Where NOT to exchange money in Madrid

Just a quick but important notice should you look for a place in Madrid to exchange or wire money - this small piece of advise will save you a LOT of money.

Avoid Exact Change on Puerta del Sol, N 12

On Puerta de Sol, the central square in Madrid with the famous statue of the bear climbing the madroño tree, is an exchange agency called Exact Change - you do NOT want to make any wire transfers or exchange money there! 

I went there with my brother last Saturday - May 14th 2011 - and they ended up charging 35% commission! 

When I asked them to cancel the transaction and return the money they claimed it wasn't possible due to company policies. They also said that I had renounced my mandatory consumer rights when making the transaction (they ask you to sign a piece of paper), but on the paper you sign there is not a single word describing that you are renouncing your consumer rights.

Official Complaint Form / Hoja de Reclamación

I can accept paying a fee or commission but I cannot accept renouncing my mandatory consumer rights without being informed about this prior. What I have done so far is to get one of the official complaint forms (Hoja de Reclamación), which I will send to the authorities first thing in the morning.

You might ask what difference this might make - well, I'll keep updating this post - I have previously filled an official complain and the authorities actually takes these very seriously. In other words, if you feel unfairly treated by a company do not hesitate to ask for a complaint form.

There are several places to exchange money, any bank will be far cheaper, do yourself a favour and avoid Exact Change on Puerta del Sol - they are immoral and do not respect your mandatory consumer rights.

The official company name and address is:

Maccorp Exact Changes S.A

Puerta Del Sol, N 12

Madrid

C.I.F: A-79182788

Tlf. 917 010 280