Best ATM exchange rate protugal

[GHA]

I seem to be getting a a really bad rate for cash withdrawals from ATM's in Faro, like below 1.1

Nationwide flex so no bank charges and charged as euros, not the "we'll convert for you" option.

Paying by visa debit is more like 1.15 after the Non-Sterling transaction fee factored in.

Is that normal or are there better rates to be had at certain banks ATM's ?

TIA

 

[jordanbasset]

I do not know about Portugal but I have the Flexplus account with Nationwide. Costs ten pound a month but in Spain and Portugal am getting the mid market rate and no other charges through a variety if ATM's.
With the interest rate paid on the current account and the good exchange rates it more than pays for itself. But we are out of the UK for most of the year

 

[GrahamM376]

Is that normal or are there better rates to be had at certain banks ATM's ?TIA

Most machines are Multibank and I think they all go through the same clearing bank. If staying in EC, best bet is to get yourself a fiscal number and an address (Bruce's should do) open a bank account and transfer larger amounts through Transferwise or similar. Bear in mind the rate today is only 1.17 though and accounts have charges.

 

[GHA]

I do not know about Portugal but I have the Flexplus account with Nationwide. Costs ten pound a month but in Spain and Portugal am getting the mid market rate and no other charges through a variety if ATM's.
With the interest rate paid on the current account and the good exchange rates it more than pays for itself. But we are out of the UK for most of the year

Same account, so what rate are you getting out of ATM's in Portugal at the moment?

 

[GHA]

Most machines are Multibank and I think they all go through the same clearing bank. If staying in EC, best bet is to get yourself a fiscal number and an address (Bruce's should do) open a bank account and transfer larger amounts through Transferwise or similar. Bear in mind the rate today is only 1.17 though and accounts have charges.

Ta, doubt if I'll be in euroland long enough to make it worthwhile opening an account.

There was just this nagging doubt that I'm using the wrong bad rate machines

 

[jordanbasset]

Same account, so what rate are you getting out of ATM's in Portugal at the moment?

Sorry not in Portugal meant to say in Spain and Greece.

 

[Sandyman]

Ta, doubt if I'll be in euroland long enough to make it worthwhile opening an account.

There was just this nagging doubt that I'm using the wrong bad rate machines

You could well be. Have noticed over the last year or so that there are a number of new ATM's popping up.
They seem to be placed to trap the tourists. Have a look at the two in the station. The one on the left is a Multibank & the one on the right, blue & covered with flashy stickers, is the rip-off one,

 

[GHA]

You could well be. Have noticed over the last year or so that there are a number of new ATM's popping up.
They seem to be placed to trap the tourists. Have a look at the two in the station. The one on the left is a Multibank & the one on the right, blue & covered with flashy stickers, is the rip-off one,

Not really been paying too much attention but think it's usually multi banks I use.
This needs some further investigation

 

[[3889]]

Does seem odd. I've used my Flex account + card in France for the last month and always got the rate published here.
http://www.xe.com/currencyconverter
I have used a couple of ATMs which have forewarned me of their lower, non-market rate, so maybe some Portuguese banks aren't quite as scrupulous at pre-warning you of this.

 

[maxi77]

We have always used FairFX, not always the best but consistently good and you know the rate before you commit. Mrs Maxi also uses an M&S MasterCard for purchases (never cash) and has always got a decent rate

 

[GHA]

Does seem odd. I've used my Flex account + card in France for the last month and always got the rate published here.
http://www.xe.com/currencyconverter
I have used a couple of ATMs which have forewarned me of their lower, non-market rate, so maybe some Portuguese banks aren't quite as scrupulous at pre-warning you of this.

Curious...
I just tried a couple of bank ATM's and in both the rate was the same at 1eur =[FONT=Helvetica Neue, Arial, sans, sans-serif]0.92381 GBP or 1.082eur per quid. Definitely not the XE rate. Both said " based on the monex wholesale exchange rate.".
Hmmm... [/FONT]

 

[Heckler]

I seem to be getting a a really bad rate for cash withdrawals from ATM's in Faro, like below 1.1

Nationwide flex so no bank charges and charged as euros, not the "we'll convert for you" option.

Paying by visa debit is more like 1.15 after the Non-Sterling transaction fee factored in.

Is that normal or are there better rates to be had at certain banks ATM's ?

TIA

I got myself a Halifax credit card, no charges and the headline clearing rate on the day. I draw money on it as well, I then go online three days later when it shows on the account and pay it off and so no interest.
Stu

 

[GHA]

I got myself a Halifax credit card, no charges and the headline clearing rate on the day. I draw money on it as well, I then go online three days later when it shows on the account and pay it off and so no interest.
Stu

Would that get a better rate in a Portuguese atm? With the nationwide flex plus (or whatever it's called) I get the same, all works fine but the atm rate is rubbish

 

[duncan99210]

I've always understood that it's your UK bank that sets the rate at which € purchases are charged to your account, provided that you don't opt for the fixed knock off rate that the ATM offers you. That is, the foreign bank bills your U.K. bank in €, your bank reimburses them in € and debits your account with an amount in £ at whatever rate they are using at the time of the transaction, plus any fees they charge.

You can avoid all of that uncertainty by using a prepaid € card from the likes of FairFX or Caxton. Do be aware if you do that you must opt to have the amount withdrawn debited in € and not £, otherwise you'll get clobbered by the card issuers for transaction fees plus a double set of exchange transactions.

 

[GHA]

I've always understood that it's your UK bank that sets the rate at which € purchases are charged to your account, provided that you don't opt for the fixed knock off rate that the ATM offers you. That is, the foreign bank bills your U.K. bank in €, your bank reimburses them in € and debits your account with an amount in £ at whatever rate they are using at the time of the transaction, plus any fees they charge.

I don't know, the machines state the rate and say " based on the monex wholesale exchange rate."

Also , I just checked back with historical XE exchange rate and previous ATM withdrawals in Dubai & Brazil in the past few months, both were very close. So why am I getting such a crap rate here?
Somethings not right...

 

[jordanbasset]

I've always understood that it's your UK bank that sets the rate at which € purchases are charged to your account, provided that you don't opt for the fixed knock off rate that the ATM offers you. That is, the foreign bank bills your U.K. bank in €, your bank reimburses them in € and debits your account with an amount in £ at whatever rate they are using at the time of the transaction, plus any fees they charge.

I don't know, the machines state the rate and say [FONT=&] " based on the monex wholesale exchange rate."

I have always understand it to work as Duncan describes.
The set up you describe does seem strange, the message that comes up when I don't opt for the fixed rate of the ATM I am using is usually words to the effect of 'we cannot guarantee the exchange rate' (because it is the one set by my own Bank)

 

[GHA]

A millenium machine showed the same rate this morning so it's not a friday night rate glitch.

 

[GrahamM376]

A millenium machine showed the same rate this morning so it's not a friday night rate glitch.

If you've hauled into Bruce's, remember you don't have to be ripped off at ATMs to pay him, you can do a transfer from UK to his bank which is far cheaper.

 

[GHA]

If you've hauled into Bruce's, remember you don't have to be ripped off at ATMs to pay him, you can do a transfer from UK to his bank which is far cheaper.

Actually, I've just had a quick count and if I was getting the proper rate at ATM's it would be a tiny bit cheaper after the swift transfer fee, but hardly anything in it. Just checked a Lloyds atm withdrawal in Sines back in May on the way down and it matched the XE rate.
Grr.

 

[[29051]]

Re: Best ATM exchange rate Portugal

It might be worth checking with Nationwide that they are not applying the wrong terms. Their online messaging system works well for queries like that. Takes a day or so to get a reply but less frustrating than hanging on the phone and sometimes good to have the answer in writing. I have the basic flex account but stopped using it for cash abroad when they started charging 2% plus £1. I have used Halifax Clarity since and paid it off straight away as skipper_stu does. No charges on purchases either as long as it is paid off at the end of the month.