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BEWARE - UK ATMS - Exchange rate fixing

  • 17-04-2008 12:23pm
    #1
    craichoe
    Closed Accounts Posts: 2,706 ✭✭✭


    So,

    Heres something i thought i'd share with you, after visiting the UK 2 weeks ago. I went to an ATM in birmingham airport, inserted my Dutch ABNAmro card and was presented with the interface in English (no foreign language option) besides the point as my native language is English anyway :)

    Anyways, after you choose your amount your presented with an very ambiguous statement saying "would you like to fix the exchange rate at X" the Yes button is the same button you pushed to confirm the withdrawl (i was lucky i read the bloody thing, if i wasn't a native english speaker i would probably have ignored it)

    Basically if you say YES, HSBC fix you at that days rate and bill you in Euros at their exchange rate, i couldn't get any confirmation on how long it fixes the rate for !!

    Say NO and they bill you in Sterling and your own bank works out the rate on the day.

    I wouldn't have a problem with this only i was using my DUTCH card, if you use an Irish card in a Dutch ATM the interface is in English, if you use a dutch card in a BOI ATM it gives a Dutch option. These machines didn't give any option for any foreign language.

    If you were withdrawing a good whack from the ATM you could potentially get ripped off for a good bit !!

    So, people travelling to the UK beware, i've checked with other colleages and this seems to be common practise when in UK Airports using a Maestro ATM card !!


Comments

  • #2
    seagull
    Registered Users, Registered Users 2 Posts: 2,342 ✭✭✭seagull


    Presumably, if the exchange rate changed in favour of sterling between the time of the withdrawal and the transation being posted by your bank, you could actually win by taking the fixed rate. How does their rate compare to the other banks?


  • #3
    craichoe
    Closed Accounts Posts: 2,706 ✭✭✭craichoe


    No idea,

    No way in hell though i want to be fixed at a rate, whether it goes up or down i've never heard of this happening at ATM's before. I don't see any easy way of opting out of it either.


  • #4
    hungryhippo
    Closed Accounts Posts: 78 ✭✭hungryhippo


    craichoe wrote: »
    No idea,

    No way in hell though i want to be fixed at a rate, whether it goes up or down i've never heard of this happening at ATM's before. I don't see any easy way of opting out of it either.

    Why would you not want a fixed rate if it is better than the prevailing rate at which your own bank would convert?


  • #5
    seagull
    Registered Users, Registered Users 2 Posts: 2,342 ✭✭✭seagull


    By them fixing the rate, you know exactly how much you are withdrawing from your account, rather than having to wait for your next statement to find out what rate was applied. Unless the rate they set is significantly in their favour, I can't see a problem with this.


  • #6
    craichoe
    Closed Accounts Posts: 2,706 ✭✭✭craichoe


    Yeh, but the rate is fixed and you can't get out of it, your stuck at that rate, why wouldnt the bank offer it if they werent going to make money off it :)

    The only time i've EVER been billed in Euros when withdrawing foreign currency was in Tunisia and thats because their currency isn't exportable.


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