Saving money on holiday can be an important issue for many. For other it is simply a means to have more to spend enjoying yourself.
Weigh down hand luggage, rather than suitcase, to avoid extra baggage charge: A fifth (21%) put heavy items in their hand luggage or buggy to avoid excess baggage charges.
Wear extra clothes to avoid excess baggage charge: 15% wear extra clothes such as jumpers and coats on a flight to avoid excess baggage charges. Young people are the most likely to do this.
Sleep on transport/at the airport to avoid paying for accommodation: One in ten (10%) sleep on transport or at the airport to avoid paying for accommodation. Unsurprisingly, younger age groups were almost twice as likely to do this than over 55s.
Tips for getting cheap flights
Avoid expensive in-flight refreshments: A third (36%) take their own food on flights to avoid expensive in-flight food, but those living in the Northern Ireland are particularly savvy, with half taking a packed lunch on flights (50%).
Breakfast buffet lunch thieves: A third (34%) admit to the old favourite of taking food from the breakfast buffet for lunch.
“Don’t forget, you are 4 not 5 today!”: One in ten (10%) lie about their child or children’s age to get cheaper entry into an attraction, show or event.
Freebies from the hotel room: The most popular money-saving trick is taking hotel freebies, such as shampoo and conditioner, with nearly half (47%) doing this.
Eat in less touristy areas rather the pay the premium of attraction / sea front: There can be a big price difference for a meal with a view, and a third (36%) are happy to do without to save money on holiday
Book activities online when away to get the best prices: Nearly a third (32%) book activities online in advance to save money.
Drink own alcohol before going out: A quarter (25%) drink alcohol they have bought with them, or from a supermarket, before going out to save money, but please do not be tempted to take your own alcohol into a venue, or you may find yourself being unceremoniously removed.
The survey, commissioned by iCarhireinsurance.com, a leading provider of stand-alone car hire excess insurance
How many of the above have you done and what other ideas for saving money on holiday do you have? comment below.
GENERAL INFORMATION on a Non Residents bank account
Since the 2008 financial crisis, the Spanish authorities have brought in additional banking regulations. For customers with day-to-day banking needs (rather than investment or business accounts) this primarily shows as increased security when opening an account. However, the process is still easy and more straightforward than in many other European countries. This will help you with the process of opening a Non Residents Bank account
Choosing a bank in Spain
Warning. We strongly advise members not to consider Bankia. Personal experience with this bank involves hidden charges, whereby the bank make it difficult to use their facilities and then charge extortionate fees for not using them.
Spain has over 170 financial institutions, most of which offer accounts for daily use (paying bills, receiving salaries and so on). These are split into two types: cajas and bancos. Bancos, like most banks in other countries, are privately owned or public limited companies and are more likely to be national chains. Major banks include:
• Banco de Sabadell (website in 6 languages, including English)
• Banco Popular (Spanish only) • Santander (Spanish only, do not expect to transfer an account from another country easily)
• BBVA (Spanish only) • La Caixa (Spanish)
• Cajas are state owned, and are often local.
Some have just a few branches while others are spread across a large area. They tend to be more socially and ethically aware, investing in local infrastructure and other projects. It can be hard to choose a caja before you arrive in Spain as the easiest way to find one is to look for branches in your vicinity, and then check their websites for branches.
Bank charges and fees in Spain
Most banks charge an annual fee for administration of a current account (cuenta corriente). This is typically EUR15–30. There are often additional charges for credit (tarjeta de crédito) and debit cards (tarjeta de débito); additional account holders; savings accounts (cuenta de ahorros) and other items like cheque/check books.
Expect to also pay a number of small fees, such as a charge of EUR 0.50–3 for withdrawals from other banks'
ATMs. It is possible to avoid many of these fees by shopping around. A paycheque account (cuenta nómina) typically has lower charges but must be the account your salary is paid into. Special offers available at time of writing include free credit and debit cards with a no-fee salary account and no-fee online-only accounts with major institutions. Students, young people (30 or under) and those over 55 may also qualify for discounts.
ALL BANKS DIFFER SLIGHTLY SO DO YOUR RESEARCH
Opening a Non Residents Bank Account before you move
Many Spanish banks accept non-resident accounts, so it is possible to set up an account in advance of your move. It's easiest to do this in person, though, as credit cards and cheque books typically can't be sent internationally. Many banks have websites and phone services, and a few even offer these in English.
Internet-only banks are typically only available for residents. A bank with a quick turn around can open an account and provide a card, cheque book and PIN (to collect from the branch) within a week. As well as the standard documentation, you may have to prove that you are not resident by providing a certificate of non-residency (certificado de no residencia). To get one, you have to apply at a Spanish police station and the process typically takes 10 days. As a result, this option is primarily useful for those who spend a significant chunk of time in Spain but are normally resident elsewhere. Historically, the certificate has not always been required for foreigners. Some banks will do the paperwork for a nominal fee (around EUR 15). You must inform the bank should you become resident, which is defined as spending 183 or more days per year in Spain, or having a business or employment based in Spain or a spouse or minor child who are resident in Spain.
Opening a Spanish bank account after you've arrived
It's best to visit the bank of your choice in person and request an account. Banks are usually only open 9am–2pm Monday to Saturday. Many do not have English-speaking staff, so either book an appointment with an English-speaker, if possible, or bring a translator (a fluent friend will do) with you.
Accounts are typically opened almost immediately (within 1–5 days) with documentation, cheque books and credit cards dispatched within two weeks. Documents for opening a bank account You will typically need to provide the following:
• Proof of identity (eg. passport)
• Foreigner identification number and certificate (número de identificación de extranjeros)
• Proof of address • Proof of employment status (eg. student card, employment contract, unemployment documentation)
Bear in mind that documents that aren't in Spanish may need to be officially translated, and if they are from abroad, they may need to be authenticated using an Apostille stamp.
Cash, cheques and card: how do you pay in Spain?
Credit and debit cards are common in Spain. They must have chip and PIN technology to be used at businesses and in cash machines. Overseas cards with this technology are usually readily accepted. Contactless payment is not common in Spain, although some banks are now offering payment via mobile phone.
Transferring money abroad
Moving money from your account in Spain to an account elsewhere may result in a fee from both banks. Spanish banks usually charge fees of around EUR3–15 for outgoing payments, and may also charge for receiving funds.
Find out your bank's fixed rate (probably not published on their website) as it will normally be cheaper than a wire service for large amounts but likely more expensive than online systems (eg. PayPal) for small amounts. Banks will often refuse to send funds to certain countries, eg. North Korea.
You might also see what rates private money transfer companies offer, although be sure to include any commissions in your cost calculations. For transfers not in euros, charges are between 0.35% and 0.5% depending on how the cash is transferred (with a minimum charge of €3.50 and a maximum of €250).
Unicaja also charges 50 cents per transaction to receive foreign money. Overall, do your research before opening a non-resident bank account in Spain and to try and negotiate fees.
As a last warning, watch out for banks charging you failing to provide correct information when trying to carry out the transfer. Some will charge a minimum of €10 if you miss out a digit on an International Bank Account Number (IBAN). You have been warned.
Spotting fake euro notes and coins can be difficult if you don´t know what to look for, here is a guide to help.
Watch you EUROS
The Bank of Spain are warning people of what it means, if you are given a note with what appears to be ink markings on it especially along the edges....The most common colours being violet, red, green, blue or black.
They point out that these notes are most likely ones that were stolen in a robbery, and were then tainted with an ink from an automatic protection system known as IBNS. The Bank of Spain, say you should refuse any such notes with obvious ink markings, because if you take it to a bank, they will want to know full details of where you got it from, and they will be handed to the police, rather than being credited to your account.
Fake Euro notes and coins
Here in Spain to date there are still two types of Euros available and some people mistake the older style to be fake notes, this is not the case both are still legal tender.
The New Style
Below - The Old Style
The new series - Europa series of euro banknotes
The Europa series of banknotes are being introduced gradually over several years. The four first banknotes in the new series, the €5, €10, €20 and €50, started circulating in 2013, 2014, 2015 and 2017 respectively. The €100 and €200 were unveiled on 17 September 2018 and will start circulating on 28 May 2019. They will complete the issuance of the Europa series.
The ECB has decided to stop producing the €500 banknote, although the first series €500 remains legal tender.
Europa
The new banknotes are called the Europa series because two of their security features contain a portrait of Europa. This figure from Greek mythology was included in the new euro banknotes because it has an obvious link to the continent of Europe and also adds a human touch to the banknotes. The image of Europa was taken from a vase in the Louvre in Paris.
Why new banknotes?
The ECB and the national central banks (NCBs) of the Eurosystem are responsible for the integrity of euro banknotes. That’s why they have developed a second series of euro banknotes with enhanced security features which keep the banknotes secure and maintain public confidence in the currency.
Keeping ahead of counterfeiters
The new euro banknotes benefit from advances in banknote technology. The new security features offer better protection against counterfeiting.
The Eurosystem’s research and development strategy states that euro banknotes need to be “self-defending”, thereby making life difficult for counterfeiters. Banks, professional cash handlers and the public need to be able to recognise counterfeit banknotes; they thus help to support the Eurosystem’s anti-counterfeiting strategy.
Tough and longer-lasting
The new euro banknotes are also more durable than the first series. This means that the banknotes will need to be replaced less frequently, thereby reducing costs and the impact on the environment. That’s important, especially for the €5 and €10 banknotes, as they change hands more often than the other notes.
Parallel circulation of banknotes of the first series and of the Europa series
The first series of euro banknotes will continue to be issued alongside the Europa series of notes until the remaining stocks have been used up. They will then be gradually phased out. The date when the first series of euro banknotes ceases to be legal tender will be announced well in advance. However, the banknotes of the first series will always retain their value: they can be exchanged for an unlimited period of time at the Eurosystem NCBs.
How to spot a FAKE
Feel - The printing process used gives the banknotes an unmistakable touch and a firm and resistant texture.
Look - The watermark and the safety thread become visible. On the €20, €50, €100 and €200 banknotes, the portrait window can also be seen.
Tilt - The silvery stripe reveals a portrait of Europa in a transparent window and the emerald number displays an effect of the light that moves up and down.
Additional features The additional security features of the banknote need to be checked with special devices which all major shops and of course banks have.
Fake Euro notes and coins
What should I do if I suspect a banknote is fake?
If you are handed a banknote and you think it’s fake after using the FEEL, LOOK and TILT method, then it probably is fake and you shouldn’t accept it. If you think you already have a counterfeit banknote, you should immediately inform the police or the relevant national authorities.
It is a criminal offence to pass on a banknote which you believe or know is a counterfeit. Fake banknotes are completely worthless, you will receive no compensation for accepting a fake banknote.
To double-check the banknote, you can also take it to your nearest bank. All banks have special cash handling equipment which can detect fake notes. Try to remember who gave you the banknote and where. This information can be invaluable in helping to track down counterfeiters.
FAKE COINS - Always check your change.
Fake/counterfeit coins may be in circulation in the Alicante/Elche area. these can easily be confused with the real 2€ coins as at first sight the fake coins look very similar as the recent reproduction method uses minting techniques similar to those which are used to make the legitimate coins. Although the weight is different (they are much lighter) also, the thickness of the edge and the diameter do not meet the technical specifications of legal tender coins, these also have slight defects on the face and the edge and will sound different when knocked together.
Not fake as such but check your change as sometimes the South African "Rand" which is only worth cents are passed off as 2€ coins.
Guardia Civil urge people to check their change as a large number of Egyptian pound coins which are similar in size to the 2 Euro coin are being circulated. These coins have a face value of around 49 cents.
Other coins to watch out for - Moroccan coins, called dirhams, are equivalent to 50 cents in Europe and resemble those of two euros. In Turkey, the liras that they say are also worth two euros do not reach 32 cents in Europe and, for example, the 20 Jamaican dollars that resemble the 1-euro coins do not reach 13 cents.
Mexican 5 peso coins at a glance they are almost identical to our 2 euro coins, but are only worth 24 cents, meaning you are well out of pocket if fooled!
Remember to check your change.
Money Travel Guide - The majority of us can only afford, or have the time to go away once a year, this makes it even more important to get the best price available when you're changing your money into a foreign currency.
Getting the best deal means you often spend less on charges and commission and more on holiday treats. Whether you decide to take a prepaid currency card, cash, credit card or traveller's cheques, below are some ways of getting the best deals on your hard earned money.
SHOULD I PAY IN STERLING OR EURO?
Always say ‘no’ to a sterling bill – instead demand to pay in the local currency.
Paying in euros. As you’re charged in euros, your home bank or credit card company does the conversion for you.
Paying in pounds. This choice is known as ‘dynamic currency exchange’. What it means is when paying or withdrawing cash on a card, you can opt for the conversion on the hoof. In other words, rather than your home bank, the foreign bank (or the store’s bank if you’re buying something) does the currency conversion for you.
Watch out for dynamic currency conversion
When paying with a credit card abroad, the retailer may (or may not) give you the option to pay your bill in your own currency, rather than the local one, using dynamic currency conversion.
While this is convenient, as you can get an idea of the value of your purchase, it comes at a price. You’ll be charged a higher exchange rate for dynamic currency conversion, which isn't worth paying.
The retailer might automatically use dynamic currency conversion unless you say not to, so it’s best to check your bill carefully before signing anything or entering your PIN. If they have used dynamic currency conversion, ask to be billed in the local currency instead.
Money Travel Guide Paying with Coins
Did you know there is a maximum amount you can pay in coins? The maximum amount of coins that anyone can use in a payment is regulated by the EC order 2169/2005 in its article 11. Any payment, between public bodies, businesses or between individuals, is limited to a maximum of 50 coins. The recipient of the payment has the last word on whether or not to accept the payment of money by receiving 50 or more coins in return.
Only the Bank of Spain and the European Central Bank are obliged to accept payment regardless of the amount of coins delivered to them.
In addition, the rule states that the largest amount that can be paid with coins is 100 euros (with 50 coins of 2 euros) and the smallest, 50 cents (with 50 coins of 1 cent).
On the other hand, the Bank of Spain can make the exchange of banknotes and coins of less denomination in its offices, with a limit of 100 units or 1,000 euros per person per day.
KEEP ON EYE ON THE EXCHANGE RATE
Get into the habit of looking at the exchange rates as they can and do fluctuate daily. This will give you a greater idea of what a good value exchange rate is.. Today´s EXCHANGE RATE in Benidorm can be seen here
Money Travel Guide - Using Credit Cards
Credit cards are accepted for purchases and cash withdrawals. A credit card charges a currency conversion fee, plus a cash advance fee for withdrawals, plus you've got the interest rate building up on any withdrawal.
Fees
Cash advance fees in particular can really put a dent in your travel budget, so avoid them unless it's an emergency.
Some companies don't charge interest if you pre-load enough money to your account, so check with your card provider.
Prepaid travel money cards
These Cards are offered by major banks and by money exchange companies like Travelex. Before leaving, you pay money into the card account and you use it for purchases and cash withdrawals as per a debit or credit card. For foreign currencies you can "lock in" your exchange rate (including the exchange rate margin - see below) when you load money onto the card. These cards can be replaced if lost or stolen.
A major difference between pre-paid cards and debit/credit cards is their fees. Some costs aren't immediately apparent, such as margins built into the exchange rates applied to transactions. While you won't pay an annual fee or interest, you may pay:
exchange rate margins when you load and close the card - these are not specifically disclosed by the providers and vary from day to day,
fees to load the card - either a percentage of the total or a flat fee,
ATM withdrawal fees,
The exchange rate conversion fee when you use the card - varies between providers.
The small print As with all cards, make sure you read and understand the terms and conditions, including the fees.
In general, this popular type of travel money relies on a hefty exchange rate mark-up when loading money onto pre-paid cards. Portability and convenience can easily be offset by the exchange rate margin and a confusing array of other fees – so be especially vigilant when considering one of these.
Also, be sure to have the right currency loaded on the card, since card issuers may charge two percent per transaction - or more - for using currencies not loaded on the card.
ATM and debit cards
Most banks, building societies and credit unions offer ATM cards that can be used for international purchases and cash withdrawals. Unlike credit cards, which offer interest-free days, the debit card transaction is deducted straight from your bank account and you won't be charged interest for cash withdrawals unless you overdraw your account.
Fees
Some will charge up to 3%, some 0% check with our provider so make sure there are no restrictions on purchases overseas, let your bank know you are in another country.
There are accounts with no fees though, so check your bank or building societies policy.
Always try to use the ATM machines at the main banks and not ones dotted round town, as their fees will be higher.
SCAM - The ATM SCAM
Money Travel Guide - Using Travellers' cheques
They probably seem a little outdated now, given most of us have credit and debit cards, however some people like to carry traveller's cheques as a back up since, unlike cash, they can be replaced by the provider if lost or stolen. If you don't use them, some foreign exchange providers will refund the cheques at no extra cost. Be sure to keep a record of the serial numbers (in a separate place to the cheques) so you're protected in the event of loss or theft.
Fees
Check the fees and commissions that apply. Depending on where you buy traveller's cheques, they may cost more than cash due to the insurance that's built in. Check if a second set of fees will apply when you go to cash the cheques in overseas banks and exchanges. Also find out where you'll be able to exchange the cheques. Remember it will cost you the same to cash 100 pounds as it will to cash 10 pounds.
Money Travel Guide - Ordering currency online
More companies these days are happy to arrange a foreign currency exchange over the internet. On-line services are convenient, but check out the delivery times and costs. Some firms can arrange next day delivery of the currency, but there might be a delivery charge. A number of companies charge for delivery only if you exchange a small amount, say under £500 – and you might be able to avoid the delivery charge completely if you can pick up the currency from a local branch. So be sure to explore all the options. Some banks and building societies provide special rates for existing customers.
Insurance limits
Remember not to take too much cash abroad as it can easily be lost or stolen. There will also be a cash limit on what you can claim on your travel insurance policy, which means you will be covered only up to a certain amount. For example, if the cash limit is £250 and a thief makes off with your wad of £500, the policy would only pay out £250, minus any excess (which itself could be £50 or £100).
Leftover currency
You might not expect to return from your trip with any leftover currency, but you never know. It’s therefore a good idea to find out if the company charges commission to buy back the foreign currency. The exchange rate will also be different, so again it can pay to shop around.
How to spot FAKE notes and euro coins
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Exchange rates in Benidorm, these can change on a daily basis. The rate quoted below is the AVERAGE rate around town today - Always use a reputable exchange bureau, see below, rates may vary.
See this page for exchange places to avoid.
For details about the weather, today, next week and monthly averages
Today´s Average Exchange Rates in Benidorm - Holding STEADY at 1.165
Wednesday 18th September - 1.165
Tuesday 17th September - 1.165
Monday 16th September - 1.165
Sunday 15th September - 1.165
Saturday 14th September - 1.165
Friday 13th September - 1.165
Thursday 5th September - 1.165
Please Note - From 30th September 2022 the Bank of England will be withdrawing the old paper £20 and £50 banknotes, after this date these cease to be legal tender and will not be accepted by exchange bureaus, only the newer polymer notes will be acceptable.
TONY´S EXCHANGE, indoor market
Normal opening hours - Monday to Saturday 09.00 - 14.00 CLOSED Sundays.
Please bring your passport for your first visit. We will then issue you a card for subsequent visits to show you are a customer.
Happy Days Money Exchange Benidorm - Benidorm Indoor Market
REVERT CURRENCY EXCHANGE (Multi services) - Avenida de Filipinas 6
General Opening hours - Monday to Saturday 09:30 to 20:00, Saturday 10:00 to 18:00, Sunday 10:00 to 15:00
You will need to show your passport to change money, some will then give you a card for future visits, but others you will always need your passport.
If anyone is offering, you a higher rate than stated read the small print first as normally you will only get the higher rate if changing large quantities of money ie 2,000€. See this page for exchange places to avoid.
Read our Money Travel Guide for useful information.
Worried about fake notes and coins, learn how to spot them HERE
ATM Scams - Please Read, always try to use the ATM machines at the main banks and NOT the ones dotted round town.
For today´s detailed weather report please click HERE
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