Beware "Fee Free" ATMs

[Maik]

User Beware: Euronet Takes On Greek Banks With “Fee-Free” ATMS

An American-based international cash withdrawal company notorious for high fees and exorbitant exchange rates that travel experts have warned against using said it will now offer fee-free ATMs in Greece.

Euronet, with headquarters in Kansas, said the service will apply to selected locations in Greece and allow cardholders of all banks and financial institutions to carry out cash withdrawals without ATM fees.

It didn’t say, however, what the exchange rate would be, its high costs passed on to unsuspecting users of their machines that are often located near real bank ATMs, particularly in tourist areas.

With Greek banks closing physical locations and even some ATMS they are facing competition from financial services that have machines around the world and often resemble those of banks, causing customer confusion.

The Euronet ATMS will have signs indicating they are “without charge” or offer “Free Cash Withdrawals,” and 20 are already in operation in Greece, the company expecting to have at least 300 working in the next six months.

Rick Steeves, a well-known social media travel advisor, has warned against independent ATMS including Euronet as well as Travelex, Moneybox, Your Cash, Cardpoint, and Cashzones that have high fees, aren’t connected to banks and whose terms for use are hard to identify.

“These independent ATMs are often found next to bank ATMs in the hope that travelers will be too confused to notice the difference. Their machines may even have signs that scream Free Cash Withdrawals – don’t believe it.”

https://www.thenationalherald.com/user-beware-euronet-takes-on-greek-banks-with-fee-free-atms