Holidaymakers in Argentina have to pay an average of 14,73 euros if they want to withdraw the equivalent of 100 euros locally. This is the top result of a study by the technology company Wise.

Travelers should not ignore these high costs when withdrawing money when planning their vacation. Wise recorded the fees of 8,4 million cash withdrawals in different countries over a twelve-month period and evaluated which country had the highest ATM fees.

The highest fees apply in cheap holiday destinations

According to the Federal Statistical Office, Turkey and Albania are the cheapest holiday destinations for Germans - both countries are 56 percent cheaper than Germany in terms of price levels and therefore more than half. At the same time, the two countries also lead the European ranking of the highest fees: travelers in Turkey have to pay 4,44 percent of the withdrawal amount. What doesn't sound like much at first becomes a surprise when larger amounts are involved. An example: Travelers who want to withdraw 350 euros in Turkey must expect a surcharge of around 15,54 euros. Albania follows in second place with 2,45 percent and Croatia in third place with 1,82 percent. The top five negative rankings are completed by the Czech Republic with 5 percent and Iceland with 1,58 percent. A year ago, Iceland was the most expensive country in Europe to withdraw money at 1,5 percent. According to the evaluation, there are no ATM fees in Andorra, Belgium, Luxembourg, Liechtenstein, Latvia and Monaco.

The situation in Austria is particularly perfidious. The ATMs connected to the PSA Payment Services Austria network, which are mostly located in foyers or on bank facades, do not charge any direct customer fees for local cards. However, if a “foreign card” is inserted, it depends on the bank in question how much is charged. The range ranges from one euro to a whopping 9,50 euros. Consumer advocates consider this to be impermissible discrimination based on origin, because “local” cards are not charged, but “foreign” ones are. Austrians are also increasingly affected by this, as many have accounts with neobanks such as N26, Revolut, Bunq and other providers. If one of these cards is used, the ATM asks you to checkout if the local credit institution wants to collect a direct customer fee. If you use a card from Raiffeisen, Bank Austria etc. on the same cash dispenser, there is no fee.

Bawag Psk is currently the only major bank that does not charge any “foreigner fees” across the board. Their ATMs have not been connected to the PSA system of the Austrian banks for a long time, but First Data has been commissioned in the background. Be careful: ATMs from “private” providers such as Euronet almost always ask all customers to pay. A competitor of Euronet even advertises that shops that have such devices installed are paid a commission for every repair for which they can generate a direct customer fee.

Continuing leader: Argentina leads the global comparison

Holidaymakers in Argentina have to give up a particularly large amount of their travel budget: 14,73 percent of the sum withdrawn is charged here - making the country by far the front runner in the global rankings. Last year Argentina was also in first place with around 16 percent. Nigeria is in second place with average fees of 8,9 percent. Third place is taken by Chile with 6,33 percent, while Suriname and Guinea come in fourth and fifth place with 5,95 and 5,03 percent.

This allows travelers to avoid unnecessary fees when withdrawing money

The results show that withdrawing money abroad can be a costly affair, depending on which country you are in and which bank you want to withdraw money from. However, there are a few points that consumers should keep in mind in order to avoid unnecessary fees: In principle, bank customers should, if possible, use ATMs within their bank's network in order to benefit from free transactions.

It can also be helpful to find out in advance what the ATM fees are at your destination. If high fees apply, cash needs can be planned in advance and a larger amount withdrawn to reduce the number of withdrawals. For longer or frequent trips, it may also make sense to open an account with a bank that reimburses out-of-network ATM fees and offers a multi-currency card.

Thomas Adamski, spokesman for Wise, explains: “Many banks charge sometimes horrendous withdrawal fees and exchange rate surcharges for international money withdrawals. Before traveling, consumers should find out about the costs of different payment methods and banks in order to choose the cheapest option. But even with the best card, caution is advised: Even if holidaymakers do not pay any additional fees at their bank when withdrawing money with their debit or credit card, this does not protect them from the fees charged by the local ATM operators. We recommend that travelers always inquire in advance about partner banks and fee-free ATM networks. When asked at an ATM whether the account should be debited in the home currency or in the local currency, vacationers should always choose the local currency. Conversion through the ATM is often more advantageous than conversion through the bank.”