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Exchange Places to Avoid

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.

Find out what the average rate around town should be here.

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 these exchange places

Avoid this exchange shop situated between the hotels Sol Pelicanos and Flash

Exchange 24 hour

Avoid this exchange place situated next to Steak house (used to be Dino's) on Av. Castelló

Exchange places to avoid - This one is 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

ATM Machines

Over the last few months 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 around is because they make money out of people using them....

If you use a local Spanish bank card these machines are not to bad to use, but as a tourist using a foreign Bank Card, you are likely to loose 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 safe guard 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

Where ever you are in the world always use the Local Currency so if paying by card accept the EURO option in the shops.

Find more general information and money saving tips in this section of the website 

JOIN THE BENIDORM SERIOUSLY FACEBOOK GROUP

Comments (11)

Rated 0 out of 5 based on 0 voters
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It's great to see an insightful post of some real value to myself and your other readers.
Continue the fantastic work!
Congratulations,
Nikolos

Georgianna
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We stay in Benidorm 3 months at a time. Have always used the indoor market to exchange our sterling and you alway get a better rate than back in the uk, what is advertised is what you get. Never ever had a problem. ? March 2019

Scotspete
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THIS SHOP HAS BEEN DOING THIS FOR YEARS.... I USED TO LIVE ABOVE IT AND THE NUMBER OF TIMES I SAW THE POLICE THERE WAS COUNTLESS BUT TO NO AVAIL PEOPLE DO NOT GET REFUNDS

Mike Clarke
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That happened to us when the Pesatas first changed to Euros.
My husband handed over £50 fortunately and didn't see the very small print saying the rate displayed was for changing larger sums.
He demanded his money back and when they refused he...

That happened to us when the Pesatas first changed to Euros.
My husband handed over £50 fortunately and didn't see the very small print saying the rate displayed was for changing larger sums.
He demanded his money back and when they refused he said he would stand there all day warning people.
After half and hour and speaking to potential customers his £50 was flung back at him!.

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Jean Dormand
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This happened to us a few years ago at one of these shops, always use indoor market now

Steven Wrigley Van Sales
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Stopped a big group of Geordie lads going in the shop in June , the one behind the counter wusnae best pleased at me .

brian lawrie
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I got done one year with these, I still can't believe they are still allowed to stay open , I know legally what they do is not wrong but just un ethical

Colin Mcvey-Withe
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We went to one exchange shop, can't remember where it was, guy was on phone and not answering our question on how much we would get back. Once we realised the 'higher' rate was for changing £2000 we grabbed our money back and left, quickly! He...

We went to one exchange shop, can't remember where it was, guy was on phone and not answering our question on how much we would get back. Once we realised the 'higher' rate was for changing £2000 we grabbed our money back and left, quickly! He wasn't amused. We stuck to exchange shops we trust after that!!!! Ps he offered us 0.97 we got 1.11 elsewhere!!!!

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Michelle Fearn
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Also the one opposite Dove Park in the Old Town, advertises good rate but gives you much less. Has another hidden board at back of shop, then claims it`s clear what the rate is.

Betty Burke
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How are they allowed to get away with it? After conning me he could then speak near perfect English and informed me that there’s no way l would come back to Spain for €112.50 ?????

G a goodey
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Unfortunately they are actually doing nothing wrong (not legally, it may not be ethically right), as it is stated on the boards that the higher rate will only be applicable if you are changing over a certain amount and also on the form you sign,...

Unfortunately they are actually doing nothing wrong (not legally, it may not be ethically right), as it is stated on the boards that the higher rate will only be applicable if you are changing over a certain amount and also on the form you sign, just read everything before you sign as once you have signed you are bound into the contract.

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