ATM fees: The cost of money withdrawals abroad

Are you heading off on an adventure? Fantastic! But before you jet off, it’s a good idea to think about how you’ll access your money abroad. 

You’ll likely need some local currency for things like taxis, market stalls, and small shops that don’t take cards. 

This is where people often jump to using ATMs (cash machines). However, using ATMs abroad can sometimes lead to unexpected charges. 

This handy guide will shed light on those pesky atm overseas withdrawal fees and show you how to avoid ATM fees abroad.

The lowdown on overseas ATM fees

Here are few different fees you might encounter when using your debit or credit card at an ATM overseas:

ATM fees

These are charged by the ATM owner, usually a local bank or independent operator. They can be a fixed fee or a percentage of your withdrawal amount.

Foreign transaction fees

You may be charged foreign transaction fees by your bank or card issuer for using your card abroad. This is usually a percentage of the transaction amount.

Currency conversion fees

This is a fee applied by your bank or the ATM operator. For converting your home currency (like British pounds) into the local currency. Often, the ATM will offer you their own conversion rate, which can be less favourable than the mid-market rate.

ATM withdrawal fees overseas can quickly mount up, eating into your travel budget. But don’t worry – there are ways to be a savvy traveller and avoid them!

How to avoid ATM fees overseas?

Know your bank’s charges

Check your bank’s website or app to see if they charge ATM fees or foreign transaction fees for overseas use. Some banks offer accounts with fee free atm withdrawals overseas. It might be worth considering switching if you travel frequently.

Choose “decline conversion” at ATMs

Many ATMs will try to tempt you with their own conversion rate when you withdraw cash. This rate is usually worse than the one offered by your bank, so always choose “decline conversion” and let your bank handle the exchange.

Use bank ATMs over independent ones

Banks tend to charge lower fees, or sometimes no feesl, for using their ATMs with foreign cards. Independent ATM operators, often found in tourist areas, are notorious for high fees. A avoid them if possible and opt for banks that do not charge atm fees abroad.

Withdraw larger amounts less often

Some banks charge a fixed ATM fee per withdrawal. When this is the case, it makes sense to take out a larger amounts of cash from an ATM less frequently. Just be sure to budget carefully and only withdraw what you need.

Consider a travel card

Travel cards are prepaid debit cards that you can load with your home currency before you travel. They often come with lower fees than using your regular debit or credit card abroad.

Inform your bank you’re travelling

Inform your bank of your travel dates and destinations. This avoids having your card blocked for suspicious activity when you use it overseas.

Why use Manor FX for your travel money?

Now you know how to avoid ATM fees abroad. But there’s another way to save money on your travels… by pre-ordering your travel money with Manor FX! 

Here’s why we’re a great option:

1. Choose from the widest currency selection. We stock a diverse selection of over 160 currencies. Ensuring you find both popular and rare options at competitive rates.
2. Use click and collect if you’re passing our bureau de change. Our straightforward click-and-collect service allows you to pick up your travel money conveniently after ordering online.
3. Get your money delivered, no charge. Get free delivery on all orders exceeding £750. We’ll send your foreign currency directly to your home or office, streamlining your preparation process.
4. Benefit from next-day delivery. Order your currency online before you travel and enjoy secure next-day delivery with Royal Mail Special Delivery Guaranteed®.
5. Secure competitive exchange rates. We offer competitive exchange rates, often better than those at the bank or airport.
6. Pay no fees. You won’t be charged any hidden fees when you order your travel money with us.
7. Get peace of mind. By pre-ordering your travel money, you can avoid the hassle of finding a good exchange rate or getting hit with suprise fees abroad.
8. Profit from top buyback rates. Benefit from our excellent buyback rates when you return unused currency, ensuring you don’t lose out financially.

Manor FX is here to help you get the most out of your hard-earned cash so you can you explore the world.

Takeaways 

Managing your money wisely while travelling doesn’t need to be complicated. By planning ahead, you can avoid paying high ATM fees overseas and enjoy your trip without the stress of unexpected expenses. 

Secure your travel money with ManorFX before you leave to take advantage of our great exchange rates and fee-free service. 

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