Money exchange - How do you know ATM rate of exchange?

[srij]

I've read with interest many discussions on whether to use Travelers Checks or hard currency or ATMs to get rupees. We've used all 3 sources on several trips but one question remains.

Most folks seem to say that ATM's give the best rate of exchange. How do you know?

Is there a way to learn the EXACT rate you are receiving before you make the transaction? [Do you ask at the bank attached to the ATM (if there is one) for example?] The receipts from ATM's that I've seen just show the amount withdrawn in foreign currency and [sometimes] the amount in dollars.

And only if you've checked with your bank beforehand do you know the foreign currency conversion fee [from 1%-3% is what I've been quoted, depending on which card I use - brokerage, debit, or credit] [I would never think of using a credit since this is treated as a cash advance and interest starts being charged immediately]

Not to mention any other fees that some banks charge for using an ATM not located at the bank where you have your account [anything from 0 to 50 cents per transaction, to USD 1 to USD 5, depending on the type of account]

So, I'm curious when do you do the math? When you get home and see your brokerage/credit/debit card statements? Or is there a way to find the rate before making the transaction and then add in the various fees you know you'll be charged and then do the math on the fly?

Obviously for cash and TCs the rate is posted.

Since ATM users always say that they get the best rate of exchange, they must be comparing some rate to another and I'm curious where this information comes from. The rates posted on internet currency exchanges are not the rates you are getting for your everyday small cash transactions - even though the banks do lump all those exchanges into one pile so your small transaction is added to everyone else's to become one big exchange.

Thanks for sorting out this puzzle for me.


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