By now you should know that our goal is to always try and make life MuchBetter for you, whatever and wherever you’re up to. But we’re also deadly serious about protecting your money – whether it’s through our ultra secure Dynamic CVV when you’re shopping online or the fact that our currency conversion is 80% lower than your bank when you’re making a transfer to a mate in another country. We believe that it’s your money, so you should keep as much of it as possible!
So we wanted to give you a heads up on how an ATM seeming to be a bit polite could actually see you losing money while abroad.
We’ve all been there – you’re off out for a meal and maybe go on to a couple tavernas and want to get some cash out. As you pop to the nearest machine to make a withdrawal, you’re pleasantly surprised when it gives you the option of the instructions being in English. You choose that and so far so good – you know what’s happening and things are swell. But watch out for what’s coming. When you choose how much money to take out, another seemingly helpful message appears asking if you’d like your account to be debited in the local currency or in GBP.
On the surface of it, that sounds like a nice thing, the machine speaks your language and then tells tells you how many pounds worth of the local currency you’re getting. But when you look a little bit closer at the message you’ll find that they mention a charge will be added to the exchange fee. This is called Dynamic Currency Conversion (DCC) and it means you’re basically giving whichever bank or ATM provider you’re using to just straight up make up an exchange rate for you. And as well we know, there ain’t no bank out there trying to make your life MuchBetter when it can squeeze as much money as they can out of you.
So we have one absolute golden rule for you to follow for using an ATM wherever you are in the world: Always choose to be debited in the local currency.
With MuchBetter we make paying for life’s costs so much more rewarding. Keep track of your finances using our app, send money to your friends and family instantly and get rewards from it all. Join the masses and start being a MuchBetter person today.Download the app today to sign up and receive a free pre-paid Mastercard.