I have always used my ATM at my destination airport to get local currency, but my banker told me they can get it for me for a $10 FedEx fee and that's all. So, I decided to do that since it costs $5 to withdraw from an ATM. However, when I started to order with them, they said that the USD to Euro conversion is $1.49 for 1 Euro, yet http://www.xe.com/ucc/, Google and Yahoo Financial all three show it at $1.39 for 1 Euro. Does anyone know what conversion that ATM's in Europe are charging for the USD right now?

Thanks

The typical add-on for an ATM is 1% (plus your bank's per-transaction fee, if any). So today's cost would be about $1.405 -- much better than buying Euros outside Europe, even if you pay a $4 transaction fee.

The excnage rate is set by your bank, not the ATM. All the ATM does is dispense its usual currency and report that to the VISA/MC system that reports the withdrawal to your bank, which in turn debits you account using whatever calculations it chooses (but the 1% is for the use of the international Visa/MC system).

I've always received 99% of the xe rate.

My account has been upgraded at my bank, so I am not charged any ATM withdrawal fees, but even before that, I was always able to talk the local branch manager into issuing credits.

Note: It may cost YOU $5 to withdraw from and ATM because that's what YOUR bank charges you.

My bank doesn't charge me anything for using any ATM and only charges a 1% conversion fee.

I think most European ATM don't add a charge for use--the charge comes from YOUR bank.

There's no transaction fee for using a bank ATM in Europe, but you might have to pay one for a private ATM, such as in convenience stores here.

My Schwab Investor Checking offers the following:

• 0% currency conversion markup
• 0% network fee
• $0 ATM fee
• Rebates any fees charged by foreign ATMs
Net cost: zero

That $1.49 to €1 is where they are making their profit. The rate from ATMs will be very close to $1.39 to €1.

So do the maths - and worry about carrying large sums of cash with you

t

If you bank is charging $5 for a foreign ATM withdrawal the solutionis simple, open up an account with one of the many internet banks (E Trade Bank comes to mind as well as USAA_ that charge the proper fee for accessing your money from a foreign ATM namely $0 like in nothing.....even a $1 charge is a rip off.

You can keep a minimal amount in these accounts and when youtravel, make a deposit into the account to be able to access them at ATM's...when you return, any remaining money is moved back to your main checking account...I keep $1.01 in my account and just before a trip make a transfer to the travel checking account...besides which if god forbid somebody should compromise your ATM or debit card (and it happens), none of your main checking account checks will turn to rubber (they will put the money back but if they change the account number, it is a royal pain in the petuna to notify all the institutions from which automatic withdrawals are made yada yada yada.....