Spain - Costa Blanca Discussion Forum

Discussions regarding holidays in the Costa Blanca.
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This is a good site for checking the current rate of exchange with your Nationwide card. http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

Where it says fee put 0 in the box, it's 111 today. Also, always remember to opt for euros and not convert to stirling.

Have fun.
Sue :)
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Anyone with the Nationwide cards are only getting about the same as Eurotabaca at the moment ie; 1.11 I don't know why because it was always a better rate. It is just under 1.10 at Cheques in Leyland. :que
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Yeh I've noticed that too, it's very strange. :que

In fact Eurotabac are offering half a cent more today than Nationwide. First time I've ever seen that.

Sue :)
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It looks as though things are getting back to normal now.

Nationwide Visa is 112.00 today and the Eurotabac 1.095

Sue :)
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Went to the barrel to exchange some notes as was told that Scottish notes don't receive the same rate as English-approx 2 cents to the pound worse off. I questioned this as was told it wasn't him it was the banks fault as they give a worse rate to him. Funny how all the exchanges in the indoor market and the Eurotabacs don't have this special rate for non English cash!!!

Sandie
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I always use the barrel and think the guy and the young girl are spot on, I wouldn't think he'd lie, no point really, I always reject Scottish money when shops try to give me it, It seems like toy money to me, it's a nightmare for it around here in the summer season.
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Maybe you should ask for a job in the Barrel, you'd be perfect to deal with all the non-english folks with their toy money!!!
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I had a discussion with an exchange shop owner a few years ago about why certain shops offer less attractive rates for Scottish and Ulster notes, compared to English notes. He said there was no reason for this other than profiteering, because when the exchange shops take their Sterling notes to the banks, the banks give them the same rate irrespective of whether it is a Scottish, Ulster or English note. If you encounter someone offering lower rates for Scottish or Ulster notes, it would probably be best just to take your business elsewhere.

David :wave
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The last time I was in the queue at the barrel he was giving a few cents less for Scottish notes.
I asked him why and he said it was something to do with the banks, but I didn't quite get what he said because I wasn't really interested, with me being English.
It could be that he has to wait longer for his account to be credited and therefore will be losing interest on the account until the Scottish notes (or any other besides notes issued by the Bank of England) have been cleared.

When the money is paid into the Spanish banks the various notes have to be separated and eventually they find their way back to the Bank of England, who do not redistribute Scottish notes in England, so, they are forwarded on back to the Bank of Scotland.

Once they have been received and checked that there are no forgeries amongst them, electronically the Bank of England will be credited, then the bank in Spain will be credited and finally the shop keeper will be credited.
This process takes longer than clearing a bank note issued by the Bank of England and the shopkeeper will be losing interest on his account until the process is completed, therefore to offset the loss in interest, he offers a lower rate....his bank may also be charging him an "handling charge".

Forgeries in notes issued by the Bank of Scotland are harder to notice for the Spanish traders because they are not as widely used as notes issued by the BOE and maybe he just doesn't want the hassle and Sheila is prepared to take a risk or has a machine to detect forgeries in Scottish notes, or has a bigger "turn over" than the bloke at the barrel.....I dunno TBH.
But dealing with notes that are not issued by the Bank of England is not a straight forward process and Shelia could have an account with one of the major clearing banks in Spain, whereas the bloke at the barrel, doesn't.

It's like when you write a cheque from a toy town bank, you have to wait for it to be sent to one of the big clearing banks and then wait for the money to be credited back to the toy town bank and finally into your account.

Another problem may be that the Bank of England is THE bank, whereas if you look at a Scottish note it says the "The Royal Bank of Scotland PLC"¦.and we all know what can happen to PLC's.
So, I don't actually think it is about profiteering and I don't want any Scottish people giving me aggro please, I couldn't care less if my notes have a monkey on the front and are issued by the bank of Zulu land, as long as I get a good rate. :smile:
Sanji
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I have to agree with David (Mod's) post. If you have Scottish Notes, don't waste your time standing in the queue at the Barrel, Just go elsewhere. In many visits to Benidorm, even if not changing money, we mentally note the rates on offer and have never seen the advertised rates for the Barrel being any better than any of the places in the Indoor Market (not just Sheila's) or the many Eurochange places, and unlike the Barrel there is no premium for exchanging Scottish Notes.
I live in a small town and when preparing for a holiday some years ago, I asked the Bank for English Notes but they did not have the amount we wanted in English Notes. Since then I haven't bothered. Just taken Scottish Notes and no problem anywhere other than the Barrel.
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we mentally note the rates on offer and have never seen the advertised rates for the Barrel being any better than any of the places in the Indoor Market (not just Sheila's) or the many Eurochange places,

We always compare the Eurotabacos,either on the Mediterraneo or Avda Juan Fuster Zaragoza, the indoor market and the Barrel, and it's not out of our way when walking from either the Regente or the Dalmatas to our usual first drinking hole every morning, and they usually are all the same rate, but I have seen the Barrel offering a tad more and without the queue that you get in the indoor market.
The queue at the other Barrel higher up the Avda Mediterraneo is always a long one, but I don't think the Barrel near the Villa de Benidorm is exchanging anything like the amount of currency that Shelia is exchanging.

She must be on some kind of commission because half the tour operators are recommending you go there, but I'm not going to stand in a longer queue when I can get the same rate elsewhere.
I've used the Barrel for years and never had any problems, but I appreciate that I don't change Scottish notes.

Sanji
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could someone tell me the truth please.on another site they are staying you need to take your passport to change money.all you get is a card.to use next time.all i can say is it to drum up more trade.so you go back to them.indoor market shops.is it just a ploy to get your repeat business.someone says its a new law.the only time i know you have to show passorts is when taking cheques in.

to me its drumming up trade with the older folk.they feel safer going to the indoor market.bit like a club card.like i have said,your telling me you have got to carry your passport round with you just to change money.no way.i understand though in spain you must carry some form of id.if stopped by the police.same in denmark.
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hi djwoody

When i went in January i was caught out at Eurotabac as I took cash and needed to produce my passport. Good job it wasn't far back to the hotel! Not sure why they are doing it though, maybe someone else will be able to answer that question

Michelle :)
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Not sure why they are doing it though, maybe someone else will be able to answer that question


I think that it's something to do with money laundering and terrorism.

Sue :)
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It is to do with money laundering/forgeries and anybody who wants to get rid of a few million quid doesn't have to walk very far to get rid of it, if they visited all the exchange places each day in Benidorm, exchanging it in thousands.
Get a few people in the organisation doing it daily and you could get rid of an awful lot of money with no trace back.

When I exchange money on the Costa del Sol, for years they've ask me which hotel I'm staying in, regardless whether that's for traveller's cheques or cash, and if I keep the first transaction slip at whichever exchange place I use, I don't need my passport for any further exchanges.
to me its drumming up trade with the older folk.they feel safer going to the indoor market

Why do people always think that it's a cOn.? It really does my head in at times. :banghead: I'm an older folk and I don't use the indoor market.! People use the indoor market because Shelia's is recommended to them by the reps because they know people won't get ripped off...why ????? when there are others who are just as safe and giving the same rate like the Eurotabacos and the Barrel, so why don't reps plug these places too......it's a sheep thing.!
I stayed in the old town for 3 weeks for my 50th birthday and I'm now in my 60's, so do you think I trailed all the way from the Poniente side of town to the indoor market to change my money.?

I've had a card from the Barrel for years, they write your passport number on it and you sign it in front of them, then when you exchange money they have the information they need (name/passport number) and they check the signature on the traveller's cheque with the signature on the card...this is for your convenience of not having to bring your passport each time.

If others in Benidorm are now giving out cards, well, apart from being a bit slow on the uptake, there is nothing from stopping you from exchanging money at the few exchange places which you trust/use and acquiring a few cards to keep in your wallet, and therefore you still have the choice to exchange money where you decide.
Previously when you changed cash, you signed the transaction slip and handed it back before you got the money, now they want some proof of who you are, to be able to trace the money back at the end of the day.

Sanji
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Hi iam going to benidrom in july staying at flamingo benidorm. Does anyone know of safe cash machines that i can use with my bankofscotland debit card. Or does anyone have advise on the best way to exchange my money.I have heard its safe to use sterling traveller checks, but i believe they are costly.
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We used the one almost at the end of the main road into Beni, Just on the corner opposite Burger King. Both my sister & myself used it at different times, & had no problems.
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Hi iam going to benidrom in july staying at flamingo benidorm. Does anyone know of safe cash machines that i can use with my bankofscotland debit card.

I've had a Nationwide card now for a couple of years and not had a problem using it.I would say that you are safer using a machine that is attached to a bank and also to use the euro option not have it converted to stirling as you often lose out.
Just be vigilant whilst you're withdrawing money like you would be at home. Try to use it in the day and make sure that no one is looking over your shoulder e.t.c. I'm sure youll be fine.

Sue :)
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Definately follow Sue's advice and only ever use cash machines that are connected to a bank.
Don't use the free standing one's or one's that are outside shops or apartment blocks.
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