It doesn’t matter where you are going or which currency you will need, the easiest and most economical way to withdraw money abroad is via an ATM.
Last time we covered which ATM cards are to be used with which major networks (like PLUS, Cirrus or Maestro), now we are taking a closer look at the technicalities regarding the very act of withdrawing money from the machine.
All the Fees you should Expect
Firstly, you will most definitely be charged the same transaction fee your bank charges you when using and ATM belonging to another bank. Also, there is a fat chance that your bank charges higher fees for international ATM withdrawals – either a flat rate (which can be anywhere from $1 – $6) or a set percentage of your total withdrawal (typically 1 – 3%).
As details differ depending on a bank, make sure you check with your bank before the trip abroad. Also, these fees change rather often and without warning.
In order to avoid many small fees adding up, you should consider withdrawing larger amounts than you might normally do at home.
If you opt for this strategy, make sure you have a well-concealed place to keep your cash.
Another neat trick when deciding how much to withdraw is to choose an uneven amount (say 170 euros rather than 200). This way you won’t end up with huge bills that are always a pain in the neck when it comes to breaking them.