Withdrawing Cash from Portuguese ATMs

Pauljenny

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Withdrawing cash from Portuguese ATMs
They have fitted a new ATM in our village.
When I use my UK Card, it puts up a message, offering me a guaranteed conversion rate..With a friendly Union Jack alongside.
When I press the Reject rate button ,it repeats the warning that this rate is not guaranteed..
The difference between the 2 rates, is currently 11%..
A Euro costs me 88.7 pence .
Their guaranteed rate would charge 99.7 pence.
How many tourists are falling for this scam..?
Don't be one of them..!




It's not where you live... It's HOW you live..



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I tried to use one machine in Portugal last year but the sunwas shining directly on it and I couldn't read the screen - so I gave up and went to another. Quite a few offered to do the exchange rate for me but I declined as I thought it would probably cost me more than letting my bank do it. Glad I was right.
 
We've been caught at a 'Lo-Cost' filling station in Spain who said that their bank automatically uses their own rate. It might have been true . . .
 
In Portugal make sure to use an ATM labelled MB (Multibanco). All the others charge for the transaction. Multibanco usually found in supermarkets and at banks.
 
We found most of the ATMs in Spain charged a fee for using them, anything from €2-€7 for €50! Found a completely fee free one by searching on Google maps.
 
Nice little scam on Portuguese ATMs :
It asks you if you want a guaranteed exchange rate. Many a sun/ drink, fuddled tourist. falls for it.

If you decline it, it asks you
again.. Are you Sure .. that you don't want the guaranteed Rate ?.

They take a 10% commission /mark up.
 
It’s been going on for quite a while now Paul. It was happening the last time we came to visit. Mumble mumble years ago.
 
Withdrawing cash from Portuguese ATMs
They have fitted a new ATM in our village.
When I use my UK Card, it puts up a message, offering me a guaranteed conversion rate..With a friendly Union Jack alongside.
When I press the Reject rate button ,it repeats the warning that this rate is not guaranteed..
The difference between the 2 rates, is currently 11%..
A Euro costs me 88.7 pence .
Their guaranteed rate would charge 99.7 pence.
How many tourists are falling for this scam..?
Don't be one of them..!




It's not where you live... It's HOW you live..



Quote Reply

Report Edit
Thanks for the info, we're off to Portugal next month so always good to know
 
Thanks for the info, we're off to Portugal next month so always good to know
As Paul says Always refuse a guaranteed exchange rate. But in my opinion, you are better off taking a Starling Card.
You can change currencies by simply pressing a button on your phone. The exchange rates are the best available on that day, and you can turn the card off when not using it, so if it gets nicked, it’s no good to anybody. Worth checking out.👍
 
@Hymer Snobs

Hope you enjoy it

If you need any advice.
Just ask .
Bring some of your surplus rain with you , please
 
It gets worse, we declined a transaction and the money - €300 iirc - was still taken out of our account.

We eventually got it back but we were worried for a bit.
 
i used an agribank in portugal normally the best but even using a revolut card loaded with euros exchanged at the 1.17 rate got charged a €4 fee have sent of enquiry
 
Unfortunately, Starling are not accepting any new account applications at present, hopefully a temporary thing
I’ve just had a word with Starling about not accepting new customers, and it appears it’s a temporary situation affecting Euro and Business accounts. It will all be back up and running very shortly.
 
There are a few UK cards that do not charge a foreign exchange fee.....First Direct,Virgin and Barclaycard.
So I don't see the particular advantage of Starling or Revolut.
The discussion is surely about charges made by the local bank which will be the same no matter which of those banks you use.
And always refusing the fixed exchange rate with all cards
 
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There is no comparison between Starling and Revolut, they are different types of accounts.
Speaking personally, I would not travel anywhere, home or abroad without my Starling card.
 
I stopped using our Caxton card now that First Direct don't charge foreign transaction fees (and offer a near perfect exchange rate). Fortunately on this trip I haven't had to find or use a Spanish ATM so have incurred zero fees thus far. We only tend to use cash for small purchases like coffee and bread. The Halifax Clarity card gets hammered for the rest!
 
Clarity for us for all the bigger stuff, not had a problem so far. Santander are good for cash withdrawals from their own ATMs but the option this thread started off about is still offered. The rate received is very close, if not identical to, that day's inter bank rate.

Cheers

H
 
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