In Taiwan, do ATMs in convenience stores (7-Eleven, FamilyMart) charge higher fees than ATMs at banks?
In Taiwan like other East Asian countries (except China) using an ATM for a foreigner is quite a pain.
One thing I personally hate is ATM fees. Australian banks all gouge us outrageously already on overseas withdrawals, which I sadly can't avoid so I am willing to go to extra effort to avoid or minimize the ATM fees I pay on the local end.
ATMs in convenience stores seem to be easier to find if you're in an unusual location and less confusing to use. They don't force you to choose between Cirrus, Plus, Visa, and a bunch of other options as the first step. They "just work".
But at least 7-Eleven charges a fee of $100 TWD, about $4 AUD or enough to buy two large coffees or two meals of dumplings. I already often pay about $15 AUD per withdrawal so I'm not happy to pay another $4. I'd rather spend my money on local food than billionaire corporations.
The two or three times I used bank ATMs here and actually succeeded in navigating the options and unhelpful error messages I did not notice any message about whether there was a fee or how much it was.
I know in Australia privately owned ATMs like those in petrol stations, convenience stores, and pubs that don't carry a specific bank logo all charge the highest ATM fees. Do privately owned ATMs charge more in Taiwan?
If the banks are charging me a comparable fee anyway then I'll choose the 7-11 ATMs because they're easier. If the banks don't have a fee then I'll put up with the terrible user experience to avoid donating $4 more to billionaires each time.
I've been hunting for the answer on the Internet a couple of times and just can't seem to find the answer.
Best Answer
As of 2020 November the ATMs located at MRT stations around Taipei provided by Cathay United Bank appear to now charge 4% fee of the entire transaction. So $20 to receive $500 plus any fees from the source bank (without specifying any exchange considerations). This is quite unexpected and new within the past 30 days.
FamilyMart ATMs currently have a more reasonable 100$NT fee, or about 3.50$US, and are widely available.
I intend to update this answer as more details become available.
Pictures about "In Taiwan, do ATMs in convenience stores (7-Eleven, FamilyMart) charge higher fees than ATMs at banks?"
Do 7/11 ATMs charge fees?
Generally 7-11 won't charge you any fees depending on your card issuer, but mainly the only fees being assessed will be your home bank's fee and international transaction/exchange fee addressed by your issuing bank.Where can I avoid ATM fees?
Generally, you can avoid ATM fees by using your own bank or credit union's ATMs because most banks and credit unions don't charge a fee for this service. Usually, when you use another bank or credit union's ATM, both the operator of the ATM and your bank or credit union charge you a fee.Is it cheaper to withdraw money at ATM?
It is always cheaper to transact at an ATM than at your branch, for both deposits and withdrawals. It is always more expensive to use another bank's ATM than your own bank's. However, it is still cheaper to use another bank's ATM for a withdrawal than to withdraw the cash at your own bank's branch counter.How do I avoid ATM fees when abroad?
Exchange Cash Before Leaving the U.S. One way to avoid ATM or transaction fees is to pay for a trip in cash. Travelers can exchange U.S. dollars for most major currencies at a bank, credit union or currency exchange store before a big trip.How to use “Seven Bank ATMs”
More answers regarding in Taiwan, do ATMs in convenience stores (7-Eleven, FamilyMart) charge higher fees than ATMs at banks?
Answer 2
If you use a bank ATM scattered around in the city (e.g. Taipei Fubon or First Bank), you won't be charged with any fees, except the one that your bank takes to let you withdraw your money. The ATMs let you choose from a set of options like Cirrus and Plus, and they just work by returning to you cash and your card.
Answer 3
I'm a Taiwanese, ATMs are all the same, here's some tips:
Withdrawal:
-use A(bank)'s card to withdraw money by A(bank)'s ATM: free
-use A(bank)'s card to withdraw money by B(bank)'s ATM: 6 TWD
Transfer:
-use A(bank)'s card to transfer money to A(bank)'s account by A(bank)'s ATM: free
-use A(bank)'s card to transfer money to B(bank)'s account by A(bank)'s ATM: 17 TWD
-use A(bank)'s card to transfer money to A(bank)'s account by A(bank)'s ATM: 17 TWD
-use A(bank)'s card to transfer money to A(bank)'s account by B(bank)'s ATM: 17 TWD
-use A(bank)'s card to transfer money to B(bank)'s account by B(bank)'s ATM: 17 TWD
I don't know how come you got charged for 100 TWD but the rule of the fee is like this, hope these help. :)
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Alexandros Chatzidimos, Karolina Grabowska, cottonbro, Andrea Piacquadio