Miguel Cruz wrote:
Spehro Pefhany wrote:
Chris Blunt wrote:
Looking at the most recent foreign currency withdrawal on my
account, I
was given a rate of GBP=PHP102.528 for a transaction dated April
6th
2005. According to www.oanda.com the average interbank exchange
rate for
that day was GBP=PHP103.101, so the rate I got was about 0.5% away
from
that.

A HK bank told me that any fees like the 2.5% or whatever results
from
using the Cirrus/Maestro network, and that they only charge a flat
fee
of HKD25 per transaction. I don't bank with them so I don't know
how
true that is.

I think the HK bank was lying, unless there's something special about
Hong
Kong. Like Chris, I usually pay 0.5% over interbank for withdrawals
in major
currencies, and I don't pay any other fees for ATM transactions.

There are charges based on the Cirrus (and other) network. A proper
bank will absorb those costs. Even in the US where there is a charge
from a bank for people using their ATMs who are not their customers,
good banks and credit unions absorb that cost and don't pass it on to
their customers. I use my ATM in Asia regularly and have never paid an
ATM charge.