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BofA ATM Exchange Rate "SCAM"

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BofA ATM Exchange Rate "SCAM"

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Old Jul 22, 2017, 1:57 pm
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BofA ATM Exchange Rate "SCAM"
Person from Europe wants to withdraw dollars from BofA ATM. Is presented with two options: 1) BofA sets exchange rate, $0 fee, 2) EU bank sets exchange rate, $3 fee.
On the next screen, the BofA exchange rate is presented: $1 = €1.26!
Yes, you read that right: to obtain ONE dollar, you pay €1.26!!

Seriously BofA??
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Old Jul 23, 2017, 4:54 am
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not a scam... pretty common practice
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Old Jul 23, 2017, 7:45 am
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Dynamic Currency Conversion - the practice is widespread although I've never heard of an ATM fee being linked to it.
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Old Jul 23, 2017, 7:58 am
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Originally Posted by ft101
Dynamic Currency Conversion - the practice is widespread although I've never heard of an ATM fee being linked to it.
DCC spreads are usually around 2-5%.

This is a 48% markup on the normal exchange rate.
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Old Jul 23, 2017, 8:38 am
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Originally Posted by B747-437B
DCC spreads are usually around 2-5%.

This is a 48% markup on the normal exchange rate.
Or the OP has the currencies mixed up. Wouldn't an ATM in the USA present the exchange rate as x USD to 1 Euro, not x Euro to 1 USD. This is the case in some countries.

The %age would still be high, but becomes believable if this is the case.
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Old Jul 23, 2017, 8:43 am
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Originally Posted by ft101
Or the OP has the currencies mixed up. Wouldn't an ATM in the USA present the exchange rate as x USD to 1 Euro, not x Euro to 1 USD. This is the case in some countries.

The %age would still be high, but becomes believable if this is the case.
No I have not mixed it up. The display said: $1 = €1.26.
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Old Jul 23, 2017, 9:59 am
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The recommended set of rules was the same last nn years:

- ALWAYS have the transaction in the currency of the country where you are now
- ALWAYS decline using ATM's bank's exchange rate when withdrawing money
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Old Jul 23, 2017, 10:01 am
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Originally Posted by BOSTravels
No I have not mixed it up. The display said: $1 = €1.26.
Can I buy euros with that exchange? I am even OK with 1.2 euros per $. Ready to exchange $$$$$. Where can I do it?
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Old Jul 23, 2017, 10:49 am
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customer, would you rather...?
a. be screwed a lot?


or


b. be screwed by a whole lot more?
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Old Jul 23, 2017, 12:44 pm
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Originally Posted by ft101
Dynamic Currency Conversion - the practice is widespread although I've never heard of an ATM fee being linked to it.
Depends on the country, really. It's widespread in some places while almost unheard of in others. More info here:

http://www.flyertalk.com/forum/credi...rsion-dcc.html
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Old Jul 23, 2017, 2:53 pm
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Originally Posted by BOSTravels
No I have not mixed it up. The display said: $1 = €1.26.
Image/photo?
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Old Jul 24, 2017, 12:11 am
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Originally Posted by BOSTravels
No I have not mixed it up. The display said: $1 = €1.26.
How do you explain the exchange rate being back to front, or is that the usual method in the USA/BofA?
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Old Jul 24, 2017, 7:15 am
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Originally Posted by ft101
How do you explain the exchange rate being back to front, or is that the usual method in the USA/BofA?
No idea. If there is a next time I will make a photo.
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Old Jul 24, 2017, 3:42 pm
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Originally Posted by ft101
How do you explain the exchange rate being back to front, or is that the usual method in the USA/BofA?
If you think it's 1 EUR = 1.26 USD how do you explain Bank of America giving people an extraordinarily generous exchange rate? If OP is withdrawing US dollars, they are buying USD and beating today's bank rate by 10 US cents per EUR. I don't know any bank that gives away free money like this.
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Old Jul 25, 2017, 12:36 am
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Originally Posted by eigenvector
If you think it's 1 EUR = 1.26 USD how do you explain Bank of America giving people an extraordinarily generous exchange rate? If OP is withdrawing US dollars, they are buying USD and beating today's bank rate by 10 US cents per EUR. I don't know any bank that gives away free money like this.
Good point. You would expect more like 1.06 than 1.26 if the xe rate was 1.16.
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