Best Debit Card to Use While Traveling
- Thread starter ushdadude
- Start date
I might be wrong, but I really doubt that ATMs owned by those companies offer less favorable rates. They may have higher fees to place the transaction, but usually the rates are determined by the card issuer. Nevertheless, its always convenience vs. cost. I pity the folks who use the $10 flat fee foreign exchange service right outside of customs at PVG.
I've only actually compared multiple atms once. I spent a couple weeks in Australia 2 years ago so did a quick test. I believe travelex in the airport which had no fee. Then 2 separate banks one had a fee, one didn't. The banks were similar exchange rates, the travelex had a terrible rate. Basically the fee was built in to the rate and cost me more than the bank that did charge the fee. All in Sydney, same day. Since then I bypass them. Having that said, this was the only time I compared so I guess YMMV...just my personal opinion to pass.
Of course YMMV...but I like trouble shooting these issues. There would only be a travelex rate if you were billed in your home currency. I am wondering if they pulled the foreign dynamic currency exchange scam on you at an ATM, didn't know that is possible.
It wouldn't be an issue with your bank. When banks say no fees or tack on a percent fee, that percent is off the real inter bank trading rate.
The foreign dynamic currency exchange scam, which you should read up on is always put in place by the actual merchant. Basically how it works is a cardholder is given a choice between being billed in a foreign or home currency. Many choose the home currency, which is at a terrible rate of the foreign currency. They justify this scam, because of the convenience factor of knowing how much you paid in your home currency. Although, it always ends up being more expensive than if you selected the foreign currency. Its becoming more and more common now-of-days.
That time where I did test I withdrew the exact same amount from 3 separate ATMs on the same day, in the local currency, Australian dollars (I think you did have the option to pick your currency at the travelex, but its been a while). Even though I withdrew the exact same amount out, Travelex ATM pulled the most out of my US checking account even with one bank charging a fee.
I have only encountered the foreign dynamic currency exchange scam at a castle in Ireland when they stuck me with a horrendous rate charging me in US.
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MickiSue
Level 2 Member
Well, of course.
I always pay in the local currency, either by cash if necessary, or a points-earning card with no exchange fee.
The last time we were at Schiphol, I bought flowers for DD, who had been sick. The line at the flower mart was long enough that I had time to do the calculation in my head. I was buying a bunch of flowers for 15 euros, which was, at that point (had checked the exchange, earlier that day) about $20. For the "convenience" of paying with dollars, they would have charged $25--a 25% markup.
pizza0496
Level 2 Member
Or local governments whose webpages will shutdown after business hours. Completely misses the point of the internet.