ginaoooo

I am looking to find out what are the best ATM Vendor / Bank exchange rates in France. My bank does not charge me a fee but they are unable to tell the rate index. They say it depends on the vendor and ATM in France. Does anyone have any experience with ATM exchange rate in France? Was there one that gave good rates? Is there any way to find out? I need to pay cash for some things that I do there such as Brocante shopping. It was helpful because Chase Sapphire gave me the "Visa" sight to log into to get a daily rate of exchange on my charges. https://usa.visa.com/support/consume...lculator.html/ Very helpful! This day and age it seems as though there would be a app with this information. Thank you in advance.

nukesafe

The rate of exchange you will receive from bank connected ATMs in Europe is linked to the exchange rate determined by international money exchanges worldwide, not the individual owners of ATM outlets. Check with XE http://www.xe.com/ for the current rate.

Kathie

Yes, use xe to find current rates (they do have an app). The only ATMs to avoid are the privately owned ones. All of the bank-owned ATMs will give you the same rate.

NewbE

I agree, check XE if you wish to stay informed, but since any bank ATM will give you the same going rate, what is the point?

michelhuebeli

You probably know this, but someone else cruising by might not: Next time you talk to Chase (and any other card issuer of yours), tell them when you're going and where you're going, so that their security computers won't reject your transactions in France as "unusual suspicious foreign activity".

Trophywife007

>> tell them when you're going and where you're going, so that their security computers won't reject your transactions in France as "unusual suspicious foreign activity".<<

That can also be done online... you might ask them if they charge the 2 - 3% conversion fee when you use the debit/atm card.

michelhuebeli

>charge the 2 - 3% conversion fee when you use the debit/atm card<

I've never seen that percentage-based conversion fee on ATM cash withdrawals.

What US banks charge - most but not all of them - is a per-transaction fee, a few bucks, which doesn't add up to very much, unless you take out silly small amounts all the time.

Make sure your withdrawal limit is high, a few hundred dollars anyway, and if these fees worry you, open an account with Schwab or one of the others that don't charge the ATM fee and even reimburse you if a middleman did charge it.

Which bank charges a percentage-based conversion fee on ATM cash withdrawals from your checking account?

Trophywife007

>>I've never seen that percentage-based conversion fee on ATM cash withdrawals.<<

I've had them using BoA and Chase. It's not the end of the world as fees go, but if you can avoid them, even better.

janisj

>> They say it depends on the vendor and ATM in France<<

As with most US bank customer service people, you bank has absolutely NO idea what it is talking about. You ask for € out of the machine and get € -- there is no 'exchange going on. It is the systems your bank is affiliated w/ that determines the 'rate'. The French bank is not involved in the decision . . .

Trophywife007

I opened a Capital One 360 account and have been happy with the exchange rate. Recently in Paris, I withdrew 300 euro a couple of times. Returning home, I calculated that I paid only about $2 or $2.50 in fees. If I had used my Chase card, I would have paid a $5. fee in addition to the $9.50 conversion fee. $14.50 vs. $2.50. Woo hoo!

Again it's not the end of the world but it does add up; but, if you can avoid that, so much the better.

Sarastro

<i>The French bank is not involved in the decision . . .</i>

This is absolutely correct. French bank ATMs are free to anyone using them.

If you use an ATM that is not part of a French bank, one might incur fees at the ATM level but it would be very unusual in France.

The network processing the transaction from euros into dollars, such as Maestro, Sirrus, or some other, typically takes 1% for its services. Any other fees, fixed or variable, come from you home bank and some can be very expensive. The exchange rates used in the conversions are changing constantly and vary by the minute (or less).

There are US banks that absorb the 1% currency conversion fee, some pass it along to the customer, and many banks, namely the big bailout banks, can add up to 2% plus charge a fixed fee.

Bank of America typically charges 3% (1% + 2%) plus $5 (unless you find one of their ¨partner¨ banks) making their ATM cards the most expensive issued by any US bank for foreign ATM withdrawals. Wells Fargo and Citibank charge most customers about the same.

greg

I think you are going down an unproductive path.
If you use an ATM associated with a bank, it is YOUR bank, not the French ATM that determines the rate provided you do not fall for the Dynamic Currency Conversion. Additionally, the rate changes by the minutes during the business hours.

Also, you mentioned cash and credit card (mention of ¨charge¨).

>>> need to pay cash for some things that I do there such as Brocante shopping. It was helpful because Chase Sapphire gave me the "Visa" sight to log into to get a daily rate of exchange on my charges.

How does know the daily rate (not posting date, mind you) on you "charges" (meaning credit card) help you when you are doing Brocante shopping with cash?

Coquelicot

Our credit union passes along a 1% fee and that's it--no further fees. We found that the post office ATMs gave us the best rate.

Alec

Indicative rates used by Visa International and MasterCard International are posted in:
https://www.visaeurope.com/making-pa...exchange-rates
https://www.mastercard.us/en-us/cons...-currency.html

michelhuebeli

TW007 - thanks for the clarification. Makes me feel even better about my Charles Schwab checking account and Debit card - all such fees are reimbursed, both from US AYMs and overseas. They simply appear as a credited item. Nice.

NewbE

<I think you are going down an unproductive path.>
This should be the Europe board's motto.

laurie_ann

You might also be careful as to "dynamic currency conversion". I had thought it was something that applied only to credit card transactions. Where the clerk or server might ask you in France "would you like to be charged in dollars?". The answer is no. Otherwise the merchant and not your bank sets the exchange rate. And What I understand is it is never in your favor.

But then the last time I was in France I encountered something similar at an ATM in the Paris (CDG) airport departure area. I wanted a few extra euro for the next time I would return to Europe. It was a Travelex ATM so not exactly a bank ATM. But it was the only ATM I saw after we got through security. I don't remember what it asked me exactly but something like "would you like to be charged in local currency or in your own currency?". I picked local currency.

Just something to watch out for.

hetismij2

Unless you are withdrawing a huge amount of cash (which you won't be able to) the daily fluctuations will make a minute amount, if any, of difference to the amount of euros you get from a machine, and an even smaller percentage of the overall cost of your trip. Just get cash when you need it and accept any slight fluctuations.

greg

I often talk to folks who fret about this kind of mechanical exchange minutia while losing money and time big time. I have noted to one couple like this with an itinerary that included staying in Dublin twice and London twice over 12 days. I mentioned that they were oblivious to throwing away two days out of 12 days while paying more (to travel to and from the same hotels for the second time, twice). However, from their metric focusing only on the exchange rate as opposed to what they got out looking at the overall trip expense, they felt they got a good deal.

StCirq

<<We found that the post office ATMs gave us the best rate.>>

That doesn't make sense. The ATMs at La Banque Postale (MY bank) in France don't offer any advantages over any other bank. To reiterate, it's your US bank that foists charges on you, not any bank in France, which charges nothing for an ATM withdrawal. You can't shop around for "better" rates at ATMs in France. They are all the same on any given day and none charges a fee (except private ones inside, for example, convenience stores, that aren't associated with a bank).