dmcd38

euronet ATM are a really big pain in the ... as they are replacing "normal" ATMīs with euronet ones, that charge lots of fees :/

craz

Same @ BUD, in baggage claim area or after customs all that can be ha dis EuroNet, bet they are paying a nice fee to the airport to have sole contract rights. And EN doesnt care since they know they will make out like bandits when folks use their ATMs for ca$h

If anyone has gottem caught and used them besides their fee scam do they play games with the currency rates as well, like TravelX does Ive seen where folks would get apx a 25% haircut at TravelX counters

:D!

Euronet simply offers a choice of DCC or no DCC.

If you correctly refuse DCC, Euronet will not be able to scam you as the exchange rate will then be up to Visa or Mastercard (or any other supported network). The bank that issues your card may add its own fees or rate markup but that is nothing to do with Euronet.

WilcoRoger

+1

Read the screens and use your brains.

At BUD they charge you a small amount if you decline DCC (3-4€) but they also clearly state it on a separate screen (and they also push you to DCC again, just don't fall for it)

Last month the DCC rate was 276HUF/€ whereas I ended up with 318HUF/€ (incl the charge mentioned) by non-DCC. In town the cash rate at "whole-in-the wall" bureaux varied between 315-322HUF/€ while the shiny bureaux had the ripoff rate of 280:ish HUF/€

akrus

Apart from everything mentioned above I also noticed in Copenhagen that different Euronet ATMs charge different commission for withdrawals.
E.g. I checked one ATM and it was showing ~2.5 EUR commission, then I just walked to a next one 50 meters away and it had zero.

Fanjet

This Euronet "scam" has been around for almost a decade. And they try to scare the ATM cardholder who chooses the local currency conversion by warning them that it is not a set conversion rate. Whenever a friend or family member travels to Europe, I always warn them about it. As for Euronet's proliferation at airports and train stations, how is this much different from Travelex being the only ATM choice (that I can tell) at LHR? Where they want to charge you a fee for withdrawing money. And BTW, I have seen this fixed home currency conversion scheme at regular bank ATMs outside the Eurozone as well. Not all, but some.

Oh... and another BTW.

This will happen at your hotel and retail store as well. Always insist upon the local currency for the transaction.

Andriyko

There is really no scam. They think they provide a service and want to be paid for that service. I am not sure who would actually need and want to pay but for that service, but all one needs to do is decline the conversion. The rate and the final amount is clearly displayed before you confirm. Yes, Euronet's ATMs overdo it with the rate but almost all other banks/POS terminals also offer this ridiculous DDC conversion. You just need to be careful and read what you're agreeing to.

jason8612

I don't see any scam for the Euronet ATMs. Thay have been around for a long time in Poland, and they do clearly tell you the % markup and exchange rate and you do have an option to opt-out of it (and its a good size button, not hidden somewhere).

:D!

Depends on what you define as a scam. I think it is pretty scammy to provide a "service" that nobody would pay for if they understood it, and make money by tricking and deceiving others. If you know what buttons to press you will not be tricked, but the business case relies on some people being tricked or not understanding it.

The only very rare scenarios where it might make sense to use DCC is if you notice that the rate offered has not caught up with a very recent crash in your card's currency. Or perhaps if you have a foreign transaction fee on your card (which you know won't be charged on DCC - as some banks around the world will charge a fee even for home currency spend if it is physically abroad) as well as a special offer that gives you high rewards which would outweigh the fee plus the DCC markup.

Romanianflyer

The scam is mostly the at times exorbitant withdrawal fees charged by Euronet - and their near monopoly in some places. I've seen fees ranging from 0 to 15 EUR (!) at these ATMs while normal bank ATMs rarely charge me anything extra for a withdrawal.

I indeed don't see the scam when it comes to conversions/asking people whether they want to be charged in the local or their home currency as you can opt out of this. Other (bank) ATMs often ask the same question as well so Euronet isn't much different here (although their exchange rate is).

Fanjet

Actually, most banks (at least U.S. based on ones) will still charge a foreign transaction fee because the transaction took place outside the U.S. and its territories. And this was an "enhancement" to their schedule of fees. As prior to this DCC scheme, it was called a foreign currency conversion fee by most banks.

As for whether or not this is a scam. It is basically a useless service because every ATM withdrawal is going to be deducted from the cardholder's account in the respective home currency of that account. Euronet is basically doing something as a "service" which is going to be done regardless.

:D!

That's what I said.

The "service", insofar as it can be called a service, is telling you the home currency amount before the transaction takes place rather than letting the card issuer determine the amount at the end of the business day.