Exchange in the app or on the ATM abroad?


#1

So, just a quick one that I have been wondering.

I am going to Kos in May and I am torn between how to take cash while I am there. So I was wondering if anyone had any advice on the following:

Do I either:

A) Keep the money in my revolut account in £GBP, withdraw from a cash machine in Kos and allow it to be withdrawn in GBP

B) Keep the money in my revolut account in £GBP, withdraw from a cash machine in Kos and allow it to be exchanged into EUR

C) Exchange the money in my revolut account to EUR and withdraw in EUR from a cash machine in Kos

The difference between A and B is that when you withdraw from a european cash machine it usually asks you if you want it in £s or EURs - I assume that has something to do with the exchange process?

What are people’s thoughts on this topic in general? My aim is obviously to get the best out of a pretty dire exchange rate.

Thanks!

Lee


#2

Hey @leelad00 :slight_smile:

Keep in mind there’s a weekend FX surcharge of 0.5% for that currency combo. Therefore, if you’re extremely money wise, converting beforehand might be wise (but less convenient).

You can either:

  • convert it to EUR beforehand and ask the ATM to be charged in EUR.
  • keep the money in GBP and ask the ATM to be charged in EUR.

but never allow the ATM to do the conversion for you (that is, always choose to be billed in the local currency). It will allow the ATM owner to set the FX rate and it will usually be terrible. For more info on why, search for Dynamic Currency Conversion.


#3

That’s great - thanks for the advice!