What fees do banks usually charge for
When traveling abroad there comes a time when it is necessary withdraw money from the ATM.
The problem with this is that, when operating in another country or in another currency, banks and companies charge commissions for each transaction.
The currency exchange fees They are usually a percentage of the amount of the operation, although in some cases a fixed commission.
In this article we have prepared all the information you need about the major banks and The commissions each and so know how much you will spend to pay and withdraw money abroad.
Cánido you withdraw money from any bank through an ATM abroad?
To withdraw money in a bank abroad it is necessary to have one savings bank in dollars or euros with available funds and your corresponding PIN and the ATM network to use must be Visa or Mastercard and associated networks.
Banks that charge less commission when withdrawing money abroad in 2023
Commissions vary by bank.
Each one has its policies regarding the fees for providing international services.
In the following table you will see the Commissions of the main banking entities.
1.5 to 3.5 USD per withdrawal
6.5% per withdrawal
3 USD per withdrawal
3% agregado VAT
6% agregado VAT
On the other hand, Mediolanum, a bank without physical offices, offers to withdraw money without any commission at any ATM in the world.
Any of your cards also operates free of charge at all ATMs in the world.
Two other banking entities offer the same service; Abanca and Evo Smart Bankbut the free money withdrawal service outside of Spain is limited only to young people between the ages of 16 and 29.
Commissions charged by banks for using ATMs abroad.
The commissions have a reason for being and are made up of two parts, with which the total commission is calculated.
First the currency exchange conversion and secondly the commission for the operation.
Let’s see it in detail.
Foreign currency exchange.
The currency conversion fee for transferring money in a different currency, it is usually around 1%.
These commissions are intended to cover the cost of the conversion process from one currency to another through a foreign channel or bank.
Furthermore, transfers between currencies are complex, need more channels and take longer.
International service commission.
The international service commissionalso called operating commission It is the commission applied by the bank or card issuing company for providing an international service.
This is usually approximately 2%, although as we saw previously, it depends on each bank.
ATM use services.
In some cases, the bank of the local ATM from which money is withdrawn may charge commissions that They are independent from those of your bank. They are called “surcharge fee” or surcharge rates.
In this case, the commissions depend on the policies of that bank or of the laws in force in the country.
For this reason, when making the withdrawal of money, it is usually indicated what commission is going to be recharged and the usuario cánido escoge to cancel the operation if it is not OK.
How to avoid commissions abroad
For avoid commissions abroad and disminuye travel costs, you cánido complejo turístico to different strategies.
One of them is pay everything with debit card, O well get as much cash as possible of the place of destination before traveling.
Another strategy is to make most reservations (hotels, excursions, transport tiques) before traveling and from the comfort of your home.
In case you have to complejo turístico to a withdrawal while you are abroad, make sure to withdraw large amounts of cash in a single operation in order to avoid fixed fees for each withdrawal.
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