Currency exchange Madrid

Madrid is one of your more expensive cities where you’ll likely get less for your British pound or dollar.

The best places for currency exchange in Madrid are –  in order of the most expensive – Bureaux de Change, banks and ATMs.

Bureaux de Change – Otherwise known as money changers, street kiosks, or forex providers, these services operate long hours. They’re the most convenient for changing money in Madrid but can also be the least safe. Many are known to take advantage of tourists, giving you dated checks, stiffing you and almost always charging exorbitant rates. The street kiosk at Chequepoint, Exact Change, Cambios-Uno and Puerta Del Sol  that is in the heart of Madrid charge the most.  If you use this option, shop around, compare rates, choose one in a safe area and you may prefer to transfer between several, rather than one, since prices tend to fluctuate. Bureaux in larger cities tend to offer better rates due to the competition.

Banks – Madrid’s banks open Monday to Friday from 9am to 2pm. Some remain open to noon on Saturday. Most banks cater exclusively to their own clients, although you may find banks in more tourist-frequented areas that will agree to change money in Madrid. Try Madrid’s best-known banks – for starters. Most charge a 1% to 3% commission, with a minimum charge of 3€., although branches of Banco Central Hispano charge no commission.

ATMs – Madrid has plenty of these “cash machines’ (or “cashpoints”) to help you change money in Madrid. You can use a variety of cards. The ATMs in banks are the safest. After hours, you’re safest using those close to your hotels, in supercenters or near banks (though some  are tempered with where locals try to extract cash). Most ATMs accept debit card – Visa, Mastercard, Cirrus or Maestro, not Interact. Rates are good – you receive the real exchange rate when you withdraw your money, so ATMs turn out to be your cheapest, most convenient and, fastest option.

In short: Any of these three resources – banks, ATMs, or Bureaux de Change – are a preferable choice to cambio (formal exchange bureau), hotel, or shop, although you’ll want to be careful with the Bureaux. Before you travel, look into rates and commissions fees. You’ll want to compare the rates and services of forex providers. Currency and traveler’s checks (for which you’ll receive a better rate than cash) can be changed at all principal airports, although standing in line at the cambio in Madrid’s Barajas airport is frustrating, to say the least.

Helpful resources for currency exchange in Madrid:

• The currency exchange at Chamartín railway station (Metro: Chamartín) is open 24 hours and gives the best rates in the capital.
• Branches of El Corte Inglés, the department store chain, offer currency exchange facilities at various rates.

If you have payables or receivables in foreign currency, or need to transfer funds internationally, or simply want to invest in foreign currency, Callaghan Financial  Services offers specialized services to assist you in managing your foreign exchange exposure. Contact us here  and one of our UK qualified advisers will be happy to answer all your questions.