Which ATM in the Philippines gives the best exchange rate? ALL OF THEM! The ATM machine DOES NOT SET THE RATE (unless you use a machine that offers “Dynamic Currency Conversion” or “Pay in your home currency” or something like that).
If you make a standard withdrawal and do not choose the alternative processing, the ATM DOES NOT SET THE RATE. I ran this same test in Thailand, and got the same results.
In the screenshot below, taken from my online Schwab ATM checking account, you can see that I made three withdrawals, from three different bank ATMs, and was charged the exact same amount.
Three different banks, not affiliated, with atms located next to each other at a mall. Withdrawals taken minutes apart.
Unless you choose “dynamic currency conversion”, the ATM machine you use does NOT set the exchange rate.