Currency exchange in Madrid. Where and how?

In this post we tell you about the currency suppliers in Madrid and everything you need to know about currency exchange in Madrid.

Currency exchange options in Madrid. Where is it more interesting?

Madrid is an open and welcoming city where, as the saying goes, “no one is a stranger.”

In fact, the capital of Spain (and by extension the Community of Madrid) is one of the destinations in the country that receives the most national and international tourists each year. It is, above all, a vibrant city with a wide and varied offer of leisure and culture.

With so many museums (Museo del Prado, Reina Sofía, Thyssen, etc.), monuments, historical places, bars and terraces, getting bored in Madrid is practically an impossible mission.

A living city

The word that best defines Madrid is this: a lively city where there is always something to see and do. The Gran Vía, with its theatrical and musical shows, or the Puerta del Sol and the adjacent streets, would be a good example of what the capital of Spain is today: a cosmopolitan city, open to visitors and full of activity.

Madrid’s cultural offering includes its great museums and historical buildings, some as curious as the Temple of Debod, a piece of Ancient Egypt inserted in the heart of Madrid.

If we talk about monuments, we must mention the statues of Cybele and Neptune, very close to each other and well known by football fans, who will also not be able to miss visiting the Santiago Bernabéu or the Metropolitan stadium.

Madrid is also a paradise for food lovers, who have a must-see stop at the San Miguel Market. As for nightlife, there is nothing better than dropping by the neighborhoods of Huertas, Malasaña or Chueca when it comes to meeting new people and enjoying great moments of fun.

But Madrid is not only the capital of Spain, but also the capital of one of the most beautiful autonomous communities in the country, full of charming towns, impressive natural corners and a rich historical heritage. Aranjuez, Alcalá de Henares, Guadarrama, Cercedilla, San Lorenzo de El Escorial… These and other wonderful places are less than an hour away from the center of Madrid, waiting to be discovered.

Places to visit in Madrid

The list of things to see and do in Madrid would be almost endless. However, here is a small selection of what the visitor should not miss:

Puerta del Sol

It can be safely said that Puerta del Sol is the true heart of Madrid and the starting point of any route through the city. In fact, the famous “Kilometer Zero” is located there, where the Spanish radial roads begin.

Puerta del Sol Madrid

The Statue of the Bear and the Strawberry Tree (“El Oso y el Madroño”), one of the great emblems of Madrid, also stands in this square, always full of people at any time of the day.

Plaza Mayor

There are few things as genuinely Madrid as the calamari sandwich. And the best place to taste it is in one of the bars in the Plaza Mayor, one of the great historical enclaves of the city.

Plaza Mayor de Madrid

In the Plaza Mayor we find monuments such as the Statue of Felipe III or the Arco de Cuchilleros, as well as historical buildings such as the Casa de la Panadería. But above all, the most interesting thing is the atmosphere that reigns in this urban space, always full of people and animation, especially at Christmas, when the square dresses up and hosts a market full of light and color.

Royal Palace and Cathedral of La Almudena

The Royal Palace or Palacio de Oriente is undoubtedly the most spectacular building in Madrid, surrounded by beautiful gardens such as Campo del Moro and the Sabatini Gardens. It is the usual setting for receptions, ceremonies and official events.

Palacio Real (Royal Palace) and La Almudena Cathedral Madrid

The famous changing of the guard at the Royal Palace of Madrid takes place there, which is held every Wednesday from October to July at 11 in the morning.

Right next to the Royal Palace stands the Almudena Cathedral, the most important religious building in the city.

Prado Museum

One of the most important art museums in the world. The Prado Museum’s collection is based mainly on paintings from the 16th to 19th centuries and includes masterpieces by painters such as Velázquez, El Greco, Rubens, Hieronymus Bosch and Goya, to name a few of the most important.

Prado Museum Madrid

Not far from the Prado Museum are also the Thyssen-Bornemisza Museum and the Reina Sofía Museum. These three temples of art make up a unique cultural offering in the world.

Retiro park

Inaugurated in 1868, the Buen Retiro Park (that is its full name) or El Retiro (Retirement Park), continues to be today the great green lung of the center of Madrid along with the Parque del Oeste. This park offers us a pleasant walk in a relaxed atmosphere.

Parque de El Retiro Madrid

Perfect for walking, relaxing and having fun, Retiro stands out first for its famous pond with its rowboats, dominated by the impressive monument to Alfonso XII. Other notable places are the Crystal Palace and the Paseo de la Argentina (also called Paseo de las Estatuas), where we will find statues dedicated to all the monarchs in the history of Spain.

Madrid in tourism figures

The capital of Spain is a top tourist destination, but so is the community of Madrid, which also registered a considerable increase in visitors.

The official data shown on the Tourism Madrid Destino (Frontur) website indicate that the city of Madrid registered the arrival of 6,038,538 million international visitors in 2022, 177.4% more than in 221 (3,861,520 more tourists). But still far from 7,640,980 international tourists in 2019, before the pandemic.

The main emitters of international tourism in 2022 were:

• United States (12.5% of visitors, 753,021 tourists)
• France (558,968)
• Italy (407,370)
• Portugal
• Germany

The main route of entry for these visitors to Madrid (94.3%) was and is the Adolfo Suárez-Madrid Barajas airport, the most important airport in Spain, through which 50,633,652 million people passed last year, 2022. (19% less than in 2019).

Currency exchange in Madrid

If you are going to change currency in Madrid, you are in luck because it is one of the cities with the most options at your disposal (exchange offices in Madrid city and Barajas airport). And therefore with more opportunities to find better rates for your dollars or pounds and save money, whether you are going to buy foreign currency or if you want to buy euros with foreign currency (exchange dollars for euros, pesos for euros, pounds for euros, etc. .).

From least to most interesting, we tell you the 4 options you have for your currency exchange in Madrid: airport, banks, online purchase of currency and exchange offices in the city and province.

Currency exchange at Madrid Barajas airport

Madrid-Adolfo Suarez airport at the near city of Barajas offers you a currency exchange service in departure and arrival offices in terminals 1, 3 and T4 by Global Exchange currency supplier.

Although they announce “no commission”, their rates are not interesting at all. To show a comparison of the changes in the different airport terminals compared to Cambiator today, December 26th, 2023:

• Madrid airport: 1 000 € get you 874 USD
• Cambiator: 1 000 € get you 1.097 USD

As you can see, the difference between being carefree with your currency exchange (leaving it for the last day at the departure airport) or looking a little and making your euros count, today is called 1,097 – 874 euros = 223 extra dollars.

Therefore, we always recommend that you exchange currency to make a prior comparison of the exchange rates in Cambiator, before deciding on a specific supplier. And of course, except in case of extreme necessity, do not change currency at the airport. Or exchange the minimum possible amount.

The same applies if you come to Madrid from outside with dollars, pounds, pesos or another currency other than the euro: we do not recommend changing at the airport.

And if you are a resident and leave Spain, we recommend that you use it only in case you have to travel now and you do not have time to obtain foreign currency online or pick it up at an exchange house office close to your location.

Here we explain how the currency exchange works at the airport and here how the exchange works in Madrid-Barajas specifically.

Currency exchange in banks in Madrid

If you are a resident of Spain or Madrid and have a bank account, you can go to your bank to request currency for your trip.

But the vast majority of banks (BBVA, Caixabank, Santander, Sabadell, etc.) charge you a margin on the exchange to your currency, in addition to a commission close to 3% of what you change, with a minimum of 6 to 9 euros . And those that don’t charge you, like ING, have an agreement with uncompetitive exchange houses. Here we explain the currency exchange at your bank.

Currency suppliers in Madrid

Madrid is a tourist destination with many foreign currency suppliers.

You have exchange offices in Madrid-Central area, in other non-central neighborhoods of the capital and even in nearby towns in the Community of Madrid such as Torrejón de Ardoz or Getafe.

Initially they are offices designed to buy currency from tourists who visit Madrid (English, North Americans, Argentines, Colombians, Mexicans, etc.), in exchange for euros. But these offices also offer you the sale of foreign currency for your trips abroad or if you have left over euros from your trip.

If your currency is different from the US dollar or the pound sterling, we recommend that you reserve online in advance to ensure stock before going to the office.

As for the price, whether you arrive in Madrid with dollars, pounds or pesos or if you live in Madrid and are going to travel abroad, we always recommend that you first compare the rates of the exchange offices with that of your bank and not to exchange at the airport.

The reason is simple, city center exchange offices are cheaper than the airport and they should not charge you a commission (at least if you reserve the currency online and pick it up at the office later), which banks and some currency suppliers do. So be careful.

And if you are a tourist arriving in the city from abroad, we also do not recommend changing at the airport because the supplier there, Global Exchange, has to charge you more to make a living and also pay a commission to the airport’s managing body (AENA at Madrid Barajas airport) for being there.

Therefore, we recommend that you use our Cambiator comparator to check the daily prices for your specific currency.

Online currency exchange

Another option is to order your currency online and receive it at home with our partners Ria or iCambio (use the code CAMBIATOR to get a discount). The both collaborate with Cambiator, which shows that they are transparent about their rates and do not mind competing with each other when it comes to offering you a good price.

Of course, in addition to comparing exchange prices of the day, don’t forget to also check the home delivery costs so that you can compare pears with pears and apples with apples, you know…

Madrid in a phrase

There is no one in Madrid (or the rest of Spain) who has not heard this famous phrase: “De Madrid al cielo” (“From Madrid to heaven”). Its meaning is open to different interpretations, but they all agree that it is a praise to the capital of Spain.

Its author is the Madrid playwright of the Golden Age, Luis Quiñones de Benavente (1581-1651). In one of his works, titled Dance of Winter and Summer, he collects these verses that are frequently used among Madrid residents:

From the cradle to Madrid, and from Madrid to heaven

In short, it is another way of expressing what we said at the beginning: no one is a stranger in Madrid, no matter where one was born, because this city welcomes everyone with open arms.