Managing your money

With the Euro now in use since 2001, many Barcelona natives complain of a quickly rising cost of living. Exchange rates will vary, but in general prices here benefit travellers from the United States, Great Britain, Germany, Scandanavia, etc. Recently though the weak dollar cancels out some of this benefit for travellers from the US but it is certainly not an expensive city.

Groceries, restaurants, bars, and clothing tend to be less expensive while electronics tend to be more expensive.

Euro bills come in denominations of 5, 10,20, 50, 100, and 500€, while coins are of 1, 2, 5, 10, and 50 centimos (1/100). The best exchange rates are usually found using a credit card or bank card, though there is often a 300€ withdrawal limit per day from bank machines. A list of current exchange rates can be found at http://www.xe.com

Opening a Bank Account

It is easy to open a bank account in Spain. You will need your passport to open the account and to make transactions. It is a good idea to check with your home country bank about the possibility of opening an account with the corresponding bank in Barcelona. There are branches of many foreign banks located in Barcelona. Banking hours are approximately 8:30 until 14:00 Monday through Friday.

Remember to change your account from non-resident to resident status as soon as you receive your resident’s card. In addition to the savings on service charges, you also will save yourself considerable hassle when you receive a money transfer. Spanish law currently requires a cumbersome reference check for personal transfers larger than 2,700 euros to non-resident accounts. There are further restrictions on transfers from your summer employer, so make sure to switch your account over to residency status a.s.a.p.

Staying Safe

When travelling to all large urban centers it's alwasy wise to be careful with your money. The same is true of Barcelona. Incidence of theft are common but this tends to be of the sneaky not the violent type.

Barcelona is generally a very safe city, it's one of the things you start to pick up once you have arrived here. However, it is always better not to attract attention to your purse or bag while in a bar or cafe or even while on the move. Try to keep your bag size small and close by at all times, just be aware of the possibility of theft always. Try not to carry all your money with you and especially not credit cards or worse still, your passport.

Good advice would be to only carry the money you need for that day with you and leave your passport etc. somewhere safe.

Exchanging Currency

Once you’re established in Barcelona, you’ll want to open a bank account and draw your money directly from it (see below). But until then, how are you going to get money? 
 
The easiest way is through cash machines (ATMs). You can find these everywhere. Be sure to check with your bank at home before you leave, however, to make sure that your card is compatible with a Spanish system. Some machines don’t accept PIN numbers of more than 4 digits and the keypads don’t have letters on them, so be sure you have the right numeric code before coming.

 If you are a visiting exchange student, it may be easiest to maintain your account in your home country and withdraw money from the automatic cash machines (cajeros), connected to networks such as CIRRUS and STAR. Check with the bank in your home country as to whether the same network exists in Spain.

Travelers’ Checks are a safer option than cash. These can be replaced if lost or stolen and, unfortunately, pick-pocketing is common in the major tourist districts. They can be cashed at most banks and exchange offices. You’ll need to show your passport when you cash checks. If you bring American Express travelers’ checks, cash them at the American Express office to save on commissions. (“Passeig de Gràcia”, 101, entrance on “c/ Rosselló” and another branch at “La Rambla dels Caputxins”, 74). 
 
Use your credit/debit card to get the best exchange rates for purchases, including your hotel stays and meals. 
 
Please note that foreign currency exchange booths in the center of Barcelona may charge high commissions as well as giving a poor exchange rate.

Transferring Money from Abroad

Transferring funds to Spain from another country presents no problem. It is important to have the bank code information for both banks in order to facilitate the transaction. You will need the IBAN/SWIFT code for the bank account that you are trying to send money too and the full address of the bank here in Spain.

Always be sure to ask about the fees involved on both sides of the transaction (the originating foreign bank and the receiving Spanish bank), especially when converting currencies.

Sending money via Western Union www.westernunion.com is also an option but it a lot more expensive to do it online than it is from your post office.