Beware Greek currency exchange

caveat_emptor

I loaded my pre-paid debit card in euros. Withdrew 100 euros at an ATM and was debited 114 euros. The euros were converted to pounds and then converted back to euros. I know that Greece has some money problems but didn't know it had resorted to robbery.

eDicky

After entering the amount to withdraw, did the ATM give you the choice of 'Conversion' or 'Without Conversion' (or similar wording)? It sounds like you pressed the wrong button.

Moto2

Usually with a Euro card in Euro land, you wouldn't get that option though.

eDicky

Moto2 wrote: »

Usually with a Euro card in Euro land, you wouldn't get that option though.

The ATM recognises a UK issued card, regardless of its currency, and often takes its chance to offer DCC. If you accept, the card issuer charges to convert euros to the amount in pounds that the ATM requires at its lousy rate to give the requested withdrawal amount in euros. The OP's card statement may give a clue as to whether this happened.

Moto2

I can't say I've ever seen that with the 2 or 3 different ones I've had, I certainly don't get it with the FairFX I have currently

safesound

I was in Crete last week, withdrew €160 and was asked if I wanted to be charged in euros or pounds. I agree with eDicky sounds to me like user error.

zagfles

Blimey - sounds like a triple whammy there. Pay in GBP to load a card in EUR, no doubt with a markup in the rate. Then withdraw EUR, ATM does DCC back to GBP with a good markup, card charged in GBP and converted to EUR by the card company with another markup applied!

If you're going to use a pre-paid card, the wisdom here seems to be to load in GBP not foreign currency. Then you can guarantee you'll only be hit with one conversion charge whatever you do!

But better to get a decent credit/debit card which doesn't markup the rate eg Clarity, Metrobank.

ManAtHome

I used my Caxton Euro card last year in Greece - no screen asking if I wanted to be charged in quids, and it just pulled the cash in euros. The Clarity card did give me the option, and the 'without conversion' selection charged in euros.

caveat_emptor

Thanks all. Don't remember being given the option but could have made a mistake. If I want euros in euroland I don't expect to get a conversion to pounds and back again.
That's my contribution to the Greek national debt.

ERICS_MUM

Same thing happened to me in the US and luckily I was quick enough to click the No button before it spat out my dollars !

zagfles

caveat_emptor wrote: »

Thanks all. Don't remember being given the option but could have made a mistake. If I want euros in euroland I don't expect to get a conversion to pounds and back again.
That's my contribution to the Greek national debt.

They were only part of your problem, your card provider charged you 2 lots of currency exchange fees and the ATM 1.