[translations idioma=”ES” url=”https://archives.rgnn.org/2014/09/23/guia-de-madrid-dinero/”]
As the capital city of Spain, Madrid is a beautiful and lively city that has a range of different activities and places to see. MADbudget offers some insider’s guides to the lifestyle of Madrid and essential information for anyone planning a visit to the city.
MADRID, SPAIN. Budgeting for a trip abroad can be difficult. While Madrid’s prices and cost of living reflect that of a city, it is still cheaper compared to many of its European counterparts. Budgeting 300€ for each month should be enough for groceries, transportation and modest entertainment.
There are many options for ordering money, but visitors should note that credit cards and checks are not as easily accepted in Madrid as in other countries such as the U.S.
Checking in with and notifying your bank before your departure is important. Prior to your arrival in Madrid, check the exchange rate of your own currency and the euro in order to budget yourself. If there is only a slight difference in the exchange rate, there is not much of an effect on low-priced items. But keep in mind that the more expensive an item is, the more that “slight difference” begins to add up against you.
Remember to notify your bank that you will be leaving the country for an extended period of time so that they do not freeze your card.
Withdrawing money: Make sure you exchange some money to have with you for when you arrive at the airport — this can be done at any bank or currency exchange business. Sometimes the exchange rates vary, so do some research as to which place has the cheapest rate. It is suggested to take out larger amounts of money, as some banks have a fee for every withdrawal. However, some banks give you a few free withdraws before implementing any charges. When using ATMS, be aware of your surroundings, especially after dark. Cover up the keypad when entering in your PIN, and if someone approaches you, simply hit CANCELAR, and move on. This isn’t a common issue, but just something to be aware of.
Starting a student bank account: If you are going to be in Madrid for an extended stay, you may want to open up a Spanish bank account. You can start it for free as a student, and most banks will take your passport as identification.
Tipping: In Spain, it is not customary to tip service workers; however, you can make lots of friends in restaurants and bars with employees if you tip.
By being aware of your expenses you can ensure that you do not overspend during your trip to Madrid.