Heimdall: And now you are offering it for free on Fodor's?

You do.
We do.
G.

Robespierre, I noticed that they have raised their interest rates again (and are talking about further raises). The Bank of Canada has not made any moves, so we are likely to see a drop in the Canadian $ vs the Euro. That is all I am basing my "prediction" on!

But I did manage to get some info out of the Royal Bank. They charge 2.5% over the interbank rate on ATM withdrawls.

For cash, they are currently charging about $1.60 (actual rate is about $1.54CAD). For Travellers cheques they are currently charging approx $1.57 - which sounds very close to the ATM rate, but I am not sure how to convert the the +2.5% into a rate . . . anyone?

A little perspective....

Let's say the best rate you can expect is +2.5% and let's say a bad rate would be +5%, in other words a 2.5% spread. That means that the difference between a good rate and a bad rate for every $1,000 exchanged is.......

$25

I don't know about you but I am not going to lose one second of sleep over whether the exchange rate I receive may or may not save me $25 on my vacation. I will withdraw, exchange, buy, sell cash whenever, however it is most convienient for me.

Jeeze, some people act as though they are running a multi-billion dollar currency hedge fund......

saltymuffin,
"I am not sure how to convert the the +2.5% into a rate..."
you need to multiply rate by 1.025.

If ATM withdrawls rate is $1.54CAD+2.5% it will cost you $1.5785

A British supermarket is going to start operating cash machines which dispense Euro at trial locations near departure points.

http://business.guardian.co.uk/story/0,,2029984,00.html

Thanks Travfirst! I am not a total math moron (really!), but somehow, I wasn't sure that was how you would add the fee - just like adding sales tax!

Gaspard:

"You do.
We do."

Yes, but I'm not in the travel business. I'll bet not many lawyers offer free legal advice on the internet either.

ripit - I am in a bit different circumstance than you. I spend more than €1000 per annum in Europe. I spend about €15000 in Europe. Now using your calculations if I can save 2.5% that is €375 or approx $550 canadian - worth an inquiry or two don't you think.
salty- received this email from RBC today and it seems to jive with what you have been told...
<< on top of any user-fees charged by the ATM owner and the $3 to $5 surcharge that may be applied by the PLUS ATM system, the exchange rate is indeed higher than the rate of exchange applied if you were to purchase the foreign cash at your RBC branch.

Foreign currency purchases via cross border debit or PLUS-ATM withdrawal are converted to Canadian Dollars at an exchange rate 2.5% over the Interbank Spot Rate (as defined by Acxsys Corporation) in effect at the time of processing. Since exchange rates fluctuate, the rate applied will usually differ from the posted exchange rate at the time of your purchase.>>

If you want to find out how much above the exchange rate you were charged, if at all, go to:

http://www.xe.com/ccc/

robjame - It's very likely that it is your bank (not the foreign atm) charging all the fees. It appears your bank is going to tack on a 3-5E fee just to use a foreign atm and then another 2.5% charge above the interbank rate. That's why this gets discussed som much. US banks are required to put in writing their fees. My credit union gives me the exact interbank rate at the time I withdraw money. You can track this when you get back by clicking on fx history converter on oanda.com after you get your bank statements.

robjame, folk constantly complain about "rip off Britain", but on Forex charges it looks as if Canada has the UK knocked into a cocked hat. My bank for example charges nothing for using a foreign ATM and gives me the interbank Forex rate.

The only time I pay any fees is if I go to the US where the US bank will charge me for ATM use

About withdrawing money from the ATM while jetlagged: just make sure you pull out the right card from your wallet. Once, after staying up most of the night to pack, and then working all day, and then going straight to the airport for an overnight flight, I was so brain-dead upon arrival that I put a credit card instead of my ATM card into the machine. Didn't even notice my mistake until weeks after the trip, when the credit card statements arrived, with a huge fee.

>>>>
My bank for example charges nothing for using a foreign ATM and gives me the interbank Forex rate.
>>>>>

alan...what is your bank? i use both hsbc and natwest and they both charge about £7-8 on an average withdrawal of £250 abroad (including europe). this is the amount lost over the interbank/published rate.

Amazing how a post which gets unmercifully flamed turns into a very informative thread.
I have an account where I pay nothing for ATM use so that is some mercy. However the 2.5% fee puts ATM use on a parallel with Visa credit card use.
One way around may to buy AmEx travellers cheques (no fee at my Royal Bank) which are a point better than the bank's cash rate and then immediately cash these in for € cash at the same bank. This would give me Euros at a very competitive rate.
I have done this years ago Cdn to US and the mere threat to do so was usually enough to bring the manager scurrying and have him (it was always a him in those days) agree to the better rate without the process.
The other tact is bite the bullet and give in to the bank's exorbitant fees (Royal Bank made record profits last quarter).

This reply is for Walkinaround.

First Direct have an option called "First Directory" whcih charges a monthly fee of £11.95 but includes annual travel insurance, fee-free cash withdrawls abroad, comission-free foreign currency and various other benefits. It can soon pay for itself.

walkinaround, Nationwide Flex Account.

I have followed these threads regarding ATM use,fees charged by US banks, exchange rates/fees, etc. What I have not been able to find out is...do the foreign banks assess a charge to use their ATM machines? We will be traveling to Rhodes, Greece and was wondering if I will incur charges from the foreign banks. I have found out that my bank does not charge a fee to access the ATM, but it does charge 2% of the transaction amount.

tmac, thanks for asking one of the only questions in this topic which has only one simple and easy answer.

No European bank will charge you anything to withdraw from their ATM. The only charges or fees you will incur will come via your own bank.

NeoPatrick....

Thanks so much for the simple straight forward answer!!!! I know this topic is not at all black and white!!! I had to call my local bank several times to get the answers to my questions regarding their charges. I called 3 times and got 3 different answers from three different people. On the 4th try I think I finally got a straight answer!!! At least I hope.....

Thanks again for your help.