Use Chase debit card abroad or take euros??

zagfles · 7 June 2022 at 9:24AM

cassandra365 said:

Hi, I'm going to Greece in 3 weeks, I've just applied for the Chase debit card as it's fee free to use abroad for a year.
Question is how do I find what exchange rate a Greek bank will give me when I use an ATM?
Trying to work out whether it'll be better value to take euros with me or get them there?🤔
Many thanks 😁

When you use a foreign ATM, one of 2 things will happen:

1) It'll ask you how much you want, you enter (eg) 200 Euros, and it gives you the cash. Simple. The currency conversion is done by VISA/Mastercard at a good rate. Most banks add a charge for doing nothing, some don't, yours doesn't, so you get a good rate

2) Some ATMs use "dynamic currency conversion". It detects the nationality of your card and offers you an exchange rate. This always includes a markup, sometimes small eg 2.5%, sometimes massive eg 10%. This is OPTIONAL. If you have a card like Chase which doesn't charge for foreign currency, always decline this, usually worded as "without conversion".

In touristy areas you generally get 2).

Some ATMs will add a charge, they will always tell you what the charge is and give you the option to continue. This is usually a flat amount. You can't avoid this except by declining and trying a different ATM. This charge is usually flat, so if you can't find a free ATM, best to withdraw larger amounts to keep the fees down.

Sometimes they'll come up with a confusing question like "checking account or credit account". I don't think it makes any difference what you say to thsi question, it's for cards from some countries where one card can be used for multiple accounts (eg credit card account and current account).

Neil49 · 7 June 2022 at 8:25PM

metrobus said:

Did anyone find out if the fee free £700 atm per month withdrawal limit was “calendar month”
TIA

I've copied the following from the Chase Travelling Abroad faq section which now quotes £1500 per calendar month. I seem to recall seeing it at £700 per month fee free but can't find that mentioned anywhere now.

NoodleDoodleMan · 8 June 2022 at 10:03AM

zagfles said:

NoodleDoodleMan said:

cassandra365 said:

Hi, I'm going to Greece in 3 weeks, I've just applied for the Chase debit card as it's fee free to use abroad for a year.
Question is how do I find what exchange rate a Greek bank will give me when I use an ATM?
Trying to work out whether it'll be better value to take euros with me or get them there?🤔
Many thanks 😁

Why not just use your Chase card to pay for goods and services contactless/PIN - take a small amount of Euros for backup ?

Why? Just withdraw cash from an ATM, either at the airport or on arrival at resort if on a package. Cards aren't as widely accepts in Greece as here, plus you have to watch out for DCC even with contactless (keep an eye on the terminal after tapping, or tell the retailer to charge in Euros). If you can withdraw cash with no fee that's probably easier. Last time I was in Greece less than 2 years ago, didn't find any charging ATMs, but that could have changed...

https://news.gtp.gr/2019/05/31/local-banks-extend-atm-surcharge-greek-non-customer-card-users/

It appears that debit cards, such as Chase, are widely accepted in Greece.

https://www.keeptalkinggreece.com/2020/03/26/greece-banks-contactless-payments-limit-coronavirus/

zagfles · 8 June 2022 at 3:22PM

NoodleDoodleMan said:

zagfles said:

NoodleDoodleMan said:

cassandra365 said:

Hi, I'm going to Greece in 3 weeks, I've just applied for the Chase debit card as it's fee free to use abroad for a year.
Question is how do I find what exchange rate a Greek bank will give me when I use an ATM?
Trying to work out whether it'll be better value to take euros with me or get them there?🤔
Many thanks 😁

Why not just use your Chase card to pay for goods and services contactless/PIN - take a small amount of Euros for backup ?

Why? Just withdraw cash from an ATM, either at the airport or on arrival at resort if on a package. Cards aren't as widely accepts in Greece as here, plus you have to watch out for DCC even with contactless (keep an eye on the terminal after tapping, or tell the retailer to charge in Euros). If you can withdraw cash with no fee that's probably easier. Last time I was in Greece less than 2 years ago, didn't find any charging ATMs, but that could have changed...

https://news.gtp.gr/2019/05/31/local-banks-extend-atm-surcharge-greek-non-customer-card-users/
It appears that debit cards, such as Chase, are widely accepted in Greece.
https://www.keeptalkinggreece.com/2020/03/26/greece-banks-contactless-payments-limit-coronavirus/

Oops apologies, just rechecked and I did get charged for ATM withdrawals in Greece, 2.50 EUR for withdrawing 250/200. Not massive, but a charge nonetheless. But some might find it easier/less hassle than tapping and checking for DCC every time...

NoodleDoodleMan · 8 June 2022 at 7:00PM

There will come a point, in the near future by the look of things, when fee free ATMs abroad will be very rare.

Fortunately the widespread rise of "user friendly" credit/debit card payments will balance that out more, or less.

I recently bought a leather wallet in Mallorca from a market stall holder using Starling - and most of the other traders also had hand held portable payment machines.

zagfles · 8 June 2022 at 7:21PM

NoodleDoodleMan said:

There will come a point, in the near future by the look of things, when fee free ATMs abroad will be very rare.
Fortunately the widespread rise of "user friendly" credit/debit card payments will balance that out more, or less.
I recently bought a leather wallet in Mallorca from a market stall holder using Starling - and most of the other traders also had hand held portable payment machines.

Although to put it into context, a charge of say EUR2.50 to withdraw EUR250 ie about 1% could be compared against a typical 4-5% exchange rate markup if you buy currency on the high street, or maybe 2.5-10% if you get stung by DCC when tapping your card... Yes clearly paying with a fee free card and making sure you avoid DCC will win, but withdrawing cash from charging ATMs isn't the worst option. Particularly if you need some cash anyway, which for most places you will - ATM charges are usually flat so getting out EUR50 will probably cost the same as getting out 250.