Table of Contents
When you are traveling in Europe, be careful when you try to withdraw money at the ATMs! The dynamic currency conversion scam will try a couple of times to make you pay more!
If you are traveling abroad and need to grab some local currency from an ATM, you always want to make sure you aren’t paying excessive fees – whether at the ATM or with your bank – to make it a bad deal. Well, in some countries, there is an ATM scam you definitely want to watch out for!
The Dynamic Currency Conversion Scam with ATMs
What Is Dynamic Currency Conversion?
If you have traveled abroad from the US, no doubt you are familiar with dynamic currency conversion – the process if not the name. How this typically happens is a vendor may ask if you want to be charged in the local currency or a fixed amount in US dollars. The idea is to “help” you by knowing exactly how much that purchase will cost you in your home currency.
However, this system is not a nice way to help you out but more of a way to uncharge currency conversions and making some extra money on tourists. This is why it is always a good idea to ask to be charged in the local currency instead of your home currency when on the road. And, of course, always use a credit card that does not have foreign transaction fees to save even more on fees!
To read more about Dynamic Currency Conversion, check out this page.
Why the Dynamic Currency Conversion Scam Can Be Very Bad with ATMs
With credit cards, the rate of…
