The Euronet (bad) machines outnumber Multibanco machines probably 5:1. The cost to pull euros from a Euronet machine exceeds 25%!, but at least they are up front about it and give you a chance to back out of the transaction.
I have not seen the Multibanco ATMs tell you the total cost, so you are trusting that it is lower.
I used a currency exchange before I left and total cost was under 7%. A cash advance on the CC would probably be less costly than some of the ATMs here.
Helpful to know. Thanks for sharing! Is there an app that geolocates where the Multibanco ATMs are? Anyone have an app recommendation?
I recently picked up sufficient Euros in Germany so hopefully won’t need to find a multibanco later this year.
The cost to pull euros from a Euronet machine exceeds 25%!, but at least they are up front about it and give you a chance to back out of the transaction.
Any time you are told the "cost" to withdraw cash, you are not doing an ATM transaction, you are doing Direct Currency Conversion, essentially buying euros. Even with Euronet machines, you can decline the DCC and proceed with a normal ATM transaction, though you will always see a use fee with a Euronet machine of several euro.
I have not seen the Multibanco ATMs tell you the total cost, so you are trusting that it is lower.
ATM exchange rates do not vary, and you will be told if there is a fee. The exchange rate is part of the transaction done by the network, and generally always will be about 1%. Some Multibancos may also charge you a fee.
Yes, we tried a Euronet machine later paying close attention and refusing conversion. The fee was ~7%, not 25%.
Maybe not as good as Multibanco, but not outright thievery.
Got a great insight from a hotel lobby staff person in Lisbon a couple of weeks ago: Use Multibanco ATMs with a debit card and decline the exchange rate and the ATM fee, and you’ll get the cash at the market rate and no ATM fee. I didn’t believe him but it worked, as verified by checking my bank account at home. Other ATMs charged the ATM fee but gave the market exchange rate when I declined their exchange rate offer. In sum: use Multibanco and decline the two questions.
I used Multibanco and the fee was not material. Very close to the exchange rate when I googled. I get an alert on my phone with the amount that was removed from my account, so checked right afterwards. I wouldn't be willing to pay a 7% fee unless no other choice.
In sum: use Multibanco and decline the two questions.
This worked great for my Visa debit card, but the GFs Chase debit card was not accepted by MB ATMs, only Euronet and possibly ATMexpress.
Use google maps app and enter “multibanco atm near me”, or whatever you are searching for. It will show them all.
I always go to a bank to withdraw money. They always have Multibanco or ATM in lobby. They accepts many cards.
Looking over my statements showed my Multibanco ATM use had two fees:
A foreign transaction (intl) fee and an out of network fee, both imposed by my bank.
Looking at the published conversion rates during my trip showed I was getting very close to that rate.
Everything included added up to less than 5%.
