Can you convert money at ATM?
Where to Get Good Rates: ATMs and Local Banks. The best place to exchange money is a local ATM or a bank. Many foreign banks are happy to exchange your dollars for local currency for a better rate than you find elsewhere, or you can go to an ATM to skip the line.
If you need foreign currency while traveling outside of the U.S., ATMs are your best bet for bills you can spend locally. ATMs tend to offer competitive exchange rates, and you can save on ATM fees by withdrawing more cash than you need instead of withdrawing smaller sums several times during your trip.
ATM withdrawals
Some ATMs will offer to perform the transaction in your home currency. While it sounds convenient on the surface, it's a trap. These ATMs use their own exchange rate, and it'll likely be weaker than what you'd receive if you proceed without conversion. Always choose to be charged in the local currency.
The fees are often 1% to 3% of the amount of a purchase, and many banks also apply the fee to ATM withdrawals.
Banks, credit unions, online bureaus, and currency converters provide convenient and often inexpensive currency exchange services.
These fees can be avoided by choosing a bank account that doesn't charge fees and reimburses out-of-network ATM fees and by always withdrawing local currency from ATMs. Account holders can also ask their home bank if there are partner branches or in-network ATMs in the destination country or countries.
Just always keep that simple rule in mind: choose to be charged in the local currency of the country you're in, and don't let the ATM do your conversion for you. Or even better - get a Wise card. You won't need to worry about DCC, currency conversion uses the mid-market rate, and the fees are low and transparent. Easy.
Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.
| Name | Address |
|---|---|
| No1 Currency Exchange Brixton | Morleys Brixton, 472-488 Brixton Rd, London SW9 8EH |
| Holiday Money Exchange Goodge Street | 48 Tottenham Court Rd, London W1T 2EF |
| GLOBAL MONEY EXCHANGE | 313 Grays Inn Rd, London WC1X 8PX |
| Thomas Exchange Global Strand | 402 Strand, London WC2R 0NE |
- TD Bank: TD Bank offers 55 different currencies. ...
- Service Federal Credit Union: The number of currencies available for customers at Service Credit Union exceeds 60. ...
- US Bank: Customers of US Bank can exchange money at a nearby branch.
Can I withdraw cash from an ATM internationally?
Yes. As long as your ATM or credit card has either a Visa or PLUS logo, you can withdraw cash at ATMs that are part of the Visa or PLUS network. How do I find an ATM in the country that I'm traveling to? Visa is accepted at over 200 countries and territories around the world.
To avoid paying a higher exchange rate, you should always take the option of withdrawing your cash in the local currency. That way, the card issuer will set the rate, such as Visa or Mastercard, and will be more competitive.
Yes, credit card companies automatically convert foreign currencies to the domestic currency using their exchange rate.
Visit a U.S. Bank branch and a banker will help you through the process. We encourage you to make an appointment to allow time for questions and processing. Full order returns within seven (7) days of purchase: We will buy back the currency at the same exchange rate used for purchase.
Not all banks or credit unions exchange foreign currency. Our list has options that let you exchange foreign currency at a branch, over the phone, or online. Most financial institutions require you to be a customer to exchange foreign currency.
Banks such as Chase, Citizens Bank, First Citizens Bank and First Horizon Bank also offer currency exchange services. However, they don't make details of their fees available, so you'll need to contact each bank to find out how much it costs.
- Betterment.
- Charles Schwab.
- Capital One.
- Alliant Credit Union.
- First Republic Bank.
- Fidelity.
- USAA.
- Axos Bank: Best online bank for avoiding domestic ATM fees.
- Connexus Credit Union: Best credit union for avoiding domestic ATM fees.
- Chase Bank: Best national bank for avoiding domestic ATM fees.
- Charles Schwab: Best institution for avoiding international ATM fees.
No Chase fee for ATM use worldwide, including:
Refund of ATM Surcharge Fees charged to you at non-Chase ATMs. Foreign Exchange Rate Adjustment.
Because of high currency exchange fees, you should exchange currency before traveling and know where to go to save on the fees once you are abroad. Read the tips below so you can exchange your money at the best rates while saving money on your international trip.
What happens if you decline conversion ATM?
We recommend rejecting this type of conversion at an ATM in a foreign country. You should still be able to take out cash, but your bank will handle the conversion at the current market rate. If you cannot take out cash without conducting a DCC transaction, find another ATM.
Ideally, if you're in a non-euro country for more than a few hours, head to the ATM and use local currency instead. Use your credit card to get cash only in emergencies.
There are two types of currency conversion fees: those charged by a credit or debit card payment processor or ATM network and those charged through a process known as dynamic currency conversion (DCC).
With time at your disposal, you'll be able to see exactly what the fee and rate is, and how many euros you'll get for your dollars. It's possible of course that you might get a better deal when you land in Europe. It may well be the case that fees are lower and exchange rates better.
If you know the exchange rate, divide your current currency by the exchange rate. For example, suppose that the USD/EUR exchange rate is 0.631 and you'd like to convert 100 USD into EUR. To accomplish this, simply multiply the 100 by 0.631 and the result is the number of EUR that you will receive: 63.10 EUR.
