What exchange rate do you get when you use an ATM Machine, the bank machine formally called an Automatic Tell Machine. This is the machine where you put the Plastic Debit or Credit Card in and it gives you money.
World Exchange Rates can change rapidly, therefore to test the exchange rate of an ATM Card you need to do the same day. I went to the ATM machine here in Guatemala and extracted 2000 Quetzals the money of Guatemala.
I then got on my favorite internet site that computes exchange rate, I use the full link because it appears to have all the currencies of the world. http://www.xe.com/ucc/full/
The internet address or domain here is great, I just need to type in xe.com, very easy to remember or type in an internet cafe. Hoowever I still have the full link in the favorites or bookmarks of my internet browser.
1 USD = 7.67655 GTQ this is the exchange rate, however not the complete truth, the bank charged me a fee.
I got on my Bank Website and checked out how much money it said was extracted in Dollars, even though I took out the Guatemala currency of 2000 Quetzal, it still says I took out 260.45 Dollars
The Banks Says 260.45 and the currency converter says I should get 260.53 USD, so I lost .08 Cents USA, a negligible difference.
260.45 INTERNATIONAL CASH WITHDRAWAL CALLE PRINCIPAL Z., AJACHEL
5.21 INTL TRANSACTION FEE 2% OF $260.45
Total: 260.45 + 5.21 = 265.66
265.66 / 2000 = 0.1328 1 GTQ = 0.1338 USD
2000 / 265.66 = 7.5284 1 USD = 7.5284 GTQ
1 US Dollar gave me 7.5284 Quetzals with an ATM Machine.
The point of Money Travel Tip is to show you the math, help you to understand what happens when you use an ATM machine. I personally use the ATM 100 percent of the time, there is no way I can carry enough money or traveler checks with me to travel for years., I personally need an ATM with a Debit Card System to Travel.
Would it be better to carry cash? Would it be better to carry Travel Checks? Would it be better to only use Credit Cards?
Fees, there are fees, totally confusing fees, the average person is confused and this is the way the Money Changers want it. I personally believe the Bank Fees are usury, any way you do it the Money Changers should be thrown out... one World Currency would be nice.