As an American visiting Spain, I went to a Euronet ATM to withdraw cash in euros. I intended to withdraw 250 euros but ended up paying 310 USD. As of my post, the current exchange rate is 0.96 euro per 1 USD, while their exchange rate was 0.82 euro per USD, alongside a service fee of about 10 euros. I attempted to cancel the transaction, knowing that Santander’s rates were slightly better, but it completed the withdrawal instead. Do not use this ATM; avoid it at all costs. Once you insert your card, you will be massively upcharged and scammed, with no option to cancel.
This could be a pinned post.
Lior said:
This could be a pinned post.
Only use ATMs in bank vestibules.
Lior said:
This could be a pinned post.
I hit cancel since I knew Santander was slightly better, and it completed the transaction instead.
This part of the OP seems overlooked by many commenters.
Good warning. Euronet is notorious for being one of these scammy ATM companies. Travelex is another, among others.
You’re usually better off using ATMs owned by banks in the country you’re visiting, like Santander in your case. However, even bank ATMs often have less favorable exchange rates than your own bank. It’s generally best to withdraw local currency and let your bank in the USA handle the conversion.
Nobody should withdraw money from Euronet ATMs. They are scams targeting tourists.
Amelia said:
Nobody should withdraw money from Euronet ATMs. They are scams targeting tourists.
Apparently, Europeans don’t pay much (or any) fees on them, which is why they seem often used.
@Peyton
That’s not true. I’m European and those are just robbery machines. They cater mainly to tourists or people in desperate need of cash.
@Peyton
I am European; I never use them as you have to be foolish or completely out of options to pay those fees.
@Peyton
They rob Europeans too.
Use post office ATMs or established banks.
Never let ANY ATM do the currency conversion for you; you always end up getting fleeced. Choose the non-conversion option, and your bank will charge you less. If you have a bank like Schwab, it refunds ATM fees.
@Blair
I’ve heard of this scam happening in two ways: either a conversion rate pops up that you should decline or an option to be debited in local currency or your own. Choosing your currency lets the ATM set the (worse) rate.
Isn’t the ideal move to decline an ATM’s exchange rate and let your bank handle it? That always works out better for me when traveling. But I’m no expert.
Ocean said:
Isn’t the ideal move to decline an ATM’s exchange rate and let your bank handle it? That always works out better for me when traveling. But I’m no expert.
In addition to the scammy exchange rates, Euronet also adds outrageous admin fees.
Ocean said:
Isn’t the ideal move to decline an ATM’s exchange rate and let your bank handle it? That always works out better for me when traveling. But I’m no expert.
Euronet charges fees unrelated to the exchange rate. Just avoid them.
Euronet is one of the scummiest companies, commonly found across Europe. Even checking your balance costs you money. Watch videos from ‘Honest Guide’ on YouTube; they did a detailed investigation into Euronet. It’s a great resource for anyone traveling to the EU, offering informative content without scare tactics.
If you accept the conversion at any foreign ATM, you’re asking to get ripped off. The rates are horrendous compared to what your bank will charge, even with foreign transaction fees.
Nolan said:
If you accept the conversion at any foreign ATM, you’re asking to get ripped off. The rates are horrendous compared to what your bank will charge, even with foreign transaction fees.
He didn’t.
This sounds just like a video from ‘Honest Guide’ (if you haven’t seen them, check out their channel).