High ATM fees abroad: holiday funds under pressure

Euronet ATM (Photo: Jan Gruber).
Euronet ATM (Photo: Jan Gruber).

High ATM fees abroad: holiday funds under pressure

Euronet ATM (Photo: Jan Gruber).
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For many travelers, reaching for an ATM abroad is unavoidable, but often painfully expensive. A recent study by the technology company Wise shows that, depending on the destination, fees for withdrawing cash can be up to 24 percent. Countries such as Argentina, which remains a popular travel destination despite economic turmoil, are particularly affected by high fees.

Argentina tops the list with average fees of 24,15 percent, followed by Nigeria and Suriname. These high costs can quickly spoil the vacation mood, especially for travelers who are looking forward to a cheap vacation. But high fees are not a problem everywhere: in countries such as Saudi Arabia, Oman and French Polynesia, according to Wise's research, fees are completely eliminated.

A similar picture emerges in Europe: While countries like Turkey and Albania are considered inexpensive holiday destinations, they also charge the highest fees when withdrawing money. Turkey charges an average of 4,04 percent, followed by Albania and Croatia. But there are also positive exceptions: in countries like Andorra and Belgium there are no fees at all.

Matthieu Deraedt from Wise Europe advises travelers to be aware of the fees at their destination in advance and, if possible, to use ATMs in their own bank's network to avoid fees. He also emphasizes the benefits of multi-currency cards and the importance of choosing the local currency at the ATM.

The consumer centers also advise caution and recommend finding out about the fees charged by your own bank and ATMs abroad. However, despite the potential costs, travelers can also benefit from certain card offers that offer free cash withdrawals and lower fees.

Travelers' experiences show that ATM fees are an important consideration when planning a trip and choosing the right payment method can provide significant savings.

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Editor of this article:

Amely Mizzi is Executive Assistant at Aviation Direct Malta in San Pawl il-Baħar. She previously worked in the Aircraft and Vessel Financing division at a banking group. She is considered a linguistic talent and speaks seven languages ​​fluently. She prefers to spend her free time in Austria on the ski slopes and in summer on Mediterranean beaches, practically on her doorstep in Gozo.
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Amely Mizzi is Executive Assistant at Aviation Direct Malta in San Pawl il-Baħar. She previously worked in the Aircraft and Vessel Financing division at a banking group. She is considered a linguistic talent and speaks seven languages ​​fluently. She prefers to spend her free time in Austria on the ski slopes and in summer on Mediterranean beaches, practically on her doorstep in Gozo.
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Nobody likes paywalls
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Information should be free for everyone, but good journalism costs a lot of money.

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