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Finance and money

Finance and money forum

Reject the Exchange Rate Offered by the Foreign ATM

Posted by exacto on 23/3/2021 at 02:35

Just a reminder that once we all get back into regular travel: reject the exchange rate offered by the foreign ATM you are using. In my experience, this rate posted during the ATM transaction is typically as much as 5% worse than the rate your home back will use when they clear the exchange. That is in addition to whatever fee the ATM may charge for the service.

Just say no thanks to the rate offered on the screen and let your home back clear the transaction amount instead.

A recent example was a foreign exchange withdrawal at an ATM. The ATM offered to clear the transaction at just over US $202. My bank cleared the transaction at just over US $192 and also refunded the ATM service charge. That's a pretty big difference which could really add up over an extended trip. Cheers.

#1 exacto has been a member since 12/2/2006. Location: United States. Posts: 2,848

Posted by neharani on 13/7/2021 at 07:12

Always be updated check the currency rates every day to know how much we will be spending.
Recently I face a problem due to the ATM withdrawal limit because all debit cards - domestic and international - come with a daily spending limit and a bracket on how much you can withdraw from ATMs. If you exceed the amount, you will not be able to make any more transactions for that particular day.

#2 neharani has been a member since 23/2/2017. Posts: 55

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