On my last trip abroad, I ran out of cash and used a roadside ATM to withdraw the equivalent of $100 in local currency. When I got home and checked my statement, I was stunned: the actual charge was more than ten dollars higher than the amount I withdrew. Getting cash had cost a lot more than I expected.
Looking back, I realized that the cost of withdrawing cash overseas comes in three layers: the local ATM charges a flat fee, the card issuer charges an additional fee for international cash withdrawals, and the exchange rate is based on the rate on the day of the withdrawal, with a little extra markup hidden in it. What made it worse was that the machine had a low per-transaction limit. I’d planned to withdraw cash just once, but ended up making two withdrawals—and paying the flat fee twice.
Now, before I travel, I go through this checklist: First, check the international cash withdrawal fees and daily limit for the card I’m bringing, so I don’t find out at the ATM. Second, withdraw enough in one go if possible. The flat fee is charged per transaction, so splitting it up is just throwing money away. Third, look for ATMs at partner banks. Some cards waive the local ATM fee when you withdraw cash at a partner location. Fourth, pay by card for small everyday purchases whenever possible, and carry just enough cash for emergencies. Cash withdrawals are my last resort.
One more thing: before I travel, I now use PayAll to compare the cash withdrawal fees and settlement routes for a few cards side by side, then choose the lowest-cost one as my main card, so I don’t have to work it out on the spot. (Disclosure: I’m affiliated with the products mentioned in this post.)
What’s the most outrageous ATM fee you’ve ever been charged abroad?
#出境旅行 #跨境支付 #SaveMoneyTravel
Looking back, I realized that the cost of withdrawing cash overseas comes in three layers: the local ATM charges a flat fee, the card issuer charges an additional fee for international cash withdrawals, and the exchange rate is based on the rate on the day of the withdrawal, with a little extra markup hidden in it. What made it worse was that the machine had a low per-transaction limit. I’d planned to withdraw cash just once, but ended up making two withdrawals—and paying the flat fee twice.
Now, before I travel, I go through this checklist: First, check the international cash withdrawal fees and daily limit for the card I’m bringing, so I don’t find out at the ATM. Second, withdraw enough in one go if possible. The flat fee is charged per transaction, so splitting it up is just throwing money away. Third, look for ATMs at partner banks. Some cards waive the local ATM fee when you withdraw cash at a partner location. Fourth, pay by card for small everyday purchases whenever possible, and carry just enough cash for emergencies. Cash withdrawals are my last resort.
One more thing: before I travel, I now use PayAll to compare the cash withdrawal fees and settlement routes for a few cards side by side, then choose the lowest-cost one as my main card, so I don’t have to work it out on the spot. (Disclosure: I’m affiliated with the products mentioned in this post.)
What’s the most outrageous ATM fee you’ve ever been charged abroad?
#出境旅行 #跨境支付 #SaveMoneyTravel