ATM exchange rate for Canadian Dollar
I realize that exchange rates change but can someone tell me what the current exchange rate is for the Canadian Dollar at the ATM? Is one bank better than another?
ATM exchange rate for Canadian Dollar
by Ironwood 
, Friday, January 05, 2024, 12:18 (1038 days ago) @ ezspirited
I realize that exchange rates change but can someone tell me what the current exchange rate is for the Canadian Dollar at the ATM? Is one bank better than another?
Xe.com is showing 12.74. My experience is that, at Scotiabank on Juarez, you'll get approx. 12.38.....calculated at the xe.com posted rate, minus their currency exchange rate of between 2.5 - 3.0%. At 2.8%, it works out to that 12.38.
Note I don't pay an ATM transaction fee because I am a Scotiabank customer. Using anyone else's ATM, I'd have to pay anywhere from 20 to 60 or 70 pesos extra for each transaction.
ATM exchange rate for Canadian Dollar
by Timmac , Steilacoom, WA, Friday, January 05, 2024, 12:30 (1038 days ago) @ Ironwood
The actual exchange rate is actually the same at all banks and depends on which international network they use, Visa or Mastercard. It varies a bit between the two. The differences are what the banks charge for their ATMs, what your bank charges for use of a non network ATM, and if your credit card company charges a foreign transaction fee which usually is around 3%. Just get a debit card that rebates ATM charges, offers a large network, (the main ones are plus and cirrus) and doesn’t charge a foreign transaction fee. As long as you’ve got the right card the differences between ATMs isn’t worth worrying about. Of course you always decline dynamic currency conversion
ATM exchange rate for Canadian Dollar
by mosesk , Ojai, CA, USA, Saturday, January 06, 2024, 00:57 (1038 days ago) @ Timmac
The actual exchange rate is actually the same at all banks and depends on which international network they use, Visa or Mastercard. It varies a bit between the two. The differences are what the banks charge for their ATMs, what your bank charges for use of a non network ATM, and if your credit card company charges a foreign transaction fee which usually is around 3%. Just get a debit card that rebates ATM charges, offers a large network, (the main ones are plus and cirrus) and doesn’t charge a foreign transaction fee. As long as you’ve got the right card the differences between ATMs isn’t worth worrying about. Of course you always decline dynamic currency conversion
That is such a fine detailed explanation of the 'ATM Process'.
There are so many misconceptions about it.
ATM exchange rate for Canadian Dollar
by Timmac , Steilacoom, WA, Saturday, January 06, 2024, 07:50 (1037 days ago) @ mosesk
Thanks--I actually bookmarked the page so I can cut and paste it. The question comes up again and again. The reality is as long as you decline direct currency conversion and have a car that doesn't charge a foreign exchange fee, it doesn't matter much. Sometimes people obsess over amount that don't matter. It's a little like me driving to Costco to save 2 bucks on a tank of gas, without bothering to think that it cost me three dollars to get there. It took me a long time to realize that I was actually losing money.
ATM exchange rate for Canadian Dollar - ScotiaBank
by Little Guy , Friday, January 05, 2024, 23:35 (1038 days ago) @ Ironwood
I withdraw from SB maybe 10 times each year. I use my Tangerine ATM card. (Tangerine is a wholly owned subsidiary of SB.)
After going through the steps to withdraw, the ATM displays an exchange rate and asks whether I accept. Somewhere on the screen it notes that this is a 14% markup. That’s right. 14%.
It asks whether I accept the exchange rate. I always say “No’. I let Tangerine do the conversion. On a M$10,000 withdrawal, I have sometimes saved C$100.
ATM exchange rate for Canadian Dollar - ScotiaBank
by Timmac , Steilacoom, WA, Saturday, January 06, 2024, 00:02 (1038 days ago) @ Little Guy
This is called dynamic currency conversion. It’s probably the most frequent mistake people make. ALWAYS decline the rate that is offered.
ATM exchange rate for Canadian Dollar - ScotiaBank
by Padrino 
, Rosarito/Zihuatanejo, Saturday, January 06, 2024, 07:30 (1037 days ago) @ Timmac
This is called dynamic currency conversion. It’s probably the most frequent mistake people make. ALWAYS decline the rate that is offered.
We don't call 'em "banksters" for nuthin', ya' know.
