ATM Withdrawals

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ATM Withdrawals

Post by Geotherm on Fri Apr 04, 2014 10:57 am

First time I have seen this on a ATM at the Banca della Adriatica.
Went today to withdraw 250 Euro and was given the option for the DCC in £'s. It was over £213. Anyway, just went for the Euro figure, as have a Flexplus Account, which gives current market rate of the day.
Just checked with the current rate on XE com and it is just under 1.21, so saved over £5.
I know they use the DCC in some restaurants, but now the banks as well  Evil or Very Mad  Evil or Very Mad 
Moral of the story .......... don't press the Sterling amount if you get a decent exchange rate.

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Re: ATM Withdrawals

Post by stevegwmonkseaton on Fri Apr 04, 2014 12:49 pm

Geo the XE only quotes a mid bank rate i.e. not the buying and selling rate. I guess the DCC (which I had never heard of until now) being shown is not the rate you are getting as it is only around 1.17- 1.18. According to the Nationwide (I'm assuming they are your card holder) they use the Visa currency rate at the time. Currently Visa are quoting (HERE) 1.20279, XE 1.2089, so not a lot of difference at the moment. However there is the cost of the card at £10 per month, although for some the additional benefits may pay a lot of that back.

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Re: ATM Withdrawals

Post by Geotherm on Fri Apr 04, 2014 1:07 pm

I changed from the normal Flex account to the Flex plus due to the normal Flex charges being so high for withdrawals @ £1 a time plus the card fee usage per transaction. In 1 year it cost me about £300+ in withdrawal charges, so this way I am £180 better off.
The £10 monthly charge isn't that bad, as I always have over £2500 in the account, so therefore get interest paid up to the 2.5K level, which in reality reduces the monthly fee.
Cannot use the other benefits as they only apply if you have a UK residency, but not worried about that.

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Re: ATM Withdrawals

Post by stevegwmonkseaton on Fri Apr 04, 2014 1:24 pm

We used Nationwide for a few years until Visa made them charge for cash withdrawal on the flex a/c. It's interesting as we topped up a prepaid Visa card today and got 1.1890, which is a bit less than the 1.2015 we could get with CurrencyFair (this calc includes their €3 transfer charge), but  the difference on 200-300 is very little and with the card we can use it here like a normal Visa (e.g. in the local supermarket) with no charge. You can get cash out at the ATMs with no charge (unless the ATM supplier chrges - not found any yet that do). Also you can top-up online or by text (I assume only using a UK mobile) and the transaction is instant. Of course the other benefit is it keeps your money out of the Italian system....

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