ATMs in Europe FYI

[cuagrad90]

I read yesterday in the May issue of Travel & Leisure magazine that if ATM asks if you want it to convert your dollars into local money instead of letting your local bank do it, don't agree or you will be hit with a service fee of 2 to 3 percent.

[jtl513]

I read yesterday in the May issue of Travel & Leisure magazine that if ATM asks if you want it to convert your dollars into local money instead of letting your local bank do it, don't agree or you will be hit with a service fee of 2 to 3 percent.

You have a choice now? Whenever I've used a foreign ATM the only thing it asked was how much money I wanted!

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Edited April 21, 2016 by jtl513

[iancal]

In our case, in Canada, the major banks use an exchange rate 2.5-3 percent higher than the prevailing rate. We get around it by using a Chase Visa. No sense paying 2.5-3 percent premium to withdraw money from an account that we are only getting less than 1 percent interest. Plus many charge another $5 ATM fee on top of that.

[mef_57]

In our case, in Canada, the major banks use an exchange rate 2.5-3 percent higher than the prevailing rate. We get around it by using a Chase Visa. No sense paying 2.5-3 percent premium to withdraw money from an account that we are only getting less than 1 percent interest. Plus many charge another $5 ATM fee on top of that.

Thanks for this detail of a Canadian card that saves for foreign transactions. Now that Capitol One is here, I enquired but they do charge in Canada whereas they don't seem to charge in US.

[iancal]

We use the Marriott version of the Chase Bank Canada Visa. They also have a no fee Amazon version of the card.

 

Why? First off, when charge foreign transactions to our Visa, the FX rate is actual. Not the actual PLUS 2.5 percent that our regular bank charges.

 

Second, when we travel we load up the card with cash and then do a cash advance on our Visa. No interest because of the credit balance. Chase charge 1 percent, minimum $5. We usually withdraw about 800. If we use our CIBC card the cost would be FX (2.5% X 800) $20. plus $5. for the ATM fee. The Chase card costs $8. We travel frequently and buy products in foreign currency. I figure we save anywhere from $500-600 in bank fees each year. It is the reason why we like Canadian bank stock!

Edited April 21, 2016 by iancal

[KirkNC]

I think it will be dependent on the card you use but would agree if asked to say no.

[cruisemom42]

I read yesterday in the May issue of Travel & Leisure magazine that if ATM asks if you want it to convert your dollars into local money instead of letting your local bank do it, don't agree or you will be hit with a service fee of 2 to 3 percent.

 

I use ATMs often in Europe and don't think I've ever had one ask that question. I wonder if these are some kind of stand-alone ATM machine and not ones that are associated with local banks....?

 

For several years I have used my Capital One online checking account as a "travel" account. There are no ATM fees and no charges associated with it. Plus, there is no potential of compromise to my regular account. (However, as a solo traveler, I usually do take my regular ATM debit card as an emergency back-up.)

[StartrainDD]

I've had this happen to me at ATM's in Europe and in Argentina. Perhaps this happens more often at airport locations rather than at local banks - but I'm sure the bank I visited in Rome asked this question!

 

Just yesterday I paid for a private tour on-line in Scotland and the website generously offered to change my payment to US$. I declined as my card charges no foreign transaction surcharge.

 

Like cruisemom, I have a capital one account I use nearly exclusively for travel. I put more than I will need in the checking before the trip and take money out as needed at ATM's.

 

Keep on cruising!

Edited April 21, 2016 by StartrainDD

[HarR]

This is getting quite common, also when you use you card for payment. Usually you are better of to stick with the local currency and let your own bank or credit card provider do the conversion.

 

It can be handy (at a price) for business travelers. They can reclaim the expenses in their own currency without having to bother with exchange rates.

 

 

Hmmm...... When was the last time I was on a business cruise :confused:

[iancal]

We find that cruise line pricing is not consistent across their various country websites. Using a credit card that does not add an extra fee to the FX exchange is particularly advantageous.

 

Usually NA sites have the best prices but every so often this is not so. Last year we booked an Australian cruise in AUD with the cruise line's Australian office. Their price was thirty percent less than the cruise line NA site or the price that our usual on line TA could provide. Last spring my sister booked a Baltic cruise on a UK website. Doing this saved her 15 percent, adjusted for currency.

[alwaysfrantic]

We were asked at every point of sale transaction but never at an ATM. I never used a credit card at an ATM though.

 

Always say no to them running it in dollars instead of local currency.