Spain adopted the euro in 2002, replacing the peseta that had been the country's currency since 1868. Today, the euro (EUR, €) is the only currency you'll need in Madrid. Foreign cash — dollars, pounds, or otherwise — is not accepted in shops or restaurants, so arrive with euros or a plan to get them.
Card payments are widely accepted across Madrid, from large department stores on Gran Vía to most mid-range restaurants and cafés. Visa and Mastercard are near-universal; American Express is accepted in many but not all venues. Contactless payment is the norm, and mobile payments (Apple Pay, Google Pay) work reliably at most modern terminals. That said, some smaller tabernas, street markets, and independent shops remain cash-only, so it's worth carrying at least €20–30 on you at any time.
ATMs (cajeros automáticos) are plentiful throughout the city center, in metro stations, and in bank branches clustered along streets like Calle de Alcalá and Paseo de la Castellana. Stick to ATMs operated by established Spanish banks — BBVA, CaixaBank, Santander, Sabadell — to minimize third-party surcharge fees. Some standalone ATMs in tourist areas charge a visible dynamic currency conversion (DCC) fee; always choose to be charged in euros rather than your home currency to get the better rate. Check with your home bank before travel regarding foreign withdrawal fees.
For daily budgets, expect a wide range depending on your travel style. Budget travelers staying in hostels, eating at lunchtime menú del día (a set two-course meal with drink, typically €12–15), and using public transit can get by on roughly €60–80 per day. Mid-range visitors — a private hotel room, sit-down dinners, entry to a few attractions — should plan for €150–200 per day. A luxury Madrid trip covering five-star accommodation, fine dining, and private experiences can easily exceed €400 per day. Note that museum entry, transport passes, and attraction tickets can significantly affect your daily spend, so factor these in when planning your budget.
Card payments are widely accepted across Madrid, from large department stores on Gran Vía to most mid-range restaurants and cafés. Visa and Mastercard are near-universal; American Express is accepted in many but not all venues. Contactless payment is the norm, and mobile payments (Apple Pay, Google Pay) work reliably at most modern terminals. That said, some smaller tabernas, street markets, and independent shops remain cash-only, so it's worth carrying at least €20–30 on you at any time.
ATMs (cajeros automáticos) are plentiful throughout the city center, in metro stations, and in bank branches clustered along streets like Calle de Alcalá and Paseo de la Castellana. Stick to ATMs operated by established Spanish banks — BBVA, CaixaBank, Santander, Sabadell — to minimize third-party surcharge fees. Some standalone ATMs in tourist areas charge a visible dynamic currency conversion (DCC) fee; always choose to be charged in euros rather than your home currency to get the better rate. Check with your home bank before travel regarding foreign withdrawal fees.
For daily budgets, expect a wide range depending on your travel style. Budget travelers staying in hostels, eating at lunchtime menú del día (a set two-course meal with drink, typically €12–15), and using public transit can get by on roughly €60–80 per day. Mid-range visitors — a private hotel room, sit-down dinners, entry to a few attractions — should plan for €150–200 per day. A luxury Madrid trip covering five-star accommodation, fine dining, and private experiences can easily exceed €400 per day. Note that museum entry, transport passes, and attraction tickets can significantly affect your daily spend, so factor these in when planning your budget.