BofA ATM Exchange Rate "SCAM"
#1
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Original Poster
Join Date: Jun 2017
Posts: 205
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??
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??
#4
Join Date: Aug 2000
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#5
Join Date: Jan 2010
Posts: 9,315
The %age would still be high, but becomes believable if this is the case.
#6
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Original Poster
Join Date: Jun 2017
Posts: 205
No I have not mixed it up. The display said: $1 = €1.26.
#7
Join Date: Dec 2007
Location: Virginia City Highlands
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Posts: 6,907
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
- 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
#8
Join Date: Dec 2007
Location: Virginia City Highlands
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#10
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http://www.flyertalk.com/forum/credi...rsion-dcc.html
#14
Join Date: Apr 2015
Location: YVR
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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.
#15
Join Date: Jan 2010
Posts: 9,315
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.