One more time: actual exchange rate at bank ATMs?

Here is a great article, and very current: Actually exchanging your currency is the most expensive way to go, better to charge whatever you can and use the Capital One 360 debit card after arrival to get euros. I believe European banks are NOT permitted to charge ATM fee, so make sure the ATM you use is a bank one, not a private one.
https://wallethub.com/edu/currency-exchange-study/21567/

Thanks, Joan! That is a very helpful article. I'm also a little paranoid about using an overseas ATM, because my friend told me that everything was fine until one day an ATM machine swallowed his debit card and he couldn't leave town until he was able to retrieve his debit card the next day.

Firstly any ATM can try to snare you into accepting their exchange, whether it is bank operated or by an independent. Just decline it, whatever dire warnings they throw at you.

If you take the network rate it will be the interbank rate, minus any loading applied by the network (Visa/MC) minus any loading applied by Wells Fargo. Visa is typically 1%.

If you have a chip & signature card then outside of automatic payments it will still be signature.

Wells Fargo is not the best choice.
It's worth getting another account with debit card for foreign travel. Capital One as mentioned above is or near the best; they specialize in it.
Avoid like the plague getting cash with CREDIT card.

For routine amounts the exact exchange rate will make a minuscule difference. The flat fees will eat you up!

The rate used at bank owned and operated ATMs the world round is set by the network that the ATM uses to contact your bank for authorization of the transaction. That would be either Visa or MasterCard (or one of their wholly owned subsidiaries like Plus for Visa and Maestro for MasterCard, I'm leaving out AmEx and Discover because those are almost never involved while in Europe at an ATM). It is close to the rate you get when you Google that currency (1 EUR in USD). It can vary throughout the day, but is always the best rate available at that point in time. Avoid Dynamic Currency Conversion (an offer to bill you in your home currency at the ATM instead of the local currency) as there is no guarantee about the rate. The Wall Street Journal is out of date the moment it is printed, but can provide a guideline that might be helpful for historical purposes.

If the rate is $1.16, that is the rate you get at the ATM. The fees charged by Wells, or any other bank, are completely separate from the amount charged to your account for the currency you get from the ATM and should not be considered as part of the exchange rate. They will appear as separate line items per transaction on your statement. Wells charges you $5 per withdrawal. They probably also charge you a currency conversion fee of up to 5%. This conversion fee may also include the 1% charged to the bank by the network for foreign conversion.

There are other options that charge zero fees for foreign withdrawals. There are also many many credit cards available that charge zero fees for foreign purchases. You pay what the rate is and you are done. If you will be making multiple trips out of the country, you might want to look into getting those just for use when traveling to save the fees.

Unless you have a Chip & PIN card the PIN is not needed for purchases made through a live person. A PIN might be required at some unmanned kiosks, like train ticket machines. It won't hurt to ask your credit card issuer for the PIN. They will tell you the PIN is only for cash advances at ATMs, but they lie. While that is the only use for a PIN on most US issued credit cards while in the US, in Europe things are different. You will never be charged as a cash advance for any normal purchase you make in Europe if you enter your PIN.

Edit: It is a good idea to have 2 debit and 2 credit cards each of these 4 from different banks with you in case one gets lost, stolen, swallowed, or whatever. You are not always able to find a friendly banker willing to return your card. So keep your Wells card as a backup and use the no fee card you get from Capital One 360 or other similar bank as your primary source of funds.

That is why you carry two debit cards tied to two different accounts. Called back up and being smart. Posters tend to make this a complicated subject when it is really very simple. All debit and credit cards use the "network" that supports that card - Plus and Cirrus for Mastercard or Visa. It is the network that establishes the exchange rate (generally referred to as the interbank rate) for every debit and credit transaction. To that exchange rate the network adds of a service fee of less than 1% to the exchange rate and this is what you see on your credit card or bank statements. After that, all additional fees (and they can vary greatly) are added by the card issuer. So if the exchange is 1.16xx at this minute (it will be slightly different five mins from now), then the rate you will see for your transaction at this time will be approximately 1.17xx.

Swallowing a card is a risk of using a debit card -- But (knock on wood) we have never had that happen to use. You need to be aware that ATM machines are programmed to swallow or pull back a card if the card is not removed within a short time period - 15 to 30 seconds. I think those time periods may be shorter in Europe than is typical in the US. So take your card and then count your money. We have never had a problem with a swallowed card in 15+ years of using ATMs but there is always tomorrow.

" an ATM machine swallowed his debit card "

That happened to me in Kiev. But it was banking hours; some security guy came across town to open the machine inside an hour. You need a back-up card.

Another thing to be concerned about is the notification you give to the bank about locations to allow usage in. I notified my debit card bank (Schwab) about a trip to Europe. About 3.5 weeks into the trip, the card did not work. I did not realize that the notification of countries EXPIRED after 30 days.

Check for EXPIRATION OF NOTIFICATION.

Although it doesn't seem like it, having your card swallowed is actually a safety feature that's for your benefit. But you can't dither around or it may happen. There's no reason to be paranoid at all. Use the ATM just like you would at home and don't dither when punching the keys or making selections. I've never had my card swallowed (I only carry one ATM card) and I make tons of small withdrawals overseas because my credit union doesn't penalize me for doing so.

It is not the case that European bank ATMs are prohibited from charging fees, though that may be true in a few countries. I've encountered a lot of bank ATMs with fees. Information about the ATM-usage fee, if there is one, will be displayed during the transaction (usually toward the end, which is annoying). You are then free to cancel the transaction, retrieve your card and go elsewhere.

At an ATM, everything is within your control. That is not always the case when you pay by credit card. You are supposed to be charged in the local currency (which is cheaper for you) unless you explicitly agree to be charged in your home currency. I've run into too many hotel and restaurant personnel who take it upon themselves to choose dollars for me, even when I've said up-front that I want to pay in euros (Spain) or forints (Hungary). I don't let them get away with it, but it means that I make sure to clear my hotel bill the night before I check out so there's time to fight this infuriating practice if I need to. There's no way I'm going to pay 3.5% or 5% or 7% more than the agreed amount for a meal or a room.

Thanks all, for your very helpful replies! I have a Visa credit card from Costco/Citibank that doesn't charge foreign transaction fees, and I have already notified them of travel plans. I have a couple of other cards as backup. Unfortunately, it's too late for me to get another ATM card before my trip. If anyone has specific knowledge of foreign currency conversion fees charged by Wells Fargo for ATM use overseas besides the $5 transaction fee, I'd like to know.

The exchange rate will very a little, depending on a bunch of factors. However, the exchange rate changing by 1% or 2% will not make e great difference to your holiday cost.
OK, the 100 euro hotel costs you 102 euro. That is the price of two cofees.

....f anyone has specific knowledge of foreign currency conversion fees charged by Wells Fargo for ATM use overseas besides the $5 transaction fee, I'd like to know. .....

Please, re-read by earlier posting - 10:17 am. Your bank determines all addition fees. Call your bank and ASK !!!

For the exact fees charged, ASK YOUR BANK.

We can only provide what we either know from experience or what we look up on the internet. Wells states on their account documents that anyone can view online that they charge 3% in addition to the $5. But you should really verify that with Wells if you don't know because you may have an account with different terms than what they are advertising for new clients. If the information provided here is incorrect and you don't verify it, don't blame us! :-)

It appears that for Wells Fargo that you cannot avoid the $5 fee for use of an out of network ATM. Some ATM cards also will tack on a Foreign currency transaction fee that is a percentage of the transaction of 3%. From what I see (I do not have a Wells Fargo ATM card, but other WF accounts) the 3% is only charged if you use a teller (not an ATM) for a withdrawal, so looks like only the $5 fee applies.

So using your ATM card is still better for any withdrawal over $100, myself, regardless of fees, I always get ~$300 or so, putting about $100 in my pocket, the rest in my neck pouch. If I get to my last $100, I get another $300. AT $300, even if you are charged the 3%, you are still under 5% for the transaction, better than bringing euros.

OK, so we have had people who went onto the Wells site and saw $5 + 3%. Others saw only $5. I looked at 2 different ZIP codes for Wells and the account terms for the exact same amount reflect radically different fees. Please talk to someone at the Wells location your account is at. they are the only ones who can give you the right answer.

...the 3% is only charged if you use a teller (not an ATM) for a withdrawal, so looks like only the $5 fee applies.....

Fake News. Makes no sense. You could not use a teller in any Italian bank if your financial life dependent on it. For WF it is 3% AND $5 per transaction. Same for US Bank.

On my last trip abroad, I heard two separate horror stories about people having their ATM card swallowed by the machine. Now, in both cases the owner was able to eventually retrieve their card.

BUT...the story that still sticks with me belonged to a woman who used her card at a bank ATM on a Saturday. The bank was not open again until Tuesday because of some holiday.

So perhaps plan ahead if possible, and use the card on a day when the bank will be open the following day. Just in case...

Yes, I have had my card swallowed by the ATM -- but it was at the bank about a mile from home. After hours, so I had to retrieve it the next banking day. So it's not just a European problem.

"It is not the case that European bank ATMs are prohibited from charging fees, though that may be true in a few countries."

Thank you acraven for correcting that. I am sorry I posted incorrect info, I didn't realize some do charge.

If your Wells Fargo card is part of the Visa network you can calculate exchange rates here

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

The rate used at bank owned and operated ATMs the world round is set by the network that the ATM uses to contact your bank for authorization of the transaction. That would be either Visa or MasterCard (or one of their wholly owned subsidiaries like Plus for Visa and Maestro for MasterCard

I often read this but it isn't entirely my experience. Banks in Germany seem to take a cut (with a poorer exchange rate) and that doesn't happen at banks in Italy, France, or the UK. I'm not talking fees, I'm talking about an artificially discounted exchange rate. I always lost 1-1.5% in Germany.

Tom_MN.

Thats has never been my experience. Maybe you were unlucky enough to choose the wrong ATMs. Or I was lucky enough to choose the right ones. :-)

Tom -- that is impossible unless the Germany bank is adding a fee at the point of usage. The network exchange rate is going to be the save whether that card is used in Germany or Italy or England at the exact same time.

Andy Scott,

Unfortunately, it's too late for me to get another ATM card before my
trip. If anyone has specific knowledge of foreign currency conversion
fees charged by Wells Fargo for ATM use overseas besides the $5
transaction fee, I'd like to know.

I just returned from Italy and have a Wells Fargo debit VISA card that I’ve used for the last few years during my travels. Wells Fargo Bank charges a flat $5 fee for using a Non- Wells Fargo Bank for every ATM withdrawl.

I pay cash for most of my expenses, except for larger hotel bills, so usually withdraw €500 per transaction.
My daily cash withdrawl limit (DCWL) is $750 but this can be changed by my bank upon my request.

Make sure you change your DCWL before your trip, if you plan to withdraw
large amounts.

Please be aware that some banks in Italy will limit cash withdrawals to €250; in this case I just go to two diffferent banks, if I need €500 total.

FYI, some hotels will give you a discounted rate if you pay cash.

I always try to use an ATM in a bank during office hours; just in case I run into any problems.

Enjoy your trip!

Q: Who sets the exchange rates for foreign ATM withdrawals with my Bank of America ATM card and for international purchases with my Bank of America credit and debit cards?
A: The exchange rate for international purchases and foreign ATM transactions is set by Visa® or MasterCard®, depending on your card's logo. This exchange rate is either the wholesale market rate or a government-mandated rate on the day before the date the transaction is processed. The processing date may differ from the date of the transaction.

This is an opaque process, but from the Bank of America website quoted above they state that in unspecified countries the Visa/Mastercard rate can be overwritten by a government mandated rate. Another opacity is it isn't clear which day's rate a person is getting. For my credit cards the pending transaction always posts with one rate, but that never sticks, it is replaced with an official rate that is determined later when the transaction transitions from pending to posted. It's not clear what the time of either of the rates is.

I suspect there's quite a delay (24-48 hours) between the time of the credit card purchase or cash withdrawal and when the conversion rate determination is made, and for the banks it all evens out in the end so they don't care. Anyway, that would explain why in Italy I was getting BETTER than the day's rate when the dollar was strengthening, and LESS then the day's rate while in Germany and the dollar was falling.

Yes, the rate you get when the transaction first shows up in your account can change when the final position is done. For Visa, that is at 03:00 Pacific time of the day the posting item is processed. The rate for all currencies is set at that time. It is not set by transaction. They use the wholesale rate for Euros, UK Pounds, and Swiss Francs. Merchants usually try and send in their postings daily, but they can wait because each posting batch they send in costs them a processing fee. For a small volume merchant, they may only post once a week and sometimes less often. It makes no difference to them because they will always receive the amount of Euros, Pounds, Francs, that the transaction is for. It does matter to the foreign customer because in the case where their currency is dropping quickly in value it can cost them a lot more than they expected

My bank is a small regional bank and reimburses all ATM fees. Worldwide. This has saved lots of money in my travels