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Foreign exchange rates: ATMs or Money Changers?


mikewright

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mikewright

Which usually has the better foreign exchange rate, money changers or ATMs?

For some reason I assumed that I would get a better rate on the Australian dollar by bringing cash and changing it at a money changer here, rather than withdrawing money  at an ATM.

My bad. When comparing the figures for the rates on the same day, I was getting a better rate on the ATM than from the money changers. And this was before the fee rebate my bank gives.

Is this usual?

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I've  verified my ATM rate several times - always +/- a few centavos from web rate

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mikewright
1 minute ago, lamoe said:

I've  verified my ATM rate several times - always +/- a few centavos from web rate

I don't know how the web rate works, but with the ATM I was getting about 1 peso per dollar more than at the money changers.

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SkyMan
19 minutes ago, mikewright said:

I don't know how the web rate works, but with the ATM I was getting about 1 peso per dollar more than at the money changers.

Less difference for me but always a little better at the changer.  Not sure it's worth it having to wait a month for a check to clear though.  Certainly for smallish amounts I go for the ATM.

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1 hour ago, mikewright said:

I don't know how the web rate works, but with the ATM I was getting about 1 peso per dollar more than at the money changers.

Checked another site - updated at 1 am 50.74

image.png.89fc1e882b9e79700eea1b24b8a1c4dd.png

 

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aussiekangaroo

Better to use ING debit cards anywhere overseas, They give the actual visa rate which is almost identical to the rate on XE.com. They also refund any ATM fees instantly to your account. 

Not to mention also that it's a million times safer they carting cash all around the place.

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aussiekangaroo

Or for anyone that's into the crypto space get a Crypto.com account https://platinum.crypto.com/r/wfrhbvmct4 $1,000 No Fee ATM Monthly Withdrawal's and interbank rates plus they give a range of benenfits with upto 5% cashback on any purchases made, Free airport lounge use, Netflix subscription is free plus more. 

Edited by aussiekangaroo
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