Posted on 08/22/2024 8:26:34 AM PDT by ChicagoConservative27
Don't look too closely at that exchange rate; you may find yourself wishing you just paid the ATM fee instead.
How far will you get with just $200?
I think if I was travelling to Europe again, I would pay the merchants directly using my card as often as possible and get the big-bank exchange rate. In the US now, you can almost always pay by card; I don’t know about Europe though.
My Dad always said...”Son..Remember..A fool and his money are soon parted. There are so many companies making lots of money on people that are fools with their money. People actually pay someone to trim their toenails. Amazing. $5.00 for a cup of coffee at Starbucks. $3 or$ dollars to get cash from an ATM. I have never used one. No one gets taught how money works.
I think people have gotten smarter about getting cash once a week at their own bank rather than getting smaller amounts a couple times a week at different banks. That is what these escalating fees have done - make people think before they use the ATM.
When I worked at a bank, one of my jobs was to research and lead a program to install those small standalone ATMs you see in grocery stores and gas stations.
After learning how much money we could charge per transaction, I went back to my boss and asked, A: How could this be legal, and B: Why isn’t the mafia cornering this market?
The answers were, “It probably will get regulated soon” and “Yes, thats why we are limiting where we place them.”
I was 38 at the time (1998). I guess you never stop learning stuff. I go to the ATM once a week. The way things work these days, you don’t need a lot of cash.
When I was in the U.K., I would withdraw my monthly rent in British pounds from the ATM using my Navy-affiliated CU credit card at the beginning of the billing cycle.
My CU would charge my card the market exchange rate for that day, no fees. I would pay off the balance at the end of the billing cycle, using my military housing allowance, no interest charges.
Worked out great. Also did the same in South Korea.
I have been using my credit card with cash back of gasoline, and major purchases. When I need appliances I apply for a new Lowe’s card and get 20% off same day. I have started to use my credit card for things like pizza and Dunkin. The dry cleaner is a nice guy and I don’t want to squeeze him for the vig on the credit card, which is the main reason I do not use credit cards. Other than that, just about everything is credit card today.
I understand those free standing ATMs in the liquor stores and such don’t have a lot of cash in them.
I've noticed that some banks have lowered the maximum allowable withdrawal from $600 to $400 - likely because people were hitting it up once a week like you describe, and emptying it too quickly.
I’ve noticed a significantly better treatment for using cash in the last few years. I’ve gotten discounts I didn’t even ask for.
You're paying those fees via other channels - lower earning rates, higher payment rates, etc. USAA ultimately isn't paying for any ATM fees.
Isn’t that sad that we live in a country that has to worry about theft and mugging. Times have changed for the worse.
At least some of the Walmarts around here (maybe all?) have stopped giving cash back — even with debit cards. The charge is limited to the amount of the purchase.
Some of the other stores have stopped also.
I would actually pay someone to trim and use an emery board on my toenails.
Where can I find such a person ?
I will pay extra if they can do my cat also.
Isn’t that sad that we live in a country that has to worry about theft and mugging. Times have changed for the worse.
~~~
It’s also sad that we live in a country where you can’t use a debit card online or at a restaurant because your account will get emptied. heh.
Where were you stationed in the U.K.?
I was stationed at RAF Lakenheath 1973-1976. I had a checking account that I could write checks in pounds to pay the rent and electric bill, etc. I had to guess at the exchange rate until I got my bank statement. I could also write checks on the same account in dollars at the commissary or BX.
I visited England and Europe in later years and always carried traveler’s checks and I’d cash $100 worth every few days, but I realized I was taking a beating with the exchange rates. Then, when I’d go to a different country, I’d take a 2nd beating on the same money to exchange to the new country’s currency. Cards weren’t nearly as prevalent as they are today. I think if I went again, I’d try to use a card directly whenever possible.
That’s true as well.
I get cash from the grocery store at the checkout. No fee there. Then I buy lottery tickets there.... : )
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