How to Compare ATM Bank Fees in Foreign Countries
Traveling abroad is a worthwhile experience, but it can be quite expensive. Travelers prefer ATMs for their convenience, safety and exchange rates, but they also add charges for transactions. Avoid being surprised by foreign ATM fees and get the facts about money withdrawal before heading abroad.
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Considerations
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When you use a foreign ATM for money withdrawal, your domestic bank may charge between one and three percent per transaction. This charge is on top of the flat transaction fee issued by the ATM. Depending on the number of withdrawals and amount, you can easily spend more than you intended on fees alone.
Suggestions
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You should search online for a list of banks in the foreign country you are going to visit. Take this list to your bank and find out if a partnership exists between your bank and any of the listed banks. This may be a time-consuming process, but it could save you money. A partnership between a foreign and domestic bank means you won't have to pay a flat transaction fee. This will make it easier to choose which ATMs to use while abroad and notifies your bank of your intended travel.
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Other Tips
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If your bank doesn't have a foreign partnership, it may benefit you to open a new checking account with a different bank. Review your research on which financial institutions are located in the foreign country and ask the second bank about its partnerships. Choose a partnered bank and ask if you'll be exempt from foreign ATM fees.
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- Photo Credit Foreign Currency image by Stephanie Mueller from Fotolia.com
