Atm exchange rates

Going to Malta for the new year. Curious to know whether I will get a better exchange rate if I buy Euros in advance to take or just withdraw cash from atms while out there?

My wife and I both have Monzo accounts as well as a joint account so potentially access to plenty of cash without paying a withdrawal fee.

Just on this note, as far as I know, you’ll get £400 every 30 days fee free (not £600).

Almost a question of asking us to time the market for you. The Euro rate is going to be impossible to predict between now and then.

I got back FROM malta today, if you use the ATM, you to HSBC or a banking brand, there are ATMs run by euronet all over the place, it’s a shocking rate and has charges

1 Like

To be clear I am going next week. I just wanted a rough idea if exchanging euros in advance or using atms would be preferable.

Another forum said withdrawing euros when we were there would be favourable.

While monzo might not be charging you it’s likely the machine will, meaning that you have to factor in that fee as well as the exchange rate.

Usually I’d recommend withdrawing on-site. Just be careful of DCC and fees charged by the ATM itself (although these are often flat fees that end up still being worth it if you withdraw over a hundred pounds or so compared to exchanging in advance at these “travel money” places).

Withdrawals from ATM is usually better but given the amount of ATMs that now try and insist you use their rate ‘DCC’ then it can be hard work.
When we look at euros you tend to be 1 or 2 cent better - if your talking 10,000s then fine but for a normal holiday we are talking 1-2 beers difference.
I personally tend to take some cash & try to pay card for everything else. As long as the card machine is visible & you can check they aren’t trying to do the DCC trick!

1 Like

It’s £200 from atm abroad then charged at 3% on withdrawals every 30 days.