currency exchange

[kuba.g]

If I may ask, why not just simply withdraw money from an ATM?

[rfranzq]

Originally Posted by kuba.g

If I may ask, why not just simply withdraw money from an ATM?

I think it does not occur to many Americans. It did not occur to me. That an ATM might even _be_ an option let alone a good or very good option for traveling in Europe has not really crossed our minds yet. Part of it is ignorance of exchange rate issues with ATMs and what ever fees might be charged. And the rise of ATMs as an option is relativly recent. We have not figured out yet that Travelers' checks are nearly defunct.

Thanks for the suggestion.

[kuba.g]

Hehe, as to the exchange rates and fees, we in Europe consider withdrawing money from an ATM using a debit card as the cheapest way of getting foreign currency abroad. The banks offering you ATM's abroad almost never charge any fees, and if they do (like in the UK) it is clearly stated on the screen. Otherwise it is only up to your own bank what the fees are. With my bank I don't pay any fees at all. Most banks in Europe charge 1,5%-2% on the exchange rate. Still, it is cheaper than using a currency exchange centre!

[rfranzq]

Originally Posted by kuba.g

Hehe, as to the exchange rates and fees, we in Europe consider withdrawing money from an ATM using a debit card as the cheapest way of getting foreign currency abroad.

Another problem for many Americans is 'abroad'. We never or seldom go there. And while debit and ATM cards are common; some people [that is, ME]tend not to use them much. Now, credit cards is a different story. There is one that charges no exchange rate fees or the visa/mastercard fee of foreign transactions. Hopefully I won't get in trouble for mentioning it in code. Cap1.


Thanks for making a plain language assertion of the value of ATM usage. It could be very useful for many.