When you first arrive in Spain, many of you, like me, probably bring some cash in foreign currencies, like US dollars or others, planning to exchange it for Euros at a bank. I’ve recently visited several banks, learned things the hard way, and gathered some tips. I’m sharing them here to help others avoid the same mistakes.
At first, I thought any bank would do the exchange, but I was too young, too simple. Many bank counters are now reluctant to handle currency exchange for non-customers, especially for small amounts. Even if you are a customer, some banks require you to book an appointment through their app beforehand; otherwise, you might make a wasted trip. I learned this when I was turned away at CaixaBank; the staff told me to first book a ‘caja de divisa’ service appointment in the app.
Of course, the main concerns are the exchange rate and commission fees. After comparing several major banks, I found that the rates are quite similar; the real difference lies in the commission fees. Some banks have a minimum fee, for example, a flat €10 regardless of the amount you exchange. So, if you’re only changing a hundred or two hundred dollars, this fee becomes very unreasonable. Before exchanging, always be sure to ask “¿Hay alguna comisión?” and “¿Cuál es la comisión mínima?”. It’s also worth reading about bank card transaction limits.
A Comparison of My Currency Exchange Experiences at Several Banks
To make it clearer, I’ve created a simple table based on my own experiences and the information I gathered. Please note, this is based on my personal experience, and policies may vary by branch and time. This is for reference only!
Quick Guide to Major Banks’ Currency Exchange Policies
| Bank | Friendliness to Non-Customers | Fee Characteristics | Recommendation |
|---|
| BBVA | Average, better if you’re a customer | Usually a fixed fee | For BBVA customers, using the app might be more convenient |
| Santander | Low | Higher fees for non-customers | Not highly recommended for non-customers |
| CaixaBank | Low, generally requires you to be a customer | Appointment needed, fees aren’t low | Appointments recommended even for customers |
| Sabadell | Medium | Fees are relatively transparent | Worth asking, you might get a pleasant surprise |
If you have an account with a particular bank, going directly there is usually the most convenient and potentially the most cost-effective option. If you don’t have an account, it’s a good idea to visit a few different banks to inquire, or consider specialized currency exchange bureaus in the city center. Sometimes, their rates combined with fees can actually be better than the banks, especially for smaller amounts. If you have any of your own experiences exchanging money at banks, feel free to share and discuss them below! Let’s help each other out!
