Just as a FWIW, I recently withdrew 50 euros from 2 different ATMs in Austria.
In looking at my statement now that I'm home, one time I was charged 55.73 and the other time 57.69.
So YMMV as they say, I used my Schwab account so they refunded the access fees.
The price of euros in US$ recently rose, could be part of what you see.
The price of EUR vs USD can (and does) vary up to 1% in a given day, so it does depend on the instantaneous price at any given time. In the course of a week, several % is not unusual. This past week at has varied from 1.0526 to 1.0740 for big transactions, and of course, you pay a bit more for a piddling 50 EUR.
I'm not complaining, I've never had a problem with paying to change money. Because it's a business and I get it, there are always 2 rates posted at any cambio - buy and sell.
Was in line at a changers recently and the guy couldn't understand why they weren't giving him the exchange rate he found on Google.
BTW it's a good money changers in Beverly Hills if anyone wants the info. And free parking in a city lot up the street!
The real point is that euros continue to be relatively cheap -- we can all remember when paying $1.30 for one was considered normal.
And I can remember when I paid 93¢ for an equivalent euro amount of German Mark (2000).
Yep, they are a business and they make money. I don't have an issue with that. I do have an issue with the banks trying to trick you into converting your exchange from the local currency to dollars. The orher day here in Santorini the offered dollar rate disclosed 12 %
commission.
No thanks! Of course I declined and took the normal conversation to euros which will be 1 %. But many lrss experienced folks choose $ . Same for some credit car machines .These conversations in my opinion should be banned because they are deceptive.
If they offered. You choose, how, is that a trick?
The orher day here in Santorini the offered dollar rate disclosed 12 %
Should note that the actual rate being disclosed is relatively new, as result of recent EU regulation. Previously, they would just tell you what the amount charged was, leaving the math to you.
I too have Schwab for the now rare cash withdrawals, I appreciate the refund of use fees, though in Spain, I went to a Santander ATM for some cash, and they wanted 7 euro as a fee (maybe a 140 euro withdrawal), even I would not let Schwab pay that.
I went to a Santander ATM for some cash, and they wanted 7 euro as a fee (maybe a 140 euro withdrawal), even I would not let Schwab pay that.
Why not? I have a Fidelity debit/ATM card that reimburses all of those fees, too, and I don't give it a second thought.
I’m with you Paul, I’ve got a Fidelity account that picks up all ATM fees. I walked away from a Santander ATM charging €7, too much even with Fidelity backing up the tab. Found Caxa terminal with a much lower fee. It always pays to shop around.
Brad
I agree with Paul and Brad. How long will that fee-reimbursement deal last if customers use high-cost ATMs frequently?
Don't blame ATM users for bank fees, blame the banks
Mr. E sometimes it is not actually that transparent especially with credit card tranaction . They show the amount in dollars but it doesn't fully disclose that you are paying more. Also they are hoping you are not experienced enough and just feel more comfortable in your own currency. The only reason it seems they do that is to extract extra fees from travelers who are not paying attention. Legal, but tricky.
I agree with Paul and Brad. How long will that fee-reimbursement deal last if customers use high-cost ATMs frequently?
Fidelity and Schwab do it to attract and retain customers who are looking for a banking-like checking account for bill paying and ATM transactions. Without refunding the fees for ATM withdrawals, most of those for fee free withdrawals occurring in the US where Fidelity doesn't have standalone ATMs itself, they would lose a key feature that undoubtedly keeps customers and their money in their Fidelity/Schwab accounts. The fees they reimburse are a drop in the bucket compared to the cost of having Fidelity/Schwab branded ATMs.
Good point. I wasn't thinking about domestic ATM fees. I maintain my primary account with a credit union that has an ATM not much more than 1/2 mile from my apartment, so I don't usually have to think about ATM fees in the US--except for the extended period when the government building housing the ATM was closed during the peak of the COVID crisis. That was a bit awkward.
Also they are hoping you are not experienced enough and just feel more
comfortable in your own currency.
"in your own currency"
Are you saying you voluntarily chose dynamic currency conversion and expect the card company to pay for your mistake.
I could understand if the ATM charged a fee to use it, and you could not escape the fee, but you chose DNC.
If they offered. You choose, how, is that a trick?
Banks have ways of hiding the fact that its DCC. The only time I have seen DCC "offered" by an ATM was at a Reisebank in the Würzburg Hbf. It came up on a screen that just looked like a summary of the transaction, until I realized that they had no way of knowing what my bank charged for foreign ATM withdrawals (it was 1%). There was nothing to indicate that if I chose continue I would be choosing DCC. I thought that maybe if I rejected the screen I would not get the cash, but it turned out that it still went through (but in euro) and my bank was billed in euro at the Interbank rate.
$55.73 for 50€ is $1.1146/€. The rate hasn't been that high since late July.
Some ATM screens offering DCC are a wall of words; they're not easy to read even if you know what's going on. I ran into one (don't remember which country--maybe Poland) where there wasn't a Decline button on the screen. The only way to avoid DCC was to press the Cancel button down on the PIN-entry keypad to end the transaction. I failed that particular IQ test.
Interesting article on DCC
I went to a Santander ATM for some cash, and they wanted 7 euro as a fee (maybe a 140 euro withdrawal), even I would not let Schwab pay that....Why not? I have a Fidelity debit/ATM card that reimburses all of those fees, too, and I don't give it a second thought.
I cancelled because I have always treated other peoples money as my own. Back when I traveled for business, I saw too much of people overspending because they had an expense account. If it is not something I would spend my own money on, I won't spend others money on it.
The other reason is that I just do not want to encourage those types of fees. Suntander seems to charge about double what other banks do, and there are plenty of banks in Spain that charge no fee. While likely not effective, maybe if they see a high number of cancelled transactions and reduced traffic, maybe they will decide the fees are too high. Won't hold my breath, but a small effort I can do. I don't mind paying a reasonable fee, but at this time 7 euro is exorbitant.
