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  #1  
Old 10.11.2009, 17:08
porsch1909
 
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Exchange rates - different at an ATM than at the counter?

Hi all,

So my dad is here for a few days and wanted to get some money change from Pound sterling into CHF.

I went to the UBS counter and asked the rate. She said 1.60 to the £

I then went to the the ATM and checked with his mastro card from the RBS in Scotland and it gave 1.64!

So what gives?
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  #2  
Old 10.11.2009, 17:12
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Re: Exchange rates - different at ATM than at countre?

ATM and online transfer between sterling and chf (if you hv multi currency accounts) are the best options
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Old 10.11.2009, 17:14
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Re: Exchange rates - different at ATM than at countre?

understandably the rates at the desk are worse than those offered by the ATM due to added overhead of the counter
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Old 10.11.2009, 17:18
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Re: Exchange rates - different at ATM than at countre?

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understandably the rates at the desk are worse than those offered by the ATM due to added overhead of the counter
Does the 1.64 exchange rate include both sets of charges that RBS will levy...?
.
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Old 10.11.2009, 17:26
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Re: Exchange rates - different at ATM than at countre?

i wud think not.. which option is cheaper will depend on the transaction amount then
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Old 10.11.2009, 17:35
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Re: Exchange rates - different at ATM than at countre?

It was only a small amount so I think it didn't make a difference in this case
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Old 10.11.2009, 17:42
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Re: Exchange rates - different at ATM than at countre?

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It was only a small amount so I think it didn't make a difference in this case
"For cash machine (ATM) withdrawals, 2% of the sterling transaction amount (minimum £2, maximum £5) "

.
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Old 10.11.2009, 17:48
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Re: Exchange rates - different at ATM than at countre?

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"For cash machine (ATM) withdrawals, 2% of the sterling transaction amount (minimum £2, maximum £5) "

.
He took 300CHF out. So at 1.64 that comes to £183 + £3.66 so £186.66 (transaction fees where included)

If we went to the counter it would have cost him £187.5.

So did it really make a difference in this case? No. So go roll your eyes elsewhere.
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Old 10.11.2009, 17:53
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Re: Exchange rates - different at ATM than at countre?

Thanks for the groan - much appreciated and TOTALLY warranted.

.
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Old 10.11.2009, 18:17
porsch1909
 
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Re: Exchange rates - different at ATM than at countre?

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Thanks for the groan - much appreciated and TOTALLY warranted.

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Everyone is pretty over-zealous here with their thanks and groans so I've joined the bandwagon
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Old 11.11.2009, 06:00
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Re: Exchange rates - different at an ATM than at the counter?

I thought using a credit card was the best rate of exchange?
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Old 11.11.2009, 11:45
porsch1909
 
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Re: Exchange rates - different at an ATM than at the counter?

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I thought using a credit card was the best rate of exchange?
I'm not sure but any gain would be lost when I forget to pay it off and get charged silly amounts of interest!
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