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PBH research project: comparing ATM exchange rates to evaluate different debit/credit cards
I think we PBH'ers could do a useful service as follows:
Suppose you normally get 300,000 COP at the ATM, and suppose you have 3 cards. As an experiment one day, instead of taking 300k on one card, take 100k on each of your 3 cards at the same time. When the debits appear on your online statements, note the different exchange rates. Then post the results on PBH - I'll make a new post to facilitate this. If we get enough submissions, it could be a useful resource. Would work better as a Sticky.
Would be good to mention any fees including annual but not essential. There are comparison sites for cards but this aspect is not covered to my knowledge.
I would love to be the first but unfortunately I am not in Colombia until November.
Banks may say "no fee" but then fleece you via the exchange rate. This project will expose them.
By tabla on Aug 30, 2009, 01:44 in Friendly Talkzone.
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panthdave says on Aug 30, 2009, 05:58: I did that once with my Mastercard I used at Exito as a POS Transaction and then the same day I used my Visa/Plus Card at BBVA..Small difference but was told the mastercard goes thru Mastercard/Cirrus International network and the Plus ATM card goes thru the Visa/Plus International Network....I was also told there the ones that set the rate based on the market rate which I am sure is set by Banco Republica or some other entity in agreement with those networks to be used...Not the local banks..If the bank charges a fee there suppose to notify you before you complete the transacation....which happened to me at the HSBC in Castropol they wanted to charge 5,500 Pesos as a fee..First time seen that a bank in Colombia...I walked to Banco de Bogota..and there is no fee.....I also noticed the networks don't update so fast and have gone early in the morning and there were still on yesterdays rate.. I also know the local banks do get a piece of the 1% that is charged automatically by the network you use..so thats why most don't charge a fee because they get a portion of the 1%...If they didn't why would they add the network to there ATM's...Now what your bank charges is an agreement between you and your bank...that's why most separate that fee from the transacation on your statement..AMEX does not there sneaky...but read the fine print they will charge you 2% of the rate...but remember AMEX has there own authorization network...thats how there so profitable...well not lately because of all the accounts defaulting...Just a note.. panthdave Miami 0 funny, 0 helpful. |
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realstate says on Aug 30, 2009, 06:37: The Information for your post ATM exchange rates for any US bank card: "ATM / Check / Debit Cards" http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Fo... RED DIAMOND CONDOMINIUMS provides travelers the best options when choosing temporary housing, sublets & short term vacation rentals, by supplying fully-furnished apartments for less than a typical hotel room. http://Red-Diamond-Condominiums.webs.com/ 1 funny, 0 helpful. |
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tabla says on Aug 30, 2009, 08:33: Very interesting, realstate. Wonder if same can be done outside USA. I also write for the archive. 0 funny, 0 helpful. |
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JGD says on Aug 30, 2009, 08:51: this should be sticky! Panties not best thing on earth, but next to best thing on earth. 1 funny, 0 helpful. |
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Paisa/Calena/Luver says on Aug 30, 2009, 08:57: I use fidelity,, NO FEE and VERY GOOD RATE.. No hidden fees of any sort.. It paid me 2150 and that was the market rate online at the time.. "PAY ATTENTION! I wonder if that person knows that when we push the FUNNY button, its because we are reading something outrageous, trying to be cynical, derogatory, sarcastic and/or obnoxious!" 1 funny, 0 helpful. |
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