uesday, 14.06.16 , written by Anja Schlicht Ever heard of Dynamic Currency Conversion? The immediate euro billing ensures that vacationers have to pay heavily while withdrawing money abroad. What is camouflaged as well-meaning service, turns out at the latest when looking at the bank statement as a rip-off. Some tips abroad, however, travelers abroad to fall into the consumer trap. >
Whether winter or summer: a holiday abroad can relax body and mind. With the recovery, however, it is quickly over , when travelers look back at the bank statement on their return and realize that they were pulled off the money when abroad were ripped off the table . Because at many ATMs, bank customers are offered to debit the account in euros instead of in the foreign currency . This service is called Dynamic Currency Conversion and often promises a guaranteed exchange rate and zero percent commission. But who decides, makes lousy . In a test of the Stiftung Warentest from May 2016, the loss was due to the bad conversion at up to twelve percent.
For the test, the consumer organization in several countries let money withdraw from the machine, including Bulgaria, Poland, Switzerland and Norway. If the testers had decided on the immediate conversion of the euro , they would have escaped between three and twelve percent of the withdrawal amount . This is because the ATM operators charge a worse rate than the domestic bank. The actual price used in the conversion is not always given correctly. Stiftung Warentest therefore recommends that when withdrawing money abroad, you should choose the foreign currency if you have a choice between this and the euro – even if the machine repeatedly asks whether bank customers really want to debit their foreign currency account.
Not only when withdrawing money vacationers abroad can fall into the cost trap, but also in the card payment at the till . As at the vending machine, partial conversion is sometimes offered here. Stiftung Warentest observed this in different countries. The loss was between two and five percent. Particularly annoying: Information about the debit in euros, there was only sparse or not at all. After all, consumers have the right to fight back . You can reclaim the goods from the seller and insist on an account debit in the local currency. However, this can be difficult due to the language barrier.
The tip to withdraw money from the conversion into the domestic currency is not only valid for Germans abroad. Anyone who receives visitors from countries without a Euro currency can pass on the advice. For even with local ATMs that are not assigned to any bank, it is trying to rip off with the scam.
With some credit cards you can withdraw money abroad free of charge. However, there are fewer and fewer providers. For example, Deutsche Kreditbank (DKB) has not reimbursed any fees since June 1, 2016, which are incurred through withdrawals with the Visa card at the foreign ATM. Such costs are referred to as foreign service charges.
In general, the following steps are recommended for every vacationer, if he wants to travel abroad:
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