[consz]

I agree, most people are just not aware. I like the machines I've seen in airports and train stations that offer currency conversions. They have 'No Fees! No commission!' posted all over them -- ignoring the fact that the bid-ask spread they're charging is 15-20%. Again, criminal.

[charlesdm]

Sad but true. :( That said, people do pay for convenience, which I assume is the main function of those cash machines. If I end up in a foreign country that I haven't visited before, I'll likely withdraw some cash (not much) from one of those machines just to be safe.

You never know when your credit cards might stop working.. (I've had my main card blocked randomly while travelling and it frankly was a pain)

[mseebach]

Just withdraw cash on a credit card from a regular ATM. Most "normal" credit cards charge on the order of 3% over spot on the FX, some cards further charge a flat fee, but this is still better than those markups.

It's even possible to get cards that doesn't charge a fee and gives you spot FX, even for cash withdrawal (Halifax Clarity in the UK is one). That leaves any fee the ATM might charge you, but if you can find one that doesn't, this is a supremely efficient way of getting cash abroad.

[pishpash]

Credit card ATM withdrawal incurs punitive cash advance interest rates. I guess you can pay it off within the day though if you can calculate how much it is.

[ihattendorf]

Charles Schwab checking/debit: no foreign transaction fee, uses the exchange rate, and refunds all ATM fees internationally.

[cbhl]

Charles Schwab checking is only available to US residents though -- if you're in a foreign country, you're out of luck.

[mseebach]

Which is why we're suggesting different cards that are available in different countries.