Originally Posted by
awayIgo
The rate of exchange paid at an ATM has to do with YOUR bank, not the Israeli bank. Same as the rate of exchange offered by credit cards. I have used two different cards, in rapid succession and gotten two different rates. Especially when cards do the transaction for "no fee" --the "fee" is the difference between the commercial rate and what they are paying you.
This is not completely correct. The exchange rate when using an ATM in a different currency to your card is set by the network (Visa, MC, Amex, etc) and at least for the main 2 networks, is published on their website every working day.
Any deviation from the Visa/MC exchange rate is due to a fee or additional spread charged by the card issuer. Of course the ATM may charge a fee as well.
Using my UK credit card which charges no cash withdrawal fees and no forex commission, I frequently obtain rates better than the xe.com average rate for the day - as long as the local ATM does not charge a fee and I pay off the balance ASAP so I don't get charged interest.
I only use Berlin/Superrich etc if I need to change a large amount that would take weeks to withdraw by ATM, or I need to guarantee a rate. And these places will never give you better than spot, unlike some places in London - though I am not entirely certain of the legality of those...