Sorry--Question about ATMs

[jessica]

Sorry if this has been answered, I searched through and could't find it in a previous post.

I know ATMs are the best way to get money but how do you find out what rate they're giving you money at? Is it posted on or near the machine? Printed on your receipt?

Thanks for any help.--jessica

[WillTravel]

In my experience, the rate is not printed anywhere. In general, the bank uses a rate that is equal or very close to the interbank rate. However, I have heard of a few banks that charge a 1% or 2% rate on top of that. Plus, some banks charge several dollars for each withdrawal. One way the interbank rate is to check on the Internet before you withdraw the money. I wouldn't bother, though, as you should have a pretty good idea of what it is. Check with your bank as to what rate they use and what they will charge you when you withdraw from a foreign ATM.