Criticism is considered obsolete in today’s world. After all, in some countries there is even a flirtation with the fact that it will be completely banned. Among other things, it is also easy to control electronic transactions. But the fact is that it primarily brings great benefits to those who use it.
Automated teller machines (ATMs) tempt and then cheat
Although you can pay with card everywhere, there are also ATMs around every corner. In short, people still need some cash with them. In any case, the advantage of payment cards and associated ATMs is the fact that when traveling abroad you can bypass various credit exchange offices, which in the past robbed you of large sums when exchanging money.
Unfortunately, it seems as if this evil is returning, now only the ATM operators themselves, which are often the banks of the country, are behind it. At first glance, the ability to choose the local currency with your payment card abroad is great, but you should be careful. Czechs lose a lot of money this way abroad and may not even realize it if they don’t have the exact exchange rates in their head.
Today, when you want to withdraw money abroad with your card, it is already a pity that the ATM will try a bad trick on you. It will present you with two options, the less useful one seems more attractive.
The ATM sets up the whole thing so you have a choice. Either you choose the option without a spot exchange, which is often described as who knows how much you will ultimately pay. Or the ATM will offer you an instant exchange at a fixed exchange rate, which you can see on your screen, in a way that looks pro-customer.
It’s always wrong
Many give in to the fact that they see Czech crowns at a foreign ATM and press the button to select this option. Unfortunately, this is the wrong and by far the least useful option. In this case, I traveled and redeemed under very poor conditions set by the ATM operator. You usually get 10 to 15% of the amount collected in this way. It’s the same, but more will be deducted from your final account, because the exchange rate is not as useful as if your bank recalculated, which is the second option.
For example, if you withdraw about ten thousand crowns in Croatia, you can lose up to two thousand crowns in this way. This currency conversion is called a DCC and should be avoided at all costs. It is no better than the exchange rate at your bank, even if it is a few percentage points worse than the central exchange rate.
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