ATM machines
#4
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I think I've seen some ATMs somewhere that do convert money, but I can't recall where. But I've never seen that in Paris.
I've never seen a hotel with an ATM machine in Paris. The only hotels I've seen like that are in big resort areas and then the ATM machines are private, of course, and charge a big fee. They aren't bank ATMs.
I've never seen a hotel with an ATM machine in Paris. The only hotels I've seen like that are in big resort areas and then the ATM machines are private, of course, and charge a big fee. They aren't bank ATMs.
#7
Laureejene,
ATMs don't convert anything.
they dispense notes in the currency of the country where you are - eg U$ in the US, £ in the Uk, and € in France.
the transaction then gets converted into your own currency by your bank, with, usually, a fee for doing so.
ATMs usually offer the best rate you can get, the fee added by your bank not withstanding.
ATMs don't convert anything.
they dispense notes in the currency of the country where you are - eg U$ in the US, £ in the Uk, and € in France.
the transaction then gets converted into your own currency by your bank, with, usually, a fee for doing so.
ATMs usually offer the best rate you can get, the fee added by your bank not withstanding.
#8
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When you use the ATM, you don't enter a $ amount and get equivalent in local currecny, you enter the euro amount, and the converted amount is taken out of your primary account.
Note that you can only access your primary account from ATM, no choice of savings or checking.
Note that you can only access your primary account from ATM, no choice of savings or checking.
#9
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Not all ATMs are born equal. Those in commercial establishments such as hotel lobbies and bars tend to be independent contractors and levy higher charges -- "grey market" machines, in the sonorous epithet of sharp business hustlers. I prefer bank-operated ATMs which reduce the number of operatives taking a cut of your transaction. I particularly prefer ATMs inside banks. They leave no confusion as to where to appeal if the machine swallows your card and won't cough it back.
By the way, I argue with the suggestion that any ATM automatically accesses your "primary" account as I have met machines that wanted only my chequing account -- which, I agree, is often the primary account, but at the time was not true for me. In my opinion, bulk up your chequing account before you leave as that's probably where your ATM withdrawals will come from.
And yes, you can find machines in airports that convert currencies, but they are not ATMs, just money-changers automated.
Now let me repeat a major warning: Never, ever, use a credit card to get cash from an ATM except as a last resort. The money delivered is a loan, not a withdrawal from your account, and will start the interest meter running on your entire credit card balance at rates to make a loan-shark swoon.
By the way, I argue with the suggestion that any ATM automatically accesses your "primary" account as I have met machines that wanted only my chequing account -- which, I agree, is often the primary account, but at the time was not true for me. In my opinion, bulk up your chequing account before you leave as that's probably where your ATM withdrawals will come from.
And yes, you can find machines in airports that convert currencies, but they are not ATMs, just money-changers automated.
Now let me repeat a major warning: Never, ever, use a credit card to get cash from an ATM except as a last resort. The money delivered is a loan, not a withdrawal from your account, and will start the interest meter running on your entire credit card balance at rates to make a loan-shark swoon.
#11
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I argue with the suggestion that any ATM automatically accesses your "primary" account
When not given a choice, and no ATM in France will give you a choice, the withdrawal is indeed made from your primary account. The confusion here might be the word primary. What the bank earmarks as primary, the default account for withdrawals, may not the same account as one assumes. It is possible for a customer to have the bank tag a savings account as primary. Without directions to the contrary, most banks designate the checking account as primary.
Never, ever, use a credit card to get cash from an ATM except as a last resort
While I completely agree with this statement, it should be noted that this advice applies to those using US banks. In other countries, the terms for credit card withdrawals are not as onerous as they are in the USA and using a credit card for a cash withdrawal can be a good option.
When not given a choice, and no ATM in France will give you a choice, the withdrawal is indeed made from your primary account. The confusion here might be the word primary. What the bank earmarks as primary, the default account for withdrawals, may not the same account as one assumes. It is possible for a customer to have the bank tag a savings account as primary. Without directions to the contrary, most banks designate the checking account as primary.
Never, ever, use a credit card to get cash from an ATM except as a last resort
While I completely agree with this statement, it should be noted that this advice applies to those using US banks. In other countries, the terms for credit card withdrawals are not as onerous as they are in the USA and using a credit card for a cash withdrawal can be a good option.
#12
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...using a credit card for a cash withdrawal can be a good option.
I can give an example of that in UK. If you have a Santander Zero credit card, it levies no foreign exchange loading (typically up to 3%) or cash advance fee (usually 1-2% of amount withdrawn). While you are hit with interest (almost 28% per annum) from the moment money is dispensed, you can mitigate it by making an online credit to your account roughly covering your cash advanced, so you will only be charged interest for just a few days. You need to keep that card purely for cash advance, and use another credit card for purchases.
I can give an example of that in UK. If you have a Santander Zero credit card, it levies no foreign exchange loading (typically up to 3%) or cash advance fee (usually 1-2% of amount withdrawn). While you are hit with interest (almost 28% per annum) from the moment money is dispensed, you can mitigate it by making an online credit to your account roughly covering your cash advanced, so you will only be charged interest for just a few days. You need to keep that card purely for cash advance, and use another credit card for purchases.
#14
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An ATM in France is called a distributeur (if you don't speak French, it's roughly dee-stree-byu-ter).
On another note, I have had my bank here in the USA set up my accounts so that if my checking account doesn't work for overseas withdrawals, it will default to taking the money out of my savings account. Having never had to do that, though, I don't know if it works or is just one of those things banks tell you when they don't really know.
On another note, I have had my bank here in the USA set up my accounts so that if my checking account doesn't work for overseas withdrawals, it will default to taking the money out of my savings account. Having never had to do that, though, I don't know if it works or is just one of those things banks tell you when they don't really know.
#15
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I don't think ATMs at most airports are difficult to find, they are usually on your way when you are leaving, not hard to find if you just look around the hallway a bit after getting luggage. A lot of other people will be going there, also. IN CDG, they are operated by HSBC bank, so you can look for that logo. If there are signs to them (not sure if there are, I don't remember), they might say "DAB" on them, which is an abbreviation for distributeur automatique de billets.
#17
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annhig...some atm machines do convert and these are becoming more common. just like a merchant's dcc option the atm will ask you if you want the withdrawal charged in the currency of your home account and you are told the amount in that currency. of course you dont known what your bank will charge so you cant compare at the time of doing the withdrawal but i think it's safe to assume that the atm conversion is a worse deal. bank atms do tbis...for example i just encountered a santander atm tbat offered this dynamic conversion. i dont ever use those dodgy non bank atms so i dont know if they do it as well.
#18
w'round - i always avoid "dynamic currency conversion" where I can, though i did get stung with it in a restaurant somewhere this year - I can't even remember where. they slipped it onto the bill without my noticing - but if I'm offered, I definitely refuse.
so I'll be refusing it at ATMs too.
thanks for pointing it out.
so I'll be refusing it at ATMs too.
thanks for pointing it out.