Santander Edge debit card, using abroad. Help.

gord115

I have just come back from Spain and used my Santander Edge DEBIT card to withdraw 50 Euros.

I was led to believe this would have no fees and give me a good rate. I got this advice from this website and Santanders website.

I withdrew the money and was charged £46.32 which is a terrible rate of 1.07.

At the bottom of the receipt it said "Exchange rate 1 euro = 0.926400 GBP
Margin 8,5%

Does this mean I was charged fees of 8.5%?

It's the first time we've used a card abroad so not sure how it works.

Thanks in advance.

Brie

I've never seen any card charge 8.5% for foreign fees.  Normally it's more like 2% or 3%. 

But their website says 0% FX fees so that's fine.  The ATM however might have added a charge which might help account for what looks like a bad exchange rate.  

daveyjp

Was it a Santander ATM?
Did you choose DCC (Direct Currency Conversion where rates are set by the cash provider) and not bank conversion?

gord115

Yes it was Santander ATM at a Santander branch in Benidorm.

Ayr_Rage

If there is an exchange rate on the receipt then you have selected DCC, as noted above, where the (rubbish) rate is set by the ATM provider rather than Mastercard or Visa if you select "own currency".

flaneurs_lobster

Ayr_Rage said:

If there is an exchange rate on the receipt then you have selected DCC, as noted above, where the (rubbish) rate is set by the ATM provider rather than Mastercard or Visa if you select "own currency"

That sounds counter to the usual advice when overseas to always take the local currency option. Are ATMs different to paying for goods?

Ayr_Rage

flaneurs_lobster said:

Ayr_Rage said:

If there is an exchange rate on the receipt then you have selected DCC, as noted above, where the (rubbish) rate is set by the ATM provider rather than Mastercard or Visa if you select "own currency"

That sounds counter to the usual advice when overseas to always take the local currency option. Are ATMs different to paying for goods?

flaneurs_lobster said:

Ayr_Rage said:

If there is an exchange rate on the receipt then you have selected DCC, as noted above, where the (rubbish) rate is set by the ATM provider rather than Mastercard or Visa if you select "own currency"

That sounds counter to the usual advice when overseas to always take the local currency option. Are ATMs different to paying for goods?

Oops my mistake,

Always select "local"

gord115

Can't remember being offered a DCC rate!

Ayr_Rage

If the receipt shows a value in GBP along with a rate then you have inadvertently selected DCC, otherwise it would show a withdrawal of 50 Euro.

TadleyBaggie

Currently in Spain and done a number of cash withdrawals (on a Starling debit card). Always got the good exchange rate and no fee. You seem to have to select the correct option on two screens. The first one I have select “Decline Conversion” and on the second whether to be charged in Euros or Pounds, I always select Euros. 

sausage_time

I always approach an ATM (and payment terminal) abroad with the mindset that they are out to trick me into letting them do the conversion.  I stop and think very carefully about every key press.  Always always pay in local currency and let your FX friendly card do the conversion.