Exchange rate

As I’m about to go on a trip to France, I went to our bank (Wells Fargo) to get Euros. I learned that I would be charged 1.54 instead of the official exchange rate of about 1.47.

With this in mind, I am wondering if the same applies when one gets cash from ATM’s in France. Would one be charged the true exchange rate, or would they add 6-7 cents on top of the real rate? I understand about getting charged $5 and another 3% for any ATM withdrawal. I%26#39;m fine with that. But what would irk me is if they then add another 6-7 cents on the exchange rate on top of the other two charges?

Could someone who has obtained cash from an ATM in France, let me know what rate they were charged. My bank didn’t know.

Thanks,

Josef

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%26lt;%26lt;%26lt;Could someone who has obtained cash from an ATM in France, let me know what rate they were charged%26gt;%26gt;%26gt;

This really depends upon the card you are using and the ATM from which you withdraw. B of A has an agreement with one of the main French banks (I hesitate to name the bank in mind because I am not sure it is the right one) which makes withdrawals at par - no charge.

Wells Fargo has charged you 5% for the privilege of exchanging dollars into euros. I consider that sum outrageous, others may not.

Here%26#39;s why:

1. Credit cards transactions (Visa and MC) are subject to a 1% fee on foreign purchases. Some banks charge more - a lot more, but it is just not necessary to pay more. Many credit card issuing institutions take nothing. USAA FSB and many credit unions are examples. Capital One absorbs the 1% Visa/MC fee making the foreign transaction free to their customers.

2. There are plenty of places accepting dollars at par value with no commissions. Here is one example:

http://www.ccopera.com/

The above company (Comptoir Change Opéra) is located near the Opéra in Paris.

Ultimately, only your bank can tell you what charges are made on ATM withdrawals. I should ask Wells Fargo again and find someone who cares enough to followup on your question.

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