Exorbitant $CAD/EUR exchange rates at ATMs in Greece

With the $CAD/EUR exchange rate already worse than ever (thanks, Mr. Trump and his annexation threats), imagine my surprise when I found out that the EuroBank ATM (same for Alpha Bank) charged a 9% commission on the transaction. That pushed the exchange rate from the official 1.60$ to 1.77$ per euro. It’s better to buy euros in Canada or at a currency exchange office, or just pay by credit card, which I did (at a rate between 1.61$ and 1.63$).

Hi there,

Yes, for all foreign cards—even those from European countries—Greek banks charge a fixed fee for withdrawals, ranging from 1.90 € to 2.10 € depending on the bank.

This is really to discourage cash and push everyone toward paying by card.

I didn’t quite get your message.

Did you choose to withdraw in Canadian dollars?

Whether in Greece or anywhere else, you should never accept the ATM’s exchange rate in your own currency—always opt for the local currency instead.

So, euros in this case.

Many ATMs also charge fixed withdrawal fees (pretty much everywhere in the world). That’s why it’s best to take out a large amount each time. 5 € for 500 € is nothing. 5 € for 50 €—ouch, that hurts!!!

Let me explain. When I'm abroad, I can only withdraw a maximum of $500 at a time from an ATM, which is roughly 300 €. So I withdraw 300 € at a time. Normally, there’s a fixed fee (e.g., 5 €), and it’s actually better to take out more money. But during my recent trip to Greece, the bank took a 9% cut of the amount I withdrew, so instead of getting 300 €, I only received 270 €.

There are 3 types of fees for withdrawals abroad: - Fees from our own bank. In France, there are several banks with no fees—I’m not sure about Canada. - Exchange fees. Always refuse the automatic conversion; the rates are never good. Visa and MasterCard generally offer very good rates. - Fees from the local bank’s ATM. This isn’t an ad—there may be other similar options—but I discovered the website/mobile app ATM FEE SAVER. It lets you compare ATM fees and withdrawal limits in each country. For example, in Turkey, some ATMs charge 9% while others charge 0%, which makes a huge difference to your holiday budget. Of course, you won’t find fee-free ATMs everywhere or in every country, but at least you can compare and feel like you’re getting slightly less ripped off.