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How ATM Can (AND WILL) Trick You When Traveling - YouTube
Channel: HONEST GUIDE
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when traveling abroad and getting money
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out of an atm in a foreign country you
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always want to decline or choose
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without conversion but the story is more
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complicated
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so you should stick around the video
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because it's also more fun
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we're the honest guys making videos to
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help you on your travels and we're based
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here in prague a city
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of 100 spires and also a city of
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thousands
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of atms that are ready to trick you
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and get more money than you will think
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out of your pockets
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even though we're in europe we do not
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use euro currency in czech republic
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we use czech crowns so if you want to
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pay
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you have to have check crowns now let me
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hold it there you can actually pay with
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your card at most of the places but if
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you do want to get cash out of an atm
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you need to follow a certain rule
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our main focus will be on these atms
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that are not
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only everywhere in prague but also
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everywhere around europe in all the
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touristy destinations
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and they have two tricks to trick you
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and your
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foreign card let me show you
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[Music]
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the first trick that this atm will try
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to play on you is it will try to make
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you withdraw as
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much money as possible in this case
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between 10 and 20
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000 check crowns which is starting from
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400
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up to 800 euros and you don't need that
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ridiculous amount of money
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in cash on you in prague you can select
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other amount
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and will get a bit lower
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but still the amounts are still pretty
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high but okay
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let's go with 3 000 check crowns to
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withdraw which is about 120 euros
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and here's the second dirty trick this
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atm will try to play on
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you and it's asking you if you want it
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with or without conversion so you have
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the choice
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declining conversion or accepting it now
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the right side of the screen may look
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better for you because
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there's the flag of your home currency
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in my case it's british pound so there's
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the flag
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it also says accept conversion and
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logically you want to hit accept when
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you're getting money out of an atm
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it's logical but no if i would click
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this button
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except instead of decline i would lose
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immediately
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12.86 of my money
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because that's the markup on the
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exchange rate that is currently issued
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by the european central bank and thanks
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to european union they now have to state
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it
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on the atms when we were making this
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video a couple years ago
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it didn't have to say it but now it does
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say there even though it's in small
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letters
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it is there and on top of that this atm
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will charge you
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99 crowns which is around 4 euros just
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for getting the money
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out so in total you're losing 15 of your
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money
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if you click accept
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[Music]
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and since the markup is in percents now
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you understand
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why the atm is forcing you to get out as
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much money
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as possible imagine if we would choose
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to withdraw 800 euros in the beginning
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then the markup would be almost 100
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euros just for getting a money out of
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atm 100 euros that's insane
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[Music]
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and about the fee you may say that my
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bank doesn't charge me any fees for
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getting money out of an atm well this is
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not your
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bank fee this is this atm's fee and also
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you may have a bank that will charge you
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a fee so on top of all of this you may
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be charged
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by your bank so remember what i said in
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the beginning of the video
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you always want to decline conversion
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oh i just saved 13 of my money wow oh
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but it's fair to say that this atm will
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still charge me four euros for getting
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money out of it
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thank you so in this case not only i
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click decline but i'm also gonna click
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cancel please re-tap your card or device
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ain't gonna happen bye
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[Music]
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and these atms are all
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over the place
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by the way to film this montage we only
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walk 200 meters
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want to walk 20 more
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yep just as i said these atms can be
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found
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anywhere in prague i've actually created
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a map and
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new ones are being added to the city
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almost weekly
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and you can find them in any touristy
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destination or touristy city
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in europe there's more to the story
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about the euronet atm so if you want to
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know more you can subscribe to honest
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guide and we'll tell you what it is
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but let's move on with the story to
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another atm
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we moved to another atm this time a bank
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atm big bank
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name and uh the thing we were talking
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about with the declining or accepting
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the conversion
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is something called dcc dynamic currency
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conversion
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in a nutshell you have your account in
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some currency
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and the atm is giving you a different
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currency in this case
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check crown somebody has to do the
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conversion and what the atm is asking
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you
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is should i do the conversion or your
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bank so it's always better
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if your bank your provider does it in
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case of this atm
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you're not gonna be offered accept or
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decline
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but you're gonna be offered withdraw in
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local
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currency is the choice you want to go
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with because you always want to go with
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the local currency even though you have
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a different currency
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on your card even though we only showed
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you two atms one bank and one non-bank
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company
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we wanted to teach you the system how it
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works so then
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you can go to any atm and know that you
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should decline or choose
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pay in local currency or withdraw in
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local currency
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why i said pay because this situation
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may also
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occur when you're paying at a shop a
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coffee place a puff
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you may tap your card to the terminal
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and it will ask you
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do you want to pay in u.s dollars or
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check crowns well you always want to go
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with czech crowns the local currency by
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the way
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the way the machines atms are programmed
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is different in every case
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in this case we found out that if you
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accept their conversion which is not in
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your favor
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you don't pay a fee for the withdrawal
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but if you decline it if you go with the
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local currency
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this atm will put 125 crowns on top of
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it which is around 5 euros
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as its fee always tries to trick you
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so the bottom line is you always want to
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decline or pay in the local currency or
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the easiest to avoid all these tricks is
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just pay with your card me and honza do
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it all the time and most of the checks
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they rarely go to atms to get cash
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because most of the businesses coffee
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places pubs
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stores will accept cards whenever we
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show
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places on our show on the honest guide
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we never mention you can pay with the
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card because
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most of the times you can if we do go to
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a place where you cannot pay with card
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we will usually mention it to warn you
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tourist season is beginning and tourists
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are coming back to prague that's why
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we're making these videos
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uh to warn you and prepare you for your
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travel so when you come to prague you
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can enjoy it
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and spend the money not on atm fees but
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on something better
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something better you want some tips well
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that's what the honest guide is here for
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so you can subscribe
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and i'll see you next sunday next week
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on another episode
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of the honest guide
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and a check word at the end is miniena
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which is currency
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myana is currency and honsa told me to
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make this longer because
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there are all the patreons supporting us
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and i would like to
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say big thanks to them so thank you so
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much and if you want to support us too
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you can head out to patreon.com honest
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guide
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oh and when i said the atm will
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recognize that i used a foreign card
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well let me show you what happens
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when i use my check card
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suddenly the amounts offered to withdraw
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are 10 times lower
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and they make more sense
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