Where is the best place to exchange money for Euros in Madrid, Spain?
If you are in the heart of Madrid and you’re in need of some Euros, then you might be thinking of going to one of the many currency exchange stores that you will see all over. Here are my recommendations on where to go.
Do not exchange money in Puerta Del Sol
Puerta Del Sol is the heart of Madrid, which also means that it’s the worst place to exchange money – whether it’s pounds or dollars. Just to see what kind of rate I would get, I asked at one of the currency exchange kiosks and they said they would give me 65 Euros for 100 dollars at a time when the actual rate was 80 Euros for 100 dollars. Obviously, I walked away from that place.
No commission doesn’t mean anything.
Just because it says no commission does not mean a damn thing. If the rate is horrible (which it usually is at these no commission places), then they are actually getting a huge commission in the form of ripping you off on the rate.
Also, make sure that they show you the rate on a calculator to ensure that there is no communication issue and/or misunderstandings. And, don’t assume that you will get the same rate for $200 as you did for $100 – sometimes they may do some weird math.
The best place I found to exchange money in Madrid – Plaza de Espana metro station
The best place that I found was a small shop right outside the stairs to the Plaza de Espana train station. It’s also right next to the Starbucks there so you can not miss it – it says “Change” at the very top and here are some pictures of it in case you can’t find it:
Pictures of Currency Exchange Place in Madrid
. Here I received about 76 Euros for 100 dollars when the official rate was 80 Euros. This was not bad at all considering that this place is still in central Madrid, and it was the best rate that I found while I was there.
Western Union in Plaza de Canalejas
There is also a Western Union in a central location (just about 300 meters away from Puerta Del Sol). Here the rate was about 70 euros for 100 dollars when the official exchange rate was 80 Euros. This isn’t a great rate obviously, but not horrible either.