Chancellor Of The Duchy Of Besses O' Th' Barn

Hatunen <[email protected]> wrote:

    > 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.

My partner's Boston bank (Wainwright) charges interbank with no extra
charge. Then again, he's had some trouble trying to get a refund on an
ebay purchase gone wrong. You win some and lose some, I suppose.

--
David Horne- www.davidhorne.net
usenet (at) davidhorne (dot) co (dot) uk

Poldy

In article <[email protected]>,
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.

Didn't Visa recently settle charges of overcharging on exchange rates?
They had to reimburse customers?

Earl Evleth

On 11/05/05 8:19, in article
[email protected], "poldy"
<[email protected]> wrote:

    > In article <[email protected]>,
    > 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.
    >
    > Didn't Visa recently settle charges of overcharging on exchange rates?
    > They had to reimburse customers?

I have a Visa card operating off a French bank account and notice
that last summer they were not charging extra for ATM machine us
in Greece. Nor do the banks there charge anything.

But most of our ATM activity is on an American based mastercard,
which operates off a brokerage account. They charge nothing and
the conversation rates are OK. The only charge is for use
of ATM machines in the US, like at the airport. The situation
is the US is more balkanized than in Europe. ATM machines are
all over the place in Paris, for example, no charge.

We just returned from the BVI and one ATM machine required putting
the card in with the magnetic strip up, one of the islanders had
to help me us it. The US ATMs often use a sweep and I could not
get them to work in some cases. I needed an extra $100 in the Miami
airport yesterday, the cost, $2.75 was clearly exorbitant.

Earl

mill8977

"Hatunen" <[email protected]> wrote in message
news:[email protected]...
    > 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 *

I think the convenience of an ATM is worth the small charge incurred.
BUT....... my card was not returned from an ATM at Barclay's at Euston
Station in London. I called the bank (it was a weekend, office was closed)
and they could not assure me that the card would not eventually pop out. I
had a duplicate to use for the rest of my stay, but I had to decide whether
or not to cancel the card (negating the duplicate) in the event someone else
was around when it popped back out. The lesson was that the travellers
checks I brought in case of emergency were a lifesaver for the few days I
waited for the bank to assure me that they had recovered my card. A stash of
a few hundred in travellers checks is not a bad idea.

rem

proo

I was told by my bank that the best deal was to use your credit card to make purchases as there are less charges overall compared to exchanging money/travellers cheques. Don't let the card out of your sight though as almost all places in France have a mobile card machine or one which is front of you when you pay at the till. When you need cash the fee is normally fixed (for me anyway) so I draw out more rather than less.

Hatunen

On Fri, 27 May 2005 20:04:42 -0400, <[email protected]>
wrote:

    >"Hatunen" <[email protected]> wrote in message
    >news:[email protected].. .
    >> 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.
    >I think the convenience of an ATM is worth the small charge incurred.
    >BUT....... my card was not returned from an ATM at Barclay's at Euston
    >Station in London. I called the bank (it was a weekend, office was closed)
    >and they could not assure me that the card would not eventually pop out. I
    >had a duplicate to use for the rest of my stay, but I had to decide whether
    >or not to cancel the card (negating the duplicate) in the event someone else
    >was around when it popped back out. The lesson was that the travellers
    >checks I brought in case of emergency were a lifesaver for the few days I
    >waited for the bank to assure me that they had recovered my card. A stash of
    >a few hundred in travellers checks is not a bad idea.

If you can find places to cash them on a weekend. or a weekday
for that matter.

A second ATM card from a different issuer can serve pretty much
the same purpose, as can a couple US100 bills stashed discretely
awa.

************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

Walt Bilofsky

Never mind the ATM fees - that's small stuff. Look at the exchange
rate.

ATM cards were the best deal last year. This year I'm not so sure.
My banks, at least, now charging a big hidden commission built into
the exchange rate.

Last year I got euros with both my BofA and Citibank cards and was
charged, in dollars, the published exchange rate plus about 1%, more
or less.

Banks will always tell you they charge "the exchange rate" So you
have to ask "If I took out 100 euros yesterday, how much would I have
been charged in dollars?" Chase said $134, which is a $5 service
charge plus about a 5% markup on yesterday's exchange rate. B of A
said I would not pay any service charge because I have a good account,
but the exchange rate they quoted was $1.34, or about a 9% markup!

Any suggestions?

(The O.P. also pointed out the U.S. dollar charge scam. This applies
to charge cards, not ATM. They automatically convert the local
currency to dollars, but again at an inflated exchange rate. U.S.
credit cards typically charge 1% to 3%, less than the 5% typically
seen in these conversions. Insist on being charged in local
currency.)

- Walt Bilofsky

"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.
    >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
    >