How can I withdraw my money with a VISA debit card with lower fees in Germany? [closed]
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I'm currently traveling in Germany. My card company requires fees by 1% from anything I spend with this VISA debit card. Is this also applied when I withdraw some money in ATMs? I've just checked my account for withdrawn money from subway ATMs, and their fee were 2.45% ~ 2.5%. What happened here?
How can I withdraw my money with a VISA debit card with lower fees in Germany?
Best Answer
As a general rule, the cheapest way to get cash is through the ATM, but the cheapest way to spend money is directly at the point of sale device. You should also withdraw the maximum you need (or are allowed) at each ATM transaction to save on transaction and withdrawal fees.
Depending on multiple factors (type of account, type of card, the bank in Germany whose ATM you are using, if you are going across the debit or credit network, the type of transaction (CHIP+PIN), PIN-only and many more) there are extra fees added to the transaction.
You may be able to withdraw money cheaply by using a different card, or transferring money to yourself (via Western Union or similar) using your bank's website. Depending again on your account type and your bank's policies, it may end up being cheaper.
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How can I withdraw money without fees?
Get acquainted with your bank's ATM network \u201cThe ATMs that belong to your financial institution (bank or credit union) will generally offer free withdrawals.\u201d If you want to get cash without paying an ATM fee, leverage your bank's ATM locator.How can I avoid ATM fees in Europe?
Many international travelers encounter foreign transaction fees while making purchases or withdrawing cash from an ATM in a foreign country. The easiest way to avoid a foreign transaction fee is to use a debit or credit card that waives foreign transaction fees while traveling abroad.What bank ATM does not charge fees?
Best banks for free ATMs- Citibank: Best brick-and-mortar bank for free domestic ATM access.
- LendingClub: Best bank for free domestic ATM access (tie).
- Axos Bank: Best bank for free domestic ATM access (tie).
- Consumers Credit Union: Best credit union for free domestic ATM access.
Can I withdraw money from my Visa debit card in another country?
You can use your U.S. Visa card abroad to make purchases or withdraw cash. To withdraw cash from an ATM, you'll need to know your four digit PIN number.How do I withdraw cash abroad with my Visa Debit Card?
More answers regarding how can I withdraw my money with a VISA debit card with lower fees in Germany? [closed]
Answer 2
The ATMs of pretty much all major banks state that for cash withdrawals from Visa or Mastercard cards, the issuing bank sets the fees. There will be no fee added on top by the bank operating the ATM. So if your card has a 16-digit number, this rule applies. The exception are cards using some system by Visa or Mastercard which does not have a 16 digit number (VPay, Maestro, ...)
Major banks in this context include, but are not limited to "Sparkasse", "Volksbank", "Sparda Bank", "Deutsche Bank", "Commerzbank". Every ATM with a logo of these banks should follows this rule, even if the ATM is located remote from a bank branch, e.g., at an airport. ATM providers such as "Travelex" may have different rules, and many people avoid these as these are an exception to the rule.
The sentence to look for on the sticker explaining the fees is "Visa/Mastercard: Ob und in welcher Höhe ..., erfragen sie bitte bei der kartenausgebenden Bank." - This means that your issuing bank sets the fees.
Depending on what bank issues your card, you may get a "fee rebate" at certain ATMs. For example, if you have a Bank of America Debit card, at "Deutsche Bank" ATMs, you only pay the fee that you would pay for using the card in a (foreign) shop.
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
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