Is there a fee to withdraw money from an ATM?

ATM Withdrawal Fees: Know Before You Withdraw

Automated Teller Machines (ATMs) provide convenient access to cash, but they can also come with fees. It’s important to be aware of these charges before using an ATM to avoid unexpected expenses.

ATM Operator Fees

ATM operators set their own fees for withdrawals. The amount you pay can vary depending on the operator, the location of the ATM, and the time of day. Some ATMs charge a flat fee, while others charge a percentage of the withdrawal amount.

Bank Fees

In addition to ATM operator fees, your bank may also charge you a fee for using the ATM. These fees are typically lower than the fees charged by ATM operators, but they can still add up if you withdraw money frequently.

Fees for Using a Non-Network ATM

When you withdraw money from an ATM that is not operated by your bank, you may incur a surcharge from both the ATM operator and your bank. This surcharge can be significant, so it’s important to use ATMs within your bank’s network to avoid these fees.

Minimizing ATM Fees

There are several ways to minimize the fees associated with ATM withdrawals:

• Use your Wise card: Wise offers a multi-currency card that allows you to withdraw money from ATMs in local currency. This often eliminates ATM operator fees and minimizes conversion charges.
• Withdraw large amounts less frequently: Withdrawing larger amounts of cash less often can reduce the overall fees you pay.
• Check your bank’s ATM network: Before withdrawing money, check if the ATM you’re using is within your bank’s network. Using in-network ATMs can help you avoid surcharges.
• Consider using a debit card: Debit cards may have lower ATM withdrawal fees than credit cards.

It’s always a good idea to check the policies and fees of the ATM operator before withdrawing money. By being aware of the potential charges, you can make informed decisions and avoid unnecessary expenses.