Are ATM still the best overseas exchange deal?

On Wed, 04 May 2005 19:29:18 -0700, poldy wrote:

In article ,
Deep Foiled Malls wrote:


I was charged a lot in 'extra charges' in Asia, next time.. travellers
cheques.

Surely if you withdraw the maximum possible amount, the service
charges are negligible (like 3%). That's what I always do, given
that I don't get robbed of all my cash very often.
--

Very often?

I get robbed 3% of the time.
--
---
DFM - http://www.deepfriedmars.com
---
--

On Wed, 04 May 2005 19:26:46 -0700, poldy wrote:

In article ,
"Marc Raizman" wrote:

In past years, we were told that the best exchange rates were always when
one used the ATM machine at a foreign bank. My US bank now charges US$1.50
for withdrawals in ATMs not their own and that includes withdrawals from
foreign banks. Perhaps it always did so but I wasn't aware of it. In the
past, while overseas I took withdrawals every few days, as needed. The idea
was to keep the cash at hand minimal and thus minimize the dangers of losing
it or being robbed, etc.

Change banks.

I use an ATM card (no Visa or Mastecard logo) from my credit
union, and there is no charge for using overseas machines. In
fact, there is no credit union charge for using non-credit union
machines in the USA, either. And, of course, thus far, I have
never been charged a fee by a European institution, either.

On the other hand, a US$1.50 fee per transaction is pretty small,
especially if you are taking out, say $200 at a time, making the
charge 0.75%. Beats travelers checks and foreign exchange booths
all to hell.

************* DAVE HATUNEN ) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

On Thu, 05 May 2005 19:44:33 +0200, nitram
wrote:

On Thu, 05 May 2005 10:51:17 -0700, Hatunen wrote:

On Wed, 04 May 2005 19:26:46 -0700, poldy wrote:

In article ,
"Marc Raizman" wrote:

In past years, we were told that the best exchange rates were always when
one used the ATM machine at a foreign bank. My US bank now charges US$1.50
for withdrawals in ATMs not their own and that includes withdrawals from
foreign banks. Perhaps it always did so but I wasn't aware of it. In the
past, while overseas I took withdrawals every few days, as needed. The idea
was to keep the cash at hand minimal and thus minimize the dangers of losing
it or being robbed, etc.

Change banks.

I use an ATM card (no Visa or Mastecard logo) from my credit
union, and there is no charge for using overseas machines.

How does the exchange rate compare to the EBU rate?

Up until last summer the conversion rate was interbank less
system charge of 1%; last summer it was boosted for an additional
credit union take of 2%, which kind of irritates me.


************* DAVE HATUNEN ) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

"Hatunen" wrote in message
...
On Thu, 05 May 2005 19:44:33 +0200, nitram
wrote:

On Thu, 05 May 2005 10:51:17 -0700, Hatunen wrote:

On Wed, 04 May 2005 19:26:46 -0700, poldy wrote:

In article ,
"Marc Raizman" wrote:

In past years, we were told that the best exchange rates were always
when
one used the ATM machine at a foreign bank. My US bank now charges
US$1.50
for withdrawals in ATMs not their own and that includes withdrawals
from
foreign banks. Perhaps it always did so but I wasn't aware of it. In
the
past, while overseas I took withdrawals every few days, as needed. The
idea
was to keep the cash at hand minimal and thus minimize the dangers of
losing
it or being robbed, etc.

Change banks.

I use an ATM card (no Visa or Mastecard logo) from my credit
union, and there is no charge for using overseas machines.

How does the exchange rate compare to the EBU rate?

Up until last summer the conversion rate was interbank less
system charge of 1%; last summer it was boosted for an additional
credit union take of 2%, which kind of irritates me.


************* DAVE HATUNEN ) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

I think the convenience of an ATM is worth the small charge incurred.
BUT....... my card was not returned from an ATM at Barclay's at Euston
Station in London. I called the bank (it was a weekend, office was closed)
and they could not assure me that the card would not eventually pop out. I
had a duplicate to use for the rest of my stay, but I had to decide whether
or not to cancel the card (negating the duplicate) in the event someone else
was around when it popped back out. The lesson was that the travellers
checks I brought in case of emergency were a lifesaver for the few days I
waited for the bank to assure me that they had recovered my card. A stash of
a few hundred in travellers checks is not a bad idea.

rem

On Fri, 27 May 2005 20:04:42 -0400,
wrote:


"Hatunen" wrote in message
.. .
On Thu, 05 May 2005 19:44:33 +0200, nitram
wrote:

On Thu, 05 May 2005 10:51:17 -0700, Hatunen wrote:

On Wed, 04 May 2005 19:26:46 -0700, poldy wrote:

In article ,
"Marc Raizman" wrote:

In past years, we were told that the best exchange rates were always
when
one used the ATM machine at a foreign bank. My US bank now charges
US$1.50
for withdrawals in ATMs not their own and that includes withdrawals
from
foreign banks. Perhaps it always did so but I wasn't aware of it. In
the
past, while overseas I took withdrawals every few days, as needed. The
idea
was to keep the cash at hand minimal and thus minimize the dangers of
losing
it or being robbed, etc.

Change banks.

I use an ATM card (no Visa or Mastecard logo) from my credit
union, and there is no charge for using overseas machines.

How does the exchange rate compare to the EBU rate?

Up until last summer the conversion rate was interbank less
system charge of 1%; last summer it was boosted for an additional
credit union take of 2%, which kind of irritates me.

I think the convenience of an ATM is worth the small charge incurred.
BUT....... my card was not returned from an ATM at Barclay's at Euston
Station in London. I called the bank (it was a weekend, office was closed)
and they could not assure me that the card would not eventually pop out. I
had a duplicate to use for the rest of my stay, but I had to decide whether
or not to cancel the card (negating the duplicate) in the event someone else
was around when it popped back out. The lesson was that the travellers
checks I brought in case of emergency were a lifesaver for the few days I
waited for the bank to assure me that they had recovered my card. A stash of
a few hundred in travellers checks is not a bad idea.

If you can find places to cash them on a weekend. or a weekday
for that matter.

A second ATM card from a different issuer can serve pretty much
the same purpose, as can a couple US100 bills stashed discretely
awa.

************* DAVE HATUNEN ) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

On Fri, 27 May 2005 20:04:42 -0400,
wrote:


"Hatunen" wrote in message
.. .
On Thu, 05 May 2005 19:44:33 +0200, nitram
wrote:

On Thu, 05 May 2005 10:51:17 -0700, Hatunen wrote:

On Wed, 04 May 2005 19:26:46 -0700, poldy wrote:

In article ,
"Marc Raizman" wrote:

In past years, we were told that the best exchange rates were always
when
one used the ATM machine at a foreign bank. My US bank now charges
US$1.50
for withdrawals in ATMs not their own and that includes withdrawals
from
foreign banks. Perhaps it always did so but I wasn't aware of it. In
the
past, while overseas I took withdrawals every few days, as needed. The
idea
was to keep the cash at hand minimal and thus minimize the dangers of
losing
it or being robbed, etc.

Change banks.

I use an ATM card (no Visa or Mastecard logo) from my credit
union, and there is no charge for using overseas machines.

How does the exchange rate compare to the EBU rate?

Up until last summer the conversion rate was interbank less
system charge of 1%; last summer it was boosted for an additional
credit union take of 2%, which kind of irritates me.

I think the convenience of an ATM is worth the small charge incurred.
BUT....... my card was not returned from an ATM at Barclay's at Euston
Station in London. I called the bank (it was a weekend, office was closed)
and they could not assure me that the card would not eventually pop out. I
had a duplicate to use for the rest of my stay, but I had to decide whether
or not to cancel the card (negating the duplicate) in the event someone else
was around when it popped back out. The lesson was that the travellers
checks I brought in case of emergency were a lifesaver for the few days I
waited for the bank to assure me that they had recovered my card. A stash of
a few hundred in travellers checks is not a bad idea.

If you can find places to cash them on a weekend. or a weekday
for that matter.

A second ATM card from a different issuer can serve pretty much
the same purpose, as can a couple US100 bills stashed discretely
awa.

************* DAVE HATUNEN ) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

Never mind the ATM fees - that's small stuff. Look at the exchange
rate.

ATM cards were the best deal last year. This year I'm not so sure.
My banks, at least, now charging a big hidden commission built into
the exchange rate.

Last year I got euros with both my BofA and Citibank cards and was
charged, in dollars, the published exchange rate plus about 1%, more
or less.

Banks will always tell you they charge "the exchange rate" So you
have to ask "If I took out 100 euros yesterday, how much would I have
been charged in dollars?" Chase said $134, which is a $5 service
charge plus about a 5% markup on yesterday's exchange rate. B of A
said I would not pay any service charge because I have a good account,
but the exchange rate they quoted was $1.34, or about a 9% markup!

Any suggestions?

(The O.P. also pointed out the U.S. dollar charge scam. This applies
to charge cards, not ATM. They automatically convert the local
currency to dollars, but again at an inflated exchange rate. U.S.
credit cards typically charge 1% to 3%, less than the 5% typically
seen in these conversions. Insist on being charged in local
currency.)

- Walt Bilofsky

"Marc Raizman" wrote:

In past years, we were told that the best exchange rates were always when
one used the ATM machine at a foreign bank. My US bank now charges US$1.50
for withdrawals in ATMs not their own and that includes withdrawals from
foreign banks. Perhaps it always did so but I wasn't aware of it. In the
past, while overseas I took withdrawals every few days, as needed. The idea
was to keep the cash at hand minimal and thus minimize the dangers of losing
it or being robbed, etc.
Now, I'm told that some establishments in Europe will give you your credit
card transaction receipt in dollars rather than
local currencies. The problem is that in doing so these establishment
surreptitiously add a percentage - some say five percent - to the bill. The
idea, as I understand it, is that the bank that handles these foreign
exchange transactions split this extra profit with the establishment. (I
suppose one way to handle this is to insist that the receipt lists local
currency and not accept it if it shows dollars.)
What is your take on your situation? Have Travelers Checks become a better
deal in the current situation?
Best and thanks. MR