Currency exchanges in Budapest

Yes, yes, I know, I know. These days everyone uses ATMs. But my bank
charges such a hefty fee for using foreign ATMs that I have already
determined that I will save money by bringing cash from home (Canada)
and exchanging it at OTP Bank in Budapest. Are there any other exchange
shops that have better rates than OTP Bank?

--
K.

Lang may your lum reek.

On 10/06/10 02:53, Király wrote:
Yes, yes, I know, I know. These days everyone uses ATMs. But my bank
charges such a hefty fee for using foreign ATMs that I have already
determined that I will save money by bringing cash from home (Canada)
and exchanging it at OTP Bank in Budapest.

Assuming the don't charge?

Are there any other exchange
shops that have better rates than OTP Bank?

Open an account with a bank that doesn't charge exorbitant rates.

Martin wrote:
On 10/06/10 02:53, Király wrote:
Yes, yes, I know, I know. These days everyone uses ATMs. But my bank
charges such a hefty fee for using foreign ATMs that I have already
determined that I will save money by bringing cash from home (Canada)
and exchanging it at OTP Bank in Budapest.

Assuming the don't charge?

Are there any other exchange
shops that have better rates than OTP Bank?

Open an account with a bank that doesn't charge exorbitant rates.


Ditto. I have a card account with an online bank that charges nothing
for cash withdrawals at foreign ATMs.

T.

On 10/06/10 11:01, Tom P wrote:
Martin wrote:
On 10/06/10 02:53, Király wrote:
Yes, yes, I know, I know. These days everyone uses ATMs. But my
bank charges such a hefty fee for using foreign ATMs that I have
already determined that I will save money by bringing cash from home
(Canada) and exchanging it at OTP Bank in Budapest.

Assuming the don't charge?

Are there any other exchange shops that have better rates than OTP
Bank?

Open an account with a bank that doesn't charge exorbitant rates.


Ditto. I have a card account with an online bank that charges nothing
for cash withdrawals at foreign ATMs.

Especially as if a bank grossly overcharges on one item, it is probably
overcharging on others.

Martin wrote:
On 10/06/10 11:01, Tom P wrote:
Martin wrote:
On 10/06/10 02:53, Király wrote:
Yes, yes, I know, I know. These days everyone uses ATMs. But my
bank charges such a hefty fee for using foreign ATMs that I have
already determined that I will save money by bringing cash from home
(Canada) and exchanging it at OTP Bank in Budapest.
Assuming the don't charge?

Are there any other exchange shops that have better rates than OTP
Bank?
Open an account with a bank that doesn't charge exorbitant rates.

Ditto. I have a card account with an online bank that charges nothing
for cash withdrawals at foreign ATMs.

Especially as if a bank grossly overcharges on one item, it is probably
overcharging on others.

In this case (DKB) they seem to offer the free foreign ATM cash
withdrawal as a lost leader and charge on other services - like charging
for domestic cash withdrawals - which I never use.

T.

Martin wrote:
and exchanging it at OTP Bank in Budapest.

Assuming the don't charge?

OTP does not charge any fees other than what is already built into the
difference between the buy and sell rates. I just wonder if any other
places have better rates.

Open an account with a bank that doesn't charge exorbitant rates.

Maybe a bank like that exists in your country. But not here in Canada.
They all have extremely high foreign ATM fees. High enough to make it
not worth it.

If you can prove me wrong with a helpful suggestion, I'm all ears.

--
K.

Lang may your lum reek.

Tom P wrote:
In this case (DKB) they seem to offer the free foreign ATM cash
withdrawal as a lost leader and charge on other services - like charging
for domestic cash withdrawals - which I never use.

There are no DKB branches in Canada.

No financial institution in Canada offers accounts with low-fee or
fee-free access to foreign ATMs.

--
K.

Lang may your lum reek.

"Tom P" wrote in message
...
Martin wrote:
On 10/06/10 11:01, Tom P wrote:
Martin wrote:
On 10/06/10 02:53, Király wrote:
Yes, yes, I know, I know. These days everyone uses ATMs. But my
bank charges such a hefty fee for using foreign ATMs that I have
already determined that I will save money by bringing cash from home
(Canada) and exchanging it at OTP Bank in Budapest.
Assuming the don't charge?

Are there any other exchange shops that have better rates than OTP
Bank?
Open an account with a bank that doesn't charge exorbitant rates.

Ditto. I have a card account with an online bank that charges nothing
for cash withdrawals at foreign ATMs.

Especially as if a bank grossly overcharges on one item, it is probably
overcharging on others.

In this case (DKB) they seem to offer the free foreign ATM cash withdrawal
as a lost leader

why is it a loss leader?

It doesn't cost the bank anything for you to use a foreign ATM so what are
they losing?

In any case, they can always recoup costs by charging a margin on the
exchange rate, most people wouldn't even notice this. It's the minimum fee
5 dollars for a 50 dollar withdrawal, that's the problem.

tim

Yes, yes, I know, I know. These days everyone uses ATMs. But my
bank charges such a hefty fee for using foreign ATMs that I have
already determined that I will save money by bringing cash from home
(Canada) and exchanging it at OTP Bank in Budapest.

Assuming the don't charge?

Are there any other exchange shops that have better rates than OTP
Bank?

Open an account with a bank that doesn't charge exorbitant rates.


Ditto. I have a card account with an online bank that charges nothing
for cash withdrawals at foreign ATMs.

Especially as if a bank grossly overcharges on one item, it is probably
overcharging on others.

As I read the problem outline above by the OP my first thought was surely he
must be talking about taking cash out on his MC or something.
If not that this guy has one hell of a bank! s

You could get an account with Citibank. A quick check on their web
site shows that they have branches in Hungary and in Canada.

When I did not qualify as a Citigold customer, the exchange rate was
about 1-2% higher than the wholesale rate published in the WSJ. When
I was a Citigold member, the exchange rate seemed to be identical to
the wholesale rate. This worked for me at Citibank ATMs in Japan,
China, Czech Republic, Greece, Spain, etc. The only disadvantage to
this strategy is that you have to find a Citibank ATM, since the usual
fees will apply at non-Citi machines.