How do I find out how much a foreign ATM charges for cash withdrawal?
I have a Sterling-based card that allows me to make foreign currency withdrawals at no charge:
We don't charge fees when you spend abroad.
We don’t charge you a fee to withdraw cash outside the UK.
The ATM provider may charge you a fee for taking cash out.
Whatever you spend abroad will be converted to Sterling at a rate set by MasterCard®.
That second point is rather vague. Is it typical to be charged? By how much, and on what basis? Do the charges tend to vary by country, for example in the Eurozone, or elsewhere? How does one find out?
I've used another card (in the Netherlands) that also offers no-charge withdrawals. The statement slip for a transaction says:
02/07/18
Withdrawal: EURO 500
Transaction amount: GBP 457.37
Exchange rate: EUR 1 = GBP 0.914745
Markup = 3.24%
Well, 500 * 0.914745 is 457.37, so what is that "markup"? Is that the ATM's charge; i.e. the ATM charged an additional 3.24% of the € 500?
Best Answer
I don't know if this mandated by some international standard or agreements between financial institutions but in my experience any charge by the ATM provider will be displayed on the screen before going through with the transaction. I have seen this in very different countries everywhere in the world.
So if you haven't noticed anything, chances are there wasn't any fee from the ATM provider (and many ATM in mainland Europe apparently charge no fee). Note that if there was a charge, it could appear as a separate transaction in your credit card statements.
The markup on the other hand is a fee your bank applies to foreign currency transactions on top of the actual exchange rate on that day. It is not related to any fee from the ATM provider and really depends on your bank and card.
The exchange rate you see on the statement is not the best rate available on the market or through the credit card network. If you look at the currency converters provided by Visa or Mastercard, €500 should be a little over GBP 446.
I assume there might still be banks that do charge fees on cash withdrawal abroad but promising “no fee“ is really common and virtually meaningless. The markup or conversion fee is what makes a difference. Where I live, many cards have around 3%, 1-2% is not uncommon. Cards with even lower fees (e.g. from Revolut or N26), with some caveats.
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What is an ATM withdrawal foreign transaction fee?
What are Foreign Transaction Fees? A foreign transaction fee is a fee charged by a credit card issuer or bank for every transaction made in a country outside of the U.S. Fees vary depending on the credit card or bank's terms and conditions, but usually fall between 1% and 5%.How do you calculate a foreign transaction fee?
To calculate a foreign transaction fee, simply multiply the percentage your credit card charges for the fee by the total of your international purchase. Foreign transaction fees are typically around 3% of each transaction, and that amount is added to your purchase.Which bank has the lowest international ATM fees?
Here are the best banks and best checking accounts that don't charge ATM foreign transaction fees:- Aspiration.
- Betterment.
- Charles Schwab.
- Capital One.
- Alliant Credit Union.
- First Republic Bank.
- Fidelity.
- USAA.
How much does Bank of America charge for international withdrawals?
Bank of America will assess an international transaction fee of 3% of the U.S. dollar amount for all ATM withdrawals processed in foreign currency. International ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion.How To Withdraw Cash Without Paying ATM Fees While Traveling Abroad || Trick Success In Chile
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Answer 2
In the US, the ATM surcharge will be displayed on the screen, and you will have to press a button to consent or refuse the transaction. There is no fixed charge; banks are free to set the surcharge to pretty much anything they wish. It is typically around $3, but may be much higher in some areas (like large city airports!). But the ATM may be part of a surcharge-free network where cooperating banks may offer free withdrawals to holders of some other banks' cards. If you are using a foreign credit card, it's unlikely to be part of such a network.
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