cash withdraws from ATM's abroad fee's - Turkey

puregeordie

Hi I'm a bit confused about using my debit card abroad, especially the fee's.. before I go on I don't want to get a credit card.

Does the loading fee apply when you take out money in local currency and not in sterling.
If you take out the money in sterling from an ATM then your not charged the loading fee? MSE are not clear on this in there report.

http://images.moneysavingexpert.com/images/documents/overseascharges2014.pdf

I'm with the co-op and I just thought I was charged the 2% cash withdraw fee, but looks like I am Also charged a further 2.75% loading fee? Bit is this if I take it out in the local currency using the visa scheme exchange rate.

Anybody clarify this as the above report doesn't make this clear, at least for me anyways.

cheers.

ferf1223

You would not be charged the load fee for withdrawals in sterling...but you would be unlikely to be able to make a withdrawal in sterling when you are abroad.

puregeordie

Hi, I believe all ATM's abroad allow you to take sterling euro's and local currency.

I think you maybe very wrong in saying that you cannot take out sterling from ATM's abroad.

I'm talking about Turkey in my case

Thanks for input though.

PeteDoff

puregeordie wrote: »

Hi, I believe all ATM's abroad allow you to take sterling euro's and local currency.
.

Err, are you being serious?

phatbear

puregeordie wrote: »

I think you maybe very wrong in saying that you cannot take out sterling from ATM's abroad.

I think you may be confusing the language options on ATM's as opposed to the money it dispense's.

I can assure you all ATM's do not carry sterling

photome

Are you getting confused about the option to let the ATM do the conversion for you ie do you want to withdraw in local currency or your own currency (words to that effect).

the best choice would be local currency for the best rate but you would get local currency whichever you choose.

Debit cards (generally) are not the best for using abroad

you are right about the charges

puregeordie

Hi, All I was confirming was wether I can withdraw english money abroad from an ATM. I've simply been told No you cannot. you can only withdraw local currency from a cashpoint and never english sterling. I though I could from what was said, so that's why I sound confused.



Shame really as it would be a lot easer and then I would only be charged the 2% withdraw fee and avoid the other fee, then chage it to local currecy in a supermarket or somewhere.

Apparantly a lot of people do this (take out sterling cash)abroad and avoid the non sterling fee.

You have an option to withdraw local currency, euros or sterling. so where is the problem? I don't know.

I've not done it before so obviously I'm getting confused or I'm just thick!

thanks.

phatbear

puregeordie wrote: »

Shame really as it would be a lot easer and then I would only be charged the 2% withdraw fee and avoid the other fee, then chage it to local currecy in a supermarket or somewhere.

but if you exchange sterling into the local currency at a "supermarket or somewhere" the exchange rate they gave you would more than likely be a lot less favourable than inter bank trading prices, which your debit card would give you withdrawing directly from an ATM, so you would lose a lump of your money in that transaction

phatbear

there are a few exceptions to ATM's distributing sterling and euros.

for example when i worked at STN we had cash machines which gave out euros or £'s however the euro rate was awful

puregeordie

you wouldn't lose any money, you get a good exchange rate in supermarkets. the banks bump up the rate just a little but charge you 2.75% as well.
Is it really true that I cannot take out english cash from cashmachines in turkey (Marmaris).

thanks.

phatbear

puregeordie wrote: »

you wouldn't lose any money, you get a good exchange rate in supermarkets. the banks bump up the rate just a little but charge you 2.75% as well.

So why would supermarkets exchange foreign currency for little or no profit as they would then lose money re-exchanging it to the local currency for banking/accounting purposes.