Are ATM still the best overseas exchange deal?
May 2nd 2005, 4:04 pm
#1
Guest
Posts: n/a
Are ATM still the best overseas exchange deal?
In past years, we were told that the best exchange rates were always when
one used the ATM machine at a foreign bank. My US bank now charges US$1.50
for withdrawals in ATMs not their own and that includes withdrawals from
foreign banks. Perhaps it always did so but I wasn't aware of it. In the
past, while overseas I took withdrawals every few days, as needed. The idea
was to keep the cash at hand minimal and thus minimize the dangers of losing
it or being robbed, etc.
Now, I'm told that some establishments in Europe will give you your credit
card transaction receipt in dollars rather than
local currencies. The problem is that in doing so these establishment
surreptitiously add a percentage - some say five percent - to the bill. The
idea, as I understand it, is that the bank that handles these foreign
exchange transactions split this extra profit with the establishment. (I
suppose one way to handle this is to insist that the receipt lists local
currency and not accept it if it shows dollars.)
What is your take on your situation? Have Travelers Checks become a better
deal in the current situation?
Best and thanks. MR
one used the ATM machine at a foreign bank. My US bank now charges US$1.50
for withdrawals in ATMs not their own and that includes withdrawals from
foreign banks. Perhaps it always did so but I wasn't aware of it. In the
past, while overseas I took withdrawals every few days, as needed. The idea
was to keep the cash at hand minimal and thus minimize the dangers of losing
it or being robbed, etc.
Now, I'm told that some establishments in Europe will give you your credit
card transaction receipt in dollars rather than
local currencies. The problem is that in doing so these establishment
surreptitiously add a percentage - some say five percent - to the bill. The
idea, as I understand it, is that the bank that handles these foreign
exchange transactions split this extra profit with the establishment. (I
suppose one way to handle this is to insist that the receipt lists local
currency and not accept it if it shows dollars.)
What is your take on your situation? Have Travelers Checks become a better
deal in the current situation?
Best and thanks. MR
May 2nd 2005, 7:45 pm
#2
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
"Marc Raizman" <[email protected]> wrote...
> My US bank now charges US$1.50 for withdrawals in ATMs
> not their own and that includes withdrawals from foreign banks.
> What is your take on your situation?
That its rather miserly to blow a few thousand on the trip and
be worried about a $1.50 fee. Two ideas: 1. Fewer trips to the
ATM; or 2. switch to a bank that advertises no ATM fees. We
have one here that says it will even rebate a fee charged by the
ATM that you use. If I was given a receipt in dollars, I'd want
try to determine what exchange rate was used and make a scene
if there was a mark-up. =R=
> My US bank now charges US$1.50 for withdrawals in ATMs
> not their own and that includes withdrawals from foreign banks.
> What is your take on your situation?
That its rather miserly to blow a few thousand on the trip and
be worried about a $1.50 fee. Two ideas: 1. Fewer trips to the
ATM; or 2. switch to a bank that advertises no ATM fees. We
have one here that says it will even rebate a fee charged by the
ATM that you use. If I was given a receipt in dollars, I'd want
try to determine what exchange rate was used and make a scene
if there was a mark-up. =R=
May 2nd 2005, 11:03 pm
#3
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
I was charged a lot in 'extra charges' in Asia, next time.. travellers
cheques.
"Rog'" <[email protected]> wrote in message
news:[email protected] t...
> "Marc Raizman" <[email protected]> wrote...
>> My US bank now charges US$1.50 for withdrawals in ATMs
>> not their own and that includes withdrawals from foreign banks.
>> What is your take on your situation?
> That its rather miserly to blow a few thousand on the trip and
> be worried about a $1.50 fee. Two ideas: 1. Fewer trips to the
> ATM; or 2. switch to a bank that advertises no ATM fees. We
> have one here that says it will even rebate a fee charged by the
> ATM that you use. If I was given a receipt in dollars, I'd want
> try to determine what exchange rate was used and make a scene
> if there was a mark-up. =R=
>
cheques.
"Rog'" <[email protected]> wrote in message
news:[email protected] t...
> "Marc Raizman" <[email protected]> wrote...
>> My US bank now charges US$1.50 for withdrawals in ATMs
>> not their own and that includes withdrawals from foreign banks.
>> What is your take on your situation?
> That its rather miserly to blow a few thousand on the trip and
> be worried about a $1.50 fee. Two ideas: 1. Fewer trips to the
> ATM; or 2. switch to a bank that advertises no ATM fees. We
> have one here that says it will even rebate a fee charged by the
> ATM that you use. If I was given a receipt in dollars, I'd want
> try to determine what exchange rate was used and make a scene
> if there was a mark-up. =R=
>
May 3rd 2005, 5:34 am
#4
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
"Rog'" <[email protected]> wrote in message
news:[email protected] t...
> "Marc Raizman" <[email protected]> wrote...
> > My US bank now charges US$1.50 for withdrawals in ATMs
> > not their own and that includes withdrawals from foreign banks.
> > What is your take on your situation?
> That its rather miserly to blow a few thousand on the trip and
> be worried about a $1.50 fee. Two ideas: 1. Fewer trips to the
> ATM; or 2. switch to a bank that advertises no ATM fees. We
> have one here that says it will even rebate a fee charged by the
> ATM that you use. If I was given a receipt in dollars, I'd want
> try to determine what exchange rate was used and make a scene
> if there was a mark-up. =R=
There will always be a markup, that's why they do it. The rate should be on card
receipt.
They are supposed to ask you first before converting the currency, but often
don't. If they don't ask, you can demand they cancel the transaction and reissue
it in the local currency. Or always ask to be charged in the local currency when
handing your card over.
--
Andy
news:[email protected] t...
> "Marc Raizman" <[email protected]> wrote...
> > My US bank now charges US$1.50 for withdrawals in ATMs
> > not their own and that includes withdrawals from foreign banks.
> > What is your take on your situation?
> That its rather miserly to blow a few thousand on the trip and
> be worried about a $1.50 fee. Two ideas: 1. Fewer trips to the
> ATM; or 2. switch to a bank that advertises no ATM fees. We
> have one here that says it will even rebate a fee charged by the
> ATM that you use. If I was given a receipt in dollars, I'd want
> try to determine what exchange rate was used and make a scene
> if there was a mark-up. =R=
There will always be a markup, that's why they do it. The rate should be on card
receipt.
They are supposed to ask you first before converting the currency, but often
don't. If they don't ask, you can demand they cancel the transaction and reissue
it in the local currency. Or always ask to be charged in the local currency when
handing your card over.
--
Andy
May 3rd 2005, 9:11 am
#5
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
On Tue, 3 May 2005 11:03:46 +0000 (UTC), "Tony" <[email protected]> wrote:
>I was charged a lot in 'extra charges' in Asia, next time.. travellers
>cheques.
Surely if you withdraw the maximum possible amount, the service
charges are negligible (like < 3%). That's what I always do, given
that I don't get robbed of all my cash very often.
--
---
DFM - http://www.deepfriedmars.com
---
--
>I was charged a lot in 'extra charges' in Asia, next time.. travellers
>cheques.
Surely if you withdraw the maximum possible amount, the service
charges are negligible (like < 3%). That's what I always do, given
that I don't get robbed of all my cash very often.
--
---
DFM - http://www.deepfriedmars.com
---
--
May 3rd 2005, 10:56 am
#6
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
"Rog'" <[email protected]> wrote in message
news:[email protected] t...
> "Marc Raizman" <[email protected]> wrote...
> > My US bank now charges US$1.50 for withdrawals in ATMs
> > not their own and that includes withdrawals from foreign banks.
> > What is your take on your situation?
> That its rather miserly to blow a few thousand on the trip and
> be worried about a $1.50 fee.
Amen. Well said. This is my take exactly on this issue.
For the pure convenience, and the fact that you'd be hitting the ATM machine
PERHAPS once a week +/-, the overall cost of ATM fees on a trip is extremely
small.
Forget traveler's checks.
Keith
news:[email protected] t...
> "Marc Raizman" <[email protected]> wrote...
> > My US bank now charges US$1.50 for withdrawals in ATMs
> > not their own and that includes withdrawals from foreign banks.
> > What is your take on your situation?
> That its rather miserly to blow a few thousand on the trip and
> be worried about a $1.50 fee.
Amen. Well said. This is my take exactly on this issue.
For the pure convenience, and the fact that you'd be hitting the ATM machine
PERHAPS once a week +/-, the overall cost of ATM fees on a trip is extremely
small.
Forget traveler's checks.
Keith
May 3rd 2005, 3:09 pm
#7
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
Marc Raizman wrote:
> In past years, we were told that the best exchange rates were always when
> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
> for withdrawals in ATMs not their own and that includes withdrawals from
> foreign banks.
Mine always has! (But not for "debit card" purchases with
cash back - although that's only an option at home.)
Because of the fee, I tend to make somewhat larger
withdrawals than I might otherwise do, but I simply chalk it
up to part of the expense of travel. (I don't stay in three
and four star hotels when I travel at home, either, but when
I'm so far from home, I want to be comfortable.)
> What is your take on your situation? Have Travelers Checks become a better
> deal in the current situation?
Although I carry a few travelers checks just for
"insurance", I think credit cards and ATM's are still a
better deal, despite increased fees.
> In past years, we were told that the best exchange rates were always when
> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
> for withdrawals in ATMs not their own and that includes withdrawals from
> foreign banks.
Mine always has! (But not for "debit card" purchases with
cash back - although that's only an option at home.)
Because of the fee, I tend to make somewhat larger
withdrawals than I might otherwise do, but I simply chalk it
up to part of the expense of travel. (I don't stay in three
and four star hotels when I travel at home, either, but when
I'm so far from home, I want to be comfortable.)
> What is your take on your situation? Have Travelers Checks become a better
> deal in the current situation?
Although I carry a few travelers checks just for
"insurance", I think credit cards and ATM's are still a
better deal, despite increased fees.
May 4th 2005, 2:26 pm
#8
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
In article <[email protected]>,
"Marc Raizman" <[email protected]> wrote:
> In past years, we were told that the best exchange rates were always when
> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
> for withdrawals in ATMs not their own and that includes withdrawals from
> foreign banks. Perhaps it always did so but I wasn't aware of it. In the
> past, while overseas I took withdrawals every few days, as needed. The idea
> was to keep the cash at hand minimal and thus minimize the dangers of losing
> it or being robbed, etc.
Change banks.
"Marc Raizman" <[email protected]> wrote:
> In past years, we were told that the best exchange rates were always when
> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
> for withdrawals in ATMs not their own and that includes withdrawals from
> foreign banks. Perhaps it always did so but I wasn't aware of it. In the
> past, while overseas I took withdrawals every few days, as needed. The idea
> was to keep the cash at hand minimal and thus minimize the dangers of losing
> it or being robbed, etc.
Change banks.
May 4th 2005, 2:29 pm
#9
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
In article <[email protected]>,
Deep Foiled Malls <deepfreudmoors@eITmISaACTUALLYiREAL!l.nu> wrote:
>
> >I was charged a lot in 'extra charges' in Asia, next time.. travellers
> >cheques.
>
> Surely if you withdraw the maximum possible amount, the service
> charges are negligible (like < 3%). That's what I always do, given
> that I don't get robbed of all my cash very often.
> --
Very often?
Most people probably have never been robbed.
Deep Foiled Malls <deepfreudmoors@eITmISaACTUALLYiREAL!l.nu> wrote:
>
> >I was charged a lot in 'extra charges' in Asia, next time.. travellers
> >cheques.
>
> Surely if you withdraw the maximum possible amount, the service
> charges are negligible (like < 3%). That's what I always do, given
> that I don't get robbed of all my cash very often.
> --
Very often?
Most people probably have never been robbed.
May 4th 2005, 3:16 pm
#10
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
"poldy" <[email protected]> wrote in message
news:[email protected]...
> In article <[email protected]>,
> "Marc Raizman" <[email protected]> wrote:
> > In past years, we were told that the best exchange rates were always
when
> > one used the ATM machine at a foreign bank. My US bank now charges
US$1.50
> > for withdrawals in ATMs not their own and that includes withdrawals from
> > foreign banks. Perhaps it always did so but I wasn't aware of it. In the
> > past, while overseas I took withdrawals every few days, as needed. The
idea
> > was to keep the cash at hand minimal and thus minimize the dangers of
losing
> > it or being robbed, etc.
> Change banks.
Poldy has a good suggestion. My bank actually reimburses me for charges
that other banks make on my ATM withdrawals.
news:[email protected]...
> In article <[email protected]>,
> "Marc Raizman" <[email protected]> wrote:
> > In past years, we were told that the best exchange rates were always
when
> > one used the ATM machine at a foreign bank. My US bank now charges
US$1.50
> > for withdrawals in ATMs not their own and that includes withdrawals from
> > foreign banks. Perhaps it always did so but I wasn't aware of it. In the
> > past, while overseas I took withdrawals every few days, as needed. The
idea
> > was to keep the cash at hand minimal and thus minimize the dangers of
losing
> > it or being robbed, etc.
> Change banks.
Poldy has a good suggestion. My bank actually reimburses me for charges
that other banks make on my ATM withdrawals.
May 4th 2005, 9:09 pm
#11
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
On Wed, 04 May 2005 19:29:18 -0700, poldy <[email protected]> wrote:
>In article <[email protected]>,
> Deep Foiled Malls <deepfreudmoors@eITmISaACTUALLYiREAL!l.nu> wrote:
>>
>> >I was charged a lot in 'extra charges' in Asia, next time.. travellers
>> >cheques.
>>
>> Surely if you withdraw the maximum possible amount, the service
>> charges are negligible (like < 3%). That's what I always do, given
>> that I don't get robbed of all my cash very often.
>> --
>Very often?
I get robbed << 3% of the time.
--
---
DFM - http://www.deepfriedmars.com
---
--
>In article <[email protected]>,
> Deep Foiled Malls <deepfreudmoors@eITmISaACTUALLYiREAL!l.nu> wrote:
>>
>> >I was charged a lot in 'extra charges' in Asia, next time.. travellers
>> >cheques.
>>
>> Surely if you withdraw the maximum possible amount, the service
>> charges are negligible (like < 3%). That's what I always do, given
>> that I don't get robbed of all my cash very often.
>> --
>Very often?
I get robbed << 3% of the time.
--
---
DFM - http://www.deepfriedmars.com
---
--
May 5th 2005, 5:44 am
#12
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
On Thu, 05 May 2005 10:51:17 -0700, Hatunen <[email protected]> wrote:
>On Wed, 04 May 2005 19:26:46 -0700, poldy <[email protected]> wrote:
>>In article <[email protected]>,
>> "Marc Raizman" <[email protected]> wrote:
>>> In past years, we were told that the best exchange rates were always when
>>> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
>>> for withdrawals in ATMs not their own and that includes withdrawals from
>>> foreign banks. Perhaps it always did so but I wasn't aware of it. In the
>>> past, while overseas I took withdrawals every few days, as needed. The idea
>>> was to keep the cash at hand minimal and thus minimize the dangers of losing
>>> it or being robbed, etc.
>>Change banks.
>I use an ATM card (no Visa or Mastecard logo) from my credit
>union, and there is no charge for using overseas machines.
How does the exchange rate compare to the EBU rate?
>In
>fact, there is no credit union charge for using non-credit union
>machines in the USA, either. And, of course, thus far, I have
>never been charged a fee by a European institution, either.
>On the other hand, a US$1.50 fee per transaction is pretty small,
>especially if you are taking out, say $200 at a time, making the
>charge 0.75%. Beats travelers checks and foreign exchange booths
>all to hell.
Travellers cheques include insurance, but I agree with you anyway.
>On Wed, 04 May 2005 19:26:46 -0700, poldy <[email protected]> wrote:
>>In article <[email protected]>,
>> "Marc Raizman" <[email protected]> wrote:
>>> In past years, we were told that the best exchange rates were always when
>>> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
>>> for withdrawals in ATMs not their own and that includes withdrawals from
>>> foreign banks. Perhaps it always did so but I wasn't aware of it. In the
>>> past, while overseas I took withdrawals every few days, as needed. The idea
>>> was to keep the cash at hand minimal and thus minimize the dangers of losing
>>> it or being robbed, etc.
>>Change banks.
>I use an ATM card (no Visa or Mastecard logo) from my credit
>union, and there is no charge for using overseas machines.
How does the exchange rate compare to the EBU rate?
>In
>fact, there is no credit union charge for using non-credit union
>machines in the USA, either. And, of course, thus far, I have
>never been charged a fee by a European institution, either.
>On the other hand, a US$1.50 fee per transaction is pretty small,
>especially if you are taking out, say $200 at a time, making the
>charge 0.75%. Beats travelers checks and foreign exchange booths
>all to hell.
Travellers cheques include insurance, but I agree with you anyway.
May 5th 2005, 5:51 am
#13
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
On Wed, 04 May 2005 19:26:46 -0700, poldy <[email protected]> wrote:
>In article <[email protected]>,
> "Marc Raizman" <[email protected]> wrote:
>> In past years, we were told that the best exchange rates were always when
>> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
>> for withdrawals in ATMs not their own and that includes withdrawals from
>> foreign banks. Perhaps it always did so but I wasn't aware of it. In the
>> past, while overseas I took withdrawals every few days, as needed. The idea
>> was to keep the cash at hand minimal and thus minimize the dangers of losing
>> it or being robbed, etc.
>Change banks.
I use an ATM card (no Visa or Mastecard logo) from my credit
union, and there is no charge for using overseas machines. In
fact, there is no credit union charge for using non-credit union
machines in the USA, either. And, of course, thus far, I have
never been charged a fee by a European institution, either.
On the other hand, a US$1.50 fee per transaction is pretty small,
especially if you are taking out, say $200 at a time, making the
charge 0.75%. Beats travelers checks and foreign exchange booths
all to hell.
************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
>In article <[email protected]>,
> "Marc Raizman" <[email protected]> wrote:
>> In past years, we were told that the best exchange rates were always when
>> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
>> for withdrawals in ATMs not their own and that includes withdrawals from
>> foreign banks. Perhaps it always did so but I wasn't aware of it. In the
>> past, while overseas I took withdrawals every few days, as needed. The idea
>> was to keep the cash at hand minimal and thus minimize the dangers of losing
>> it or being robbed, etc.
>Change banks.
I use an ATM card (no Visa or Mastecard logo) from my credit
union, and there is no charge for using overseas machines. In
fact, there is no credit union charge for using non-credit union
machines in the USA, either. And, of course, thus far, I have
never been charged a fee by a European institution, either.
On the other hand, a US$1.50 fee per transaction is pretty small,
especially if you are taking out, say $200 at a time, making the
charge 0.75%. Beats travelers checks and foreign exchange booths
all to hell.
************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
May 5th 2005, 6:36 am
#14
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
On Thu, 05 May 2005 12:35:25 -0700, Hatunen <[email protected]> wrote:
>>How does the exchange rate compare to the EBU rate?
>Up until last summer the conversion rate was interbank less
>system charge of 1%; last summer it was boosted for an additional
>credit union take of 2%, which kind of irritates me.
The whole banking world irritates me. Come the revolution etc.
>>How does the exchange rate compare to the EBU rate?
>Up until last summer the conversion rate was interbank less
>system charge of 1%; last summer it was boosted for an additional
>credit union take of 2%, which kind of irritates me.
The whole banking world irritates me. Come the revolution etc.
May 5th 2005, 7:35 am
#15
Guest
Posts: n/a
Re: Are ATM still the best overseas exchange deal?
On Thu, 05 May 2005 19:44:33 +0200, nitram <[email protected]>
wrote:
>On Thu, 05 May 2005 10:51:17 -0700, Hatunen <[email protected]> wrote:
>>On Wed, 04 May 2005 19:26:46 -0700, poldy <[email protected]> wrote:
>>>In article <[email protected]>,
>>> "Marc Raizman" <[email protected]> wrote:
>>>> In past years, we were told that the best exchange rates were always when
>>>> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
>>>> for withdrawals in ATMs not their own and that includes withdrawals from
>>>> foreign banks. Perhaps it always did so but I wasn't aware of it. In the
>>>> past, while overseas I took withdrawals every few days, as needed. The idea
>>>> was to keep the cash at hand minimal and thus minimize the dangers of losing
>>>> it or being robbed, etc.
>>>Change banks.
>>I use an ATM card (no Visa or Mastecard logo) from my credit
>>union, and there is no charge for using overseas machines.
>How does the exchange rate compare to the EBU rate?
Up until last summer the conversion rate was interbank less
system charge of 1%; last summer it was boosted for an additional
credit union take of 2%, which kind of irritates me.
************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
wrote:
>On Thu, 05 May 2005 10:51:17 -0700, Hatunen <[email protected]> wrote:
>>On Wed, 04 May 2005 19:26:46 -0700, poldy <[email protected]> wrote:
>>>In article <[email protected]>,
>>> "Marc Raizman" <[email protected]> wrote:
>>>> In past years, we were told that the best exchange rates were always when
>>>> one used the ATM machine at a foreign bank. My US bank now charges US$1.50
>>>> for withdrawals in ATMs not their own and that includes withdrawals from
>>>> foreign banks. Perhaps it always did so but I wasn't aware of it. In the
>>>> past, while overseas I took withdrawals every few days, as needed. The idea
>>>> was to keep the cash at hand minimal and thus minimize the dangers of losing
>>>> it or being robbed, etc.
>>>Change banks.
>>I use an ATM card (no Visa or Mastecard logo) from my credit
>>union, and there is no charge for using overseas machines.
>How does the exchange rate compare to the EBU rate?
Up until last summer the conversion rate was interbank less
system charge of 1%; last summer it was boosted for an additional
credit union take of 2%, which kind of irritates me.
************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
