As I had been outside of Europe for an extended period and was going to be in the region for a month or two, I decided to get some euros from the ATM when I arrived in Rome.
Can you guess the exchange rate mark up that the ATM tried to charge combined with the transaction fee?
Yes. The ATM tried not only to charge a €3.95 fee to use it but also to mark up the exchange by 13%. Who on earth would be willing to pay such a fee if they have a choice?
Is anyone so desperate and without a choice that they would be willing to hand 13% to the ATM operator?
Conclusion
You could say that this is likely the most prominent Whine Wednesday topic that we have covered few times over the years, most recently when I was in Greece last year.
I guess that Euronet realizes that most will decline the conversion, but those who don’t can be taken to the cleaners.
What is the highest disclosed conversion fee that you have come across?
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