The Inland Magazine – Mantiseño Blogs » Just Say No

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Jan

Posted by: culebronchris

Filled in: Culebronchris

Just say No

By Culebronchris

I have recently been using an UK debit card to pull Euros from Spanish hole in the wall machines. The UK account is, obviously enough, in Sterling.

So I go through the process, push in the card; choose a language, what sort of transaction, how much etc. Eventually a screen message comes up that reads something like 300€ will cost you £285 including commissions and fees. Do you wish to proceed? The obvious answer is “yes,” of course I wish to proceed. If I were to say “no” the implication is that, the transaction would be cancelled. Nonetheless the better answer is “no.”

When you answer “no” the transaction continues anyway and the conversion between Pounds and Euros works in your favour because you buy rather than sell – or is it the other way around? And we are not talking pennies here. The average rate offered on the screen is around £283 to buy 300€ but the actual cost has averaged out at around £270 when I have answered “no.” That is thirteen quid a pop in the bank’s favour.

If I didn’t know that banks were honourable and upstanding institutions constantly striving to improve services for their customers I’d be ready to classify this as a bit of a dirty trick designed to confuse people exchanging money abroad.

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6 Comments.

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Comment By: Rob Innis
January 16, 2010 @ 7:01 pm

This has always confused me as well – might have known its another bank scam.

Good to see the pound:euro going in our favour at 1.13 today.

Comment By: Colininspain
January 17, 2010 @ 1:01 pm

If you have a Nationwide Building Society account, you can use their debit card in a Spanish ATM machine (hole in the wall). When asked if you wish to pay in sterling or euros choose euros. Your UK account will be debited the next day at the FULL exchange euro rate, NOT the holiday rate, and there will be NO charges.

Comment By: S.Hobbs
January 18, 2010 @ 8:14 pm

When my daughter visited we noticed this very same thing. Colin, we bank with the Nationwide in the Uk and never realised that we could use their debit card in a Spanish atm machine.

How silly do I feel? horrible when age catches up with you.

Comment By: Spainrico
January 18, 2010 @ 8:18 pm

Yeah – don’t talk to me about age catching up with you – I will be posting -
‘My First Senior Moment’ later in the week.

Comment By: morley
January 18, 2010 @ 11:03 pm

It is true what you say about the Nationwide card (I use it all the time) but you need to use it on machines that do not make a charge, as some machines charge for their use. The Cam bank machines do not charge.

Comment By: Chris Thompson
January 19, 2010 @ 9:27 am

This was the headline: Some Spanish Banks are charging commission on donations to Haiti

And this was in the body of the story:

The commission have been charged when the money is transferred from one bank to another, and to be sure that all your money goes in aid you are advised to make the donation in your own bank to an account at the same bank or by credit card. You can also check at your branch if any commission is being charged.

Caja Madrid have dropped their charges collaborating with several ONG’s (similar to charities in English), as have Banco Sabadell, while la Caixa allows transfers by credit card for those who are not clients.

There is no legal obligation for banks to drop their commissions in such cases, but it has for some time been regarded as good practice for them to do so.

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