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ATM
Many people feel using ATMs are the most economical method to exchange money. However,
by doing the math, ATMs can charge as much as 10% to pull money while overseas.
The incremental cost each time using an ATM can be expensive.
Here's how:
Most people who purchase a couple hundred dollars of foreign currency before they leave and buy more as needed pay more incrementally, here’s how:
Take $100 from an ATM overseas
the charge is $3 to $6 per pull, plus 2.9% = 9% of a $100, 18% for $50 pull
Do this 10 times in 2 or 3 weeks, and the bank makes a lot of money, while the consumer is the one hurting…. (9% x $1,000) = $90 or 9% convenience fee.
With this information, please read the following article written in the Chicago Tribune today:
See: ATM article in the Chicago Tribune June 24, 2007
by doing the math, ATMs can charge as much as 10% to pull money while overseas.
The incremental cost each time using an ATM can be expensive.
Here's how:
Most people who purchase a couple hundred dollars of foreign currency before they leave and buy more as needed pay more incrementally, here’s how:
Take $100 from an ATM overseas
the charge is $3 to $6 per pull, plus 2.9% = 9% of a $100, 18% for $50 pull
Do this 10 times in 2 or 3 weeks, and the bank makes a lot of money, while the consumer is the one hurting…. (9% x $1,000) = $90 or 9% convenience fee.
With this information, please read the following article written in the Chicago Tribune today:
See: ATM article in the Chicago Tribune June 24, 2007
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Latest page update: made by
Anonymous
, Jun 25 2007, 6:53 PM EDT
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