Money

The official currency of Spain has been, the Euro, since the year 1999 but the euro notes and coins have come into circulation only from the year 2002. Coins are obtainable in denomination of 1, 2, 5, 10 and 50 cents and 1 and 2 Euros. Notes are available in denominations of 5, 10, 20, 50, 100 and 500 euros.

Although, the Euros of other European countries are accepted easily in Madrid, the way the numbers get written in Madrid is unique. The cents figures are written after a comma. For instance, 70, 25 euros = 70 Euros and 25 cents.

1. Currency Exchange

You can easily find currency exchange offices all over Madrid (train and bus stations, airports) and in any tourist regions (like next to museums) and chiefly in the city center (Plaza de España, Puerta del Sol, Gran Vía, and more). It is also possible to exchange money at most of the Madrid banks, which have booths for this particular purpose. Money can also be exchanged at ‘cajas'. The exchange houses are open for longer hours (a few are open for 24 hours a day). However, it may still be a better option to exchange at banks, cajas or the American Express office that usually offer better exchange rates compared to the exchange houses.

Many banks charge a 1% to 2% commission, which minimally amounts to 500 pesetas. The branches of the Banco Central Hispano however, do not charge any extra commission on the exchange rates. Though, the kiosks are aplenty and easily approachable and do not charge commission, they have relatively substandard rates.

Credit cards are extensively accepted in Madrid, apart from in tapas bars, low-priced restaurants and low-budget hotels. The most commonly accepted credit card is Visa, though Amex and MasterCard (Access) are also recognized.

2. What a Dollar Will Buy You

Milk 1ltr $1.21

Eggs 12 (large) $2.43

Bread (white loaf) 1 kg $1.57

Sugar (white) 1kg $1.34

Coffee (instant) 125gr $2.30

Tea bags (pack 25) $1.28

Coca Cola 1ltr $1.28

Mineral water (still) 1ltr $0.81

Mineral water (sparkling) 1ltr $0.83

Potatoes 1kg $1.15

Onions 1kg $0.96

Tomatoes 1kg $2.05

Oranges 1kg $1.53

Milk chocolate (bar) 100gr $0.96

Beer (local, can) 0.33ltr $0.90

Beer (imported, can) 0.33ltr $1.47

Cigarettes (20 pack, imported) $3.45

Dishwashing liquid 500ml $2.56

Soap (bar) 150gr $1.79

Shampoo 200 ml $2.69

Aspirin (100 tablets) $2.30

Antibiotics (12) $5.11

Cup of coffee in bar/café $1.41

Beer in bar $1.53

3. Telecommunications

Making international calls from hotels can be expensive as they frequently add a surcharge on the phone bill. The ideal way is to make national or international calls from any call box or public telephone (which use coins or a magnetic phone card). Phone cards can be bought from estancos (tobacco shops), or other shops, which advertise ‘tarjetas telefnicas' (phone cards) or newsagents. Phone cards are available in units of 10 and 20 euros.

To make internationals call, dial 00, then the country code, followed by the area code and number. The country codes are

United States and Canada - 1

Australia - 61

New Zealand - 64

Spain - 34

There is a call booth in the Telefónica building in Gran Vía, 28. It is open from 9:30am to 11:30pm daily. There are also Telefónica offices at Plaza de Coln from which long distance phone calls can be made.

The area code for Madrid is 91. All the area codes in Spain usually start with 9X (‘X' is a number that varies depending on the province). Even when making calls within Spain, first you have to dial the area code and then the local phone number.

The calling code for international numbers is 07 and for national numbers outside Madrid, you have to dial 91. If you want any general information about Spain, you can call 1003. Some of the telephone operators do speak English. For international details and help the number to be dialed is 025.

4. Cab Fares

Cabs in Madrid are easy to spot and the most preferred form of transport for the tourists. Although, popular and convenient, the cabs are a tad bit on the expensive side. They are white in color and have a red diagonal stripe painted across the front doors.

The meter begins at 1.05 euros. Usually, it takes around 30 Euros to reach the city center from the airport but it may vary since the fare depends on factirs such as additional passengers, loading of luggage, day of the week, hour of the day and the like.

The cab fares are:

Base charge: about US $ 2

Price per hour: about US $ 17/hour

There are 2 rates of payments, which are divided into two time zones. Weekdays the meter should show ‘fare 1' from 6am to 10pm, and ‘fare 2' from 10pm to 6am.

Travelers are advised to negotiate the cab fare prior to commencing the journey and incase they feel that the cab drivers are taking them for a ride then simply reach your hotel, take your luggage out and ask the hotel receptionist to talk on your behalf. Make sure you do not pay anything before alighting from the cab.

5. Currency Exchange Rates

Euro is the official currency of Spain.

1 EUR

1.28 USD

3.94 ARS

1.72 AUD

1.41 CAD

2.099 NZD

1.57 CHF

0.69 GBP

1 USD = 0.78 EUR

10 USD = 0.78 EUR

20 USD = 15.65 EUR

50 USD = 39.12 EUR

100 USD = 78.24 EUR

200 USD = 156.48 EUR

500 USD = 391.19 EUR

1,000 USD = 782.34 EUR

6. Taxes

Two different tax rates prevail in Spain- 7% and 16%. You have to pay 7% tax on hotel and restaurant bills, as well as on other things considered ‘essential'. This tax is non refundable. A majority of the physical items bought from stores will be taxed at the 16% of the rate. The total tax for international arrival and departure is approximately US $7.

7. Tipping

Hotels and restaurants generally include service charges in the menu prices, and whether you want to tip or no, is a matter of choice. A 15% tip is usually expected. Generally, tips are also given in bars and cafés. Drivers of taxis, which are run on a meter basis, expect a 10% to 15% tip. You are expected to tip usually 5% to 10% for most services, including the guides who conduct tours for you.