You know those Euronet ATMs that have cropped up in Malta over the past few years? Well apparently they’re one big scam and this video explains exactly why.
If you are a tourist visiting a European country be careful of using these Euronet ATMs. According to popular Facebook page UNILAD these ATMs are too sneaky for their own good and can lure you into withdrawing way more money than you need, and at a ridiculous conversion rate.
In the video, UNILAD showed us exactly what happens. First, the machine will detect if you are using a foreign card and will direct you to withdraw way more money than you would possibly need on holiday.
It will then offer you an outrageous conversion rate that can cost you 35% in fees out of the amount you withdrew.
Essentially, they warn that you can lose a third of the money you withdraw if you use these ATMs.
The video then goes on to explain that the best practice for withdrawing from ATMs is to decline the conversion rate and withdraw in the local currency.