Warning, very poor exchange rate at Shannon Airport ATM.
On June 5th 2024 we used the ATM near the currency exchange at Shannon airport to take 500 euros from our Schwab checking account. The converted amount in USD is listed as $610.83.
On June 14th 2024 we used the AIB ATM in Dingle to take 500 euros also from our Schwab checking account. The converted amount in USD is listed as $540.90, which looks reasonable.
The ATM near currency exchange is usually operated by the exchange place, not a bank and this will be what happens. I know the ATM near the exchange in Atlanta is operated by travelex and I just looked at it once for entertainment rates are horrible
Must have been a Euronext ATM, or others of their ilk. Something to watch out for. Stick to ATM's operated by real banks.
My guess is that you didn’t decline DCC (Dynamic Currency Conversion) and chose to be charged in dollars. In that case, the ATM determines the exchange rate. You should have declined the offer to be charged in dollars and instead chose to be charged in Euros. When you are charged in Euros your bank/card provider determines the exchange rate.
david_pl
--I see you are a new poster here. This forum is awash in material regarding ATM usage in general and in detail the notorious dynamic currency conversion issue.
You did not do an ATM transaction, you accepted an offer to exchange currency at their rate, which they disclosed how much it would cost as part of the transaction. You should have declined the offer and continued with an ATM transaction. The rate would have been less than 1%.
Must have been a Euronext ATM, or others of their ilk. Something to watch out for. Stick to ATM's operated by real banks.
That has no bearing on it, ATMs of all types charge fees possibly, and many Bank ATMs make offers of DCC. A Euronet ATM charges no more for the transaction than other ATMs with a use fee.
Thank you, OP, for providing this opportunity for others to share information for forum visitors/members who have not encountered previous posts or information about this subject.
If you follow The Points Guy on Instagram, he posted about this recently while traveling. Merchants AND bank machines have begun making you go through several steps to decline currency conversion, ie, you choose the local currency, it asks you "are you sure", you say yes, and then comes the next screen with a statement like "we cannot guarantee your rate if you continue in the local currency" and you have to accept that (so three times) in order to proceed in local currency. This is happening everywhere, not just at Shannon Airport. There are numerous articles about it on the internet and I believe even Rick wrote about it recently.
It never asked to convert to USD and I did not accept that. There was no indication of additional fees. I just put in 500 for the amount and there were no other choices to make.
It would appear that the machine you used was not an ATM, but a money exchange. "Money exchange" is not a proper term, as while you think that the service is changing your dollars into local currency, what is actually happening is that you are PURCHASING local currency at the rate and profit they choose. That they are doing this by transfer from your bank account does not change this.
Euronext and Travelex will happily rip you off. They split the overcharge with the airport which is desperate for revenue.
Larry, that's a great way to describe the transaction.
