ATM charges from foreign countries can be a lot larger than you might expect and there’s not usually any advanced warning on how much the ATM charge is going to be.
I just withdrew $100 AUD from an ATM in Brisbane as I needed cash and only had my cards on me. I knew it would cost me a fee for using the ATM to withdraw foreign cash but after checking my account online today I was shocked to see that I had been charged $11 just to make the withdraw!
That’s daylight robbery.
If the ATM had a sign on it saying that any foreign currency ATM charges would amount to 11% of the currency withdrawn I don’t think a single tourist would use it.
So essentially it’s the banks ripping the consumer off as there is just no come back to the bank for the ATM fees. I’m sure if I had looked closely there would have been some type of message saying that I should read every term on their website or from thier bank before withdrawing any money but what reasonable person would?
So, make sure you’re aware of what the charges are likely to be for your foreign ATM charges and the best advice is to plan ahead on the money you’re going to need so that you can exchange it with the forex rate and charges you would expect are reasonable.