Euro ATMs in London

zerog

With a Santander Zero debit card, does anyone know an ATM in London which dispenses euros, tells you exactly how much GBP will be charged to the card, and uses a rate close to the interbank rate, i.e. currently about 1.17?

SaveTheEuro

I don't think they exist. The few cash machines in London dispensing Euros take a hefty commission on plastic, including the Santander Zero card.

benjus

They do exist.

This one: http://goo.gl/maps/fhvPC definitely does charge in Euros using the interbank rate, as I've tried it with my Metro Bank card. It actually comes up in the statement as follows:

ATM Cash Withdrawal IRL XXXXXXXXXXXXXXXXX EUR 50.00 @1.23001230 ULSTER BANK SOUTH LONDON IRL

I've heard that there are other such ATMs in London, but I don't know where. The Citi one in Canary Wharf certainly isn't one of them.

benjus

Sorry, I misread the question. The one I mentioned won't tell you how much in GBP it will cost you (as the transaction goes through in EUR), although it will give you the interbank rate. You could do an approximate calculation using the current spot rate, but if you need an exact figure down to the penny you'd have to use an ATM that converts to GBP, which all seem to charge quite a bit over the interbank rate.

If you really must know the exact amount in GBP, I'd say you'd get a better rate using your debit card at one of the Bureaux de Change recommended on the Travel Money Maximiser instead of using a EUR ATM that converts to GBP. Remember that almost all banks have now stopped charging a fee for using debit cards at Bureaux de Change.

callum9999

benjus wrote: »

Sorry, I misread the question. The one I mentioned won't tell you how much in GBP it will cost you (as the transaction goes through in EUR), although it will give you the interbank rate. You could do an approximate calculation using the current spot rate, but if you need an exact figure down to the penny you'd have to use an ATM that converts to GBP, which all seem to charge quite a bit over the interbank rate.

If you really must know the exact amount in GBP, I'd say you'd get a better rate using your debit card at one of the Bureaux de Change recommended on the Travel Money Maximiser instead of using a EUR ATM that converts to GBP. Remember that almost all banks have now stopped charging a fee for using debit cards at Bureaux de Change.

The machine isn't giving you the inter-bank rate, Metro Bank are giving you the inter-bank rate. Every ATM in the world would have given you that rate (though obviously some charge usage fees).

The only Euro ATM I've seen that gives the interbank rate and charges you in pounds is in Madrid - possibly a little bit out of the way for a Londoner though!

benjus

callum9999 wrote: »

The machine isn't giving you the inter-bank rate, Metro Bank are giving you the inter-bank rate. Every ATM in the world would have given you that rate (though obviously some charge usage fees).

The only Euro ATM I've seen that gives the interbank rate and charges you in pounds is in Madrid - possibly a little bit out of the way for a Londoner though!

Yes, OK, what I meant to say was that the ATM put the transaction through in EUR, meaning that the conversion was done at the interbank rate when used with a card like Metro Bank or the OP's Santander Zero. As discussed above, it's not common to find ATMs in the UK that do this - in fact I don't know of another one.

I'm curious about this ATM in Madrid though... who operates it?

callum9999

benjus wrote: »

Yes, OK, what I meant to say was that the ATM put the transaction through in EUR, meaning that the conversion was done at the interbank rate when used with a card like Metro Bank or the OP's Santander Zero. As discussed above, it's not common to find ATMs in the UK that do this - in fact I don't know of another one.

I'm curious about this ATM in Madrid though... who operates it?

Ah sorry, I thought all ATMs either gave you a choice or just charged you in the withdrawal currency - didn't realise some force you to convert.

I can't really remember what it was now but I think it may have been a Servired machine - I have a vague memory of finding another as well. Someone there told me about it and I didn't believe them at first, but when I tried it it definitely said they use the interbank rate plus a commission of 0%.

Though now I think about it, I'm pretty sure this was Valencia. My memory on the specifics is rather hazy but it definitely did exist!

NFH

Usually if you're told the rate at the time of withdrawal, it will be an unfavourable rate from the cash machine operator rather than the favourable rate from Santander Zero. This doesn't quite answer the question, but there are three brands in London that use the card issuer's rate:

• Ulster Bank (NatWest) in Bishopsgate
• Raphaels Bank (e.g. One New Change)
• Thomas Cook (operated by Raphaels Bank)

I have used all three to withdraw from a euro account and there was no conversion. Stay away from HSBC, M&S and Citibank (unless you're a Citibank customer), as these all convert at a bad rate, often with at least a 5% markup.

zerog

OK, does anyone know if the rate you'd get at the Natwest machine with the Santander Zero card is the same / similar to xe.com?

Does it dispense EUR10 notes?

I know it will be less than a pound from the current best cash rate - but it's psychological - difference between profit and loss

I don't urgently need the euros so I could always wait and see if the cash rate drops any further but wouldn't mind trying out the ATM.

NFH

zerog wrote: »

OK, does anyone know if the rate you'd get at the Natwest machine with the Santander Zero card is the same / similar to xe.com?

It will be close to the interbank rate. If more GBP is bought than is sold by MasterCard users on the day of conversion, then the rate will be even better than the interbank rate. This is because MasterCard trades only the net flow on each day.

zerog wrote: »

Does it dispense EUR10 notes?

I seem to remember the Ulster Bank machine gives out €50 and €20 notes. I think that Raphaels Bank (including Thomas Cook) only gives out €20 notes. I once withdrew €800 and the adjacent Thomas Cook bureau de change kindly changed all the 40x€20 into 8x€100 for me.

zerog

NFH wrote: »

It will be close to the interbank rate. If more GBP is bought than is sold by MasterCard users on the day of conversion, then the rate will be even better than the interbank rate. This is because MasterCard trades only the net flow on each day.

Thanks. But normally GBP ATM withdrawals show up instantly on online banking.

If I went out now, does that mean I wouldn't know what the actual rate was until Monday (i.e. I might see my available balance drop and could calculate the rate, but the transaction will get processed later and I might get charged more or less - not that it matters a great deal but just for my curiosity)?