Money Exchange

Currently our bank exchange rate is one Euro equal $1.37. Is the exchange rate better if you get it at ATM's there?

Posted by Frank
Tresana, Highlands Ranch, CO, USA
12688 posts

The exchange rate five minutes ago was $1.31 which means the bank is upcharging about 4 to 5%. At the ATM today in Europe you probably would have received an exchange rate of about 1.32 to 1.33 or about a 1% markup. So the answer yes but it also depends on what additional fees are added by your bank if you use a debit card. Ask !!!!

Posted by Judy
33 posts

There is no fee for using our debit card!!! Thanks for the info., Frank!

Posted by Jeff
Bend, OR, United States
1159 posts

I assume he was referring to an ATM fee.

Posted by Frank
Tresana, Highlands Ranch, CO, USA
12688 posts

There are no ATM user fees in Europe if you are using a bank owned ATM. There are private ATMs that do charge fees. A big one is TravelEx. However, your card issuer can and often will levy fees for using your debit card. So you always ask a lot of questions.

Posted by Southam
Windsor, Ontario, Canada
1186 posts

Judy: You have a good deal if your bank charges no ATM fee. Neither does mine -- at home. But it does have fees for transactions at foreign machines. There probably will be no fee charged by the foreign bank, but private machines such as those found in bars or stores will likely charge an extra fee. Bon voyage.

Posted by Nancy
Bloomington, IL, USA
8336 posts

Southam, it is possible that the OP's ATM card might charge no fees (or have fees reimbursed) when abroad. Mine charges nothing at all, not even a foreign currency conversion fee, whether I am abroad or not.