you look into various on-site expenses at xe.com – USD to EUR.

Euros (symbolized by € or EUR) are issued in €500, €200, €100, €50, €20, €10, and €5 notes, and the coins are issued in €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c denominations. The Euro is also used throughout most of Europe, so you can easily travel from country-to-country with at least enough to get around upon arriving.

Currency & Exchange Rates

• • The exchange rate determines how many euros you’ll get for your dollar, before transaction fees are deducted. Be warned: not all financial institutions offer the same rate.
  • Dollars can be exchanged for euros at most banks. You’ll probably only need to do this once, since it’s not wise to bring your whole trip’s worth of funds (unless it’s a short one) in dollars. Once you have exchanged any cash you arrived with, if you need any more cash, you can withdraw it from ATMs like normal (see below).

There are a few things to keep in mind: 

• Before getting on the plane, make sure you call your bank. There are a few reasons for doing so. If you plan on using your home country's debit or credit card, ensure that you notify your bank of your travel dates before you leave. If you don't, your bank may think your information has been stolen and block your card. It is also important to know about any foreign transaction fees your bank of choice may have for using your card in another country. It is important that you are aware of your bank's foreign travel policies for card usage before making purchases abroad. This could save you a lot of money during your time in Spain.
• The exchange rate may vary among institutions. 
• You will need to bring your original passport in order to complete a currency exchange.
• Traveler's checks are not commonly accepted.
• If you need to exchange money outside of business hours, you can do so at Centro Comercial El Corte Inglés, the airport, train stations, or hotel front desks, but keep in mind that these locations may not have the best exchange rates.

Banks & ATMs

• Banks in Barcelona, especially those along Passeig de Gracia, will exchange dollars for euros. 
• Normal banking hours in Spain are Monday-Friday from 9am-2pm. Banks are closed on weekends and national holidays. 
• Using ATMs in Spain may come with additional fees from your home bank, usually around 2-3% for international withdrawals and a set fee for using ATMs not affiliated with your bank. Check with your bank for details on these fees and withdrawal limits. 
• To minimize the fees, you can withdraw larger amounts less frequently, and make sure that the ATM card you use is linked to a checking or money market account, not a savings account. 
• Verify that your PIN is a four digit number. Keep in mind that the keypad on Spanish ATMs does not have letters, and you will need to use a 4-digit number as a password.
• If you're having trouble finding an ATM that works with your card, ask your home financial institution for the location of a machine that functions on your network. 
• Be cautious when using ATMs: use machines that are attached to banks and are located in well-lit, familiar locations. Be aware of your surroundings when entering your PIN or withdrawing cash.  If your ATM card gets stuck in a machine that is not attached to a bank you will not be able to walk into the bank and request your card back. They also tend to charge higher fees. 

Credit and Debit Cards 

In Barcelona Credit and Debit cards can be used for purchases both large and small, so it is easy to pay by card in most situations. In smaller cities in Spain, most small purchases (under 10€) are made with cash and many small businesses do not accept credit cards. Some places may request a 4-digit pin number, which may not work with US cards unless they have a chip.  In these cases, you can inform them that your card does not have a pin and you will be asked to sign the receipt.

• Credit cards are more convenient for large purchases, such as airline tickets, hotels, clothing, and gifts. 
• Be aware of fees: Make sure to ask your bank about their international transaction fees. They may add an additional 2-3% onto the cost of your purchase
• In the case that your bank does place a hold on your account, don't panic. Typically this can be cleared up with a simple call to the bank to let them know that the activity they recorded is not fraudulent. If you have a joint account with a family member, it can be easier to have them call the bank on your behalf due to the time difference. 

• Cash Advances: You may be able to use a credit card (rather than an ATM card) to obtain cash advances from ATMs. Interest rates on cash advances, however, normally begin to accrue from the date on which the money is withdrawn. As such, credit card cash advances can be very expensive and should only be used as a last resort. 

Tipping

Wiring Money

If you find yourself in an emergency and need to access money, the best option is to use an international wire transfer service such as Moneygram or Western Union. Both these services provide general information and FAQs on how to perform an international wire transfer on their websites, which can be useful for you to understand the process and fees involved. This method can be a bit slower than an ATM withdrawal but it is an option available to you.