An ATM advertising free Euro cash withdrawals charged me for "buying them."
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Damagedcar
Posts: 17 Forumite
I have a FlexPlus account which allows you to withdraw in any currency with no charges and at the perfect rate of exchange. I am going on holiday soon and wanted to withdraw some euros in advance and so I used an ATM that I thought would allow me to withdraw in euros with no added fees.
However, on seeing the receipt it's charged me the buy rate for Euros which is not at all what I was after. I wanted to withdraw 500 euros which at today's rate of exchange would have cost me £440 with the Flexplus account.
I called Danske bank about this and they claim that they only buy and sell Euros and not let you withdraw them but that contradict the signs around the ATM.
Am I in the right here and if so do I have any recourse?
imgur.cxm/a/kh1Rs
However, on seeing the receipt it's charged me the buy rate for Euros which is not at all what I was after. I wanted to withdraw 500 euros which at today's rate of exchange would have cost me £440 with the Flexplus account.
I called Danske bank about this and they claim that they only buy and sell Euros and not let you withdraw them but that contradict the signs around the ATM.
Am I in the right here and if so do I have any recourse?
imgur.cxm/a/kh1Rs
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Comments
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Damagedcar wrote: »I have a FlexPlus account which allows you to withdraw in any currency with no charges and at the perfect rate of exchange. I am going on holiday soon and wanted to withdraw some euros in advance and so I used an ATM that I thought would allow me to withdraw in euros with no added fees.
However, on seeing the receipt it's charged me the buy rate for Euros which is not at all what I was after. I wanted to withdraw 500 euros which at today's rate of exchange would have cost me £440 with the Flexplus account.
I called Danske bank about this and they claim that they only buy and sell Euros and not let you withdraw them but that contradict the signs around the ATM.
Am I in the right here and if so do I have any recourse?
imgur.cxm/a/kh1Rs
What happened when you followed the suggestions given on reddit three months ago? https://www.reddit.com/r/UKPersonalFinance/comments/6iv5pl/an_atm_advertising_free_euro_cash_withdrawals/
Personally I would always assume that a cash machine in the UK was 'selling' Euros. The signs could be interpreted in a number of ways- technically there is no commission (just a rubbish rate, so it is 'free').
The difference is £16- how much hassle is it worth?0 -
The financial ombudsman refused to take the case because I don't bank with Dansk bank.
So I am open to new suggestions.
I would fight tooth and nail over 16p if I felt wronged it's a flaw of mine.0 -
I have a Flexplus account so just checked the details for foreign currency and it is clearly marked as the bureau/ATM owner may make a charge. Online it even then goes on to say that Nationwide do not have any foreign currency dispensers and using another provider you will be bound by their exchange rate.
It sounds like you didn’t check what exchange rate the actual machine you used offered, I can’t see what they’ve done wrong really.0 -
Fight tooth and nail then to fix the flaw?Damagedcar wrote: »The financial ombudsman refused to take the case because I don't bank with Dansk bank.
So I am open to new suggestions.
I would fight tooth and nail over 16p if I felt wronged it's a flaw of mine.Don't trust a forum for advice. Get proper paid advice. Any advice given should always be checked0 -
Takeaway_Addict wrote: »Fight tooth and nail then to fix the flaw?
Doesn't work like that.0 -
I have a Flexplus account so just checked the details for foreign currency and it is clearly marked as the bureau/ATM owner may make a charge. Online it even then goes on to say that Nationwide do not have any foreign currency dispensers and using another provider you will be bound by their exchange rate.
It sounds like you didn’t check what exchange rate the actual machine you used offered, I can’t see what they’ve done wrong really.
If the atm claims it works in Euros and I can use my account in Euros why should there be an exchange rate from the ATM and not Nationwide?0 -
Damagedcar wrote: »If the atm claims it works in Euros and I can use my account in Euros why should there be an exchange rate from the ATM and not Nationwide?
ATM Operators are free to charge what they like to use their machines and withdraw cash. But it must have stated on the screen what the exchange rate would be and the cost before you withdrew the cash?.0 -
In the UK I always though the "Free withdrawals" was referring to the fact the don't charge you to use the machine. Lots of machines charge a flat fee of around £1.50 just to use the machine.
I think you are getting mixed up here with what the "free withdrawal" actually means.0 -
I have a Flexplus account so just checked the details for foreign currency and it is clearly marked as the bureau/ATM owner may make a charge. Online it even then goes on to say that Nationwide do not have any foreign currency dispensers and using another provider you will be bound by their exchange rate.
It sounds like you didn’t check what exchange rate the actual machine you used offered, I can’t see what they’ve done wrong really.
What exchange rate did the ATM offer that you agreed to?0 -
You usually see an exchange rate on the screen. ATMs typically offer you a choice of whether to accept the bank's exchange rate or their exchange rate.0
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