Using an ATM outside the eurozone in Europe

Branz

Registered User
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The young lad is in eastern Europe [Poland, Czech] at the mo and his Ma got the following text today:
What's the difference if I'm at an ATM withdrawing a foreign currency when it says withdraw with or without conversion, where with conversion shows me the euro equivalent of the amount I'm going to withdraw and the rate, but without just shows the amount of X currency I want to withdraw ?
She thought it was just showing the Xrate
However the answer back was
But then you have the option to withdraw with or without the conversion

Any ideas?
Thanks
 
Generally, it's better to accept the local currency. The conversion rate tends to be loaded in the banks favour :)
 
So is it a dual ccy atm?
He is using an Irish ATM card

It is not a dual currency ATM.

You have 2 options. (1) Take the FX rate at the ATM operators choosing or (2) take the Irish banks FX rate by choosing do not convert on the ATM. Choose option 2.
 
It is not a dual currency ATM.

You have 2 options. (1) Take the FX rate at the ATM operators choosing or (2) take the Irish banks FX rate by choosing do not convert on the ATM. Choose option 2.

Much obliged, thank you.
 
So is it a dual ccy atm?
He is using an Irish ATM card

No, you will still get zloty, it is a all about where the conversion happens. There are two ways it can go: either your account is charged in zloty and the Irish bank does the conversion or your account is charged in Euros and the bank owning the ATM does the conversion. Usually your own bank will give you a better conversion rate so go for the local currency not the Euro. It also happens with credit cards.
 
No, you will still get zloty, it is a all about where the conversion happens. There are two ways it can go: either your account is charged in zloty and the Irish bank does the conversion or your account is charged in Euros and the bank owning the ATM does the conversion. Usually your own bank will give you a better conversion rate so go for the local currency not the Euro. It also happens with credit cards.
Thanks, so conversion rates but not as we know them, Jim!
 
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