August 2017 – In Greece with our UK bank cards, we requested €150 cash out at an ATM. The bank exchange rate was going to cost us around £151 and the local exchange rate was around £135. That’s an extra £16! No thanks. Local exchange rate please.
Another example during the same seven day trip was a £147 bank exchange rate for a €150 cash withdrawal. Notice in the picture they don’t tell you how much the local exchange rate (without conversion) will be? Sneaky buggers.
July 2017 – In Italy with our same UK bank cards, we requested €200 cash out at an ATM. The bank exchange rate was going to cost us around £195 and the local exchange rate was closer to £170. Can you believe it? You can avoid extra bank charges of up to £25 in just one transaction! And that doesn’t even include the other fees associated with getting cash out overseas!
The best way to check before hitting the big green money please button is to download a currency conversion app on your smartphone and do the sums yourself. Otherwise your laziness could get expensive!
Moral of the story? Do your research, don’t let the banks scare you and you can save yourself some serious cash.
How to avoid extra bank charges on holiday particularly when withdrawing cash from ATMs overseas.