Exchange Places to Avoid
Avoid these exchange places, the exchange shops listed below will always advertise a rate slightly higher than everyone else s but do not be fooled you will only get the higher rate if you are changing over a large amount of money (normally between 599€ and 2,000€) but they don´t tell you that verbally until it is too late, and their normal rate is actually lower than it should be. This is quite clearly stated on their boards, so although not ethical it is not illegal, and people still fall for it on a daily basis.
Always read the small print before signing anything, once you have signed there is no going back. and it does actually state - WHEN THE TRANSACTION IS COMPLETED, NO REFUND CAN BE GIVEN. WITH MY SIGNATURE I CERTIFY THAT I WILL NOT DO ANY COMPLAIN BACK.
Avoid this exchange place situated next to the Steak house (used to be Dino's) on Av. Castelló, opposite el barrel down the side of villa Benidorm Hotel
Exchange places to avoid - situated next to the Benidorm Centre Hotel, on Calle Gerona, towards the Old Town on the Avenida del Doctor Orts Llorca which uses the same practice as the places above.
SAFE Places to exchange your money and the exchange rate can be found HERE
Over the last few years, you may have noticed that a lot of new ATM machines have been installed all over the town.... DO NOT use these unless in an emergency. The reason there are so many of these arounds is because they make money out of people using them....
If you use a local Spanish bank card these machines are not too bad to use, but as a tourist using a foreign Bank Card, you are likely to lose up to 20% of your money on withdrawals and fees.
Firstly, these machines give you the option to withdraw large amounts of money ie 1000€, they will then give you the worst exchange rate they can (decline their conversation offer), not only that but you may be charged up to 5 pounds with every transaction, as stated above this can amount to you loosing up to 20% of your hard-earned money.
Always try to use the ATM machines at the main banks, where you will get a better exchange rate and will be charged less commission, (commission rates will vary depending upon your bank, so read the small print). Also, as a safeguard always inform your bank that you are going on holiday in Spain, that way they will be expecting some withdrawals from your account in Spain, if you don't do this you run the risk of having your card blocked.
Read more tips and advice on how to get the best out of your money abroad HERE
Wherever you are in the world always use the Local Currency so if paying by card accept the EURO option in the shops.