As global travel picks up pace in 2024, discerning Indian travellers are eagerly planning international adventures for the year ahead. One crucial aspect of financial planning while travelling abroad is understanding the potential costs associated with ATM withdrawals. To aid in this endeavor, Wise, a global technology company specialising in money transfers, has compiled valuable insights into ATM withdrawal fees across popular destinations in the Asia-Pacific (APAC) region.
Wise’s research unveils the varying charges incurred by Indian travellers when accessing cash through ATMs in different countries. These insights are particularly pertinent as travellers seek to optimise their vacation budgets and minimise unnecessary expenses during their trips. Here’s a breakdown of ATM withdrawal fees across 15 Asian countries for Indian travellers.
No 1. Turkey | ATM withdrawal fee: 4.44% | Topping the list of countries with the highest ATM withdrawal fees is Turkey, where travelers face an average charge of 4.44% per transaction. To put this into perspective, if someone withdrew ₹10,000 per day for a week in Turkey, they’d pay an equivalent of ₹3,108 in fees. In contrast, if they visited Malaysia and took out the same amount of cash, they would only pay ₹21 in transaction fees. (Image: Reuters)
No 2. Bhutan | ATM withdrawal fee: 3.16% | When swiping your card in stores, choose to pay in the local currency instead of in Rupees to avoid dynamic currency conversion charges.
3. Nepal | ATM withdrawal fee: 2.79% | This data is based on 8.4 million analysed cash withdrawals made with a Wise Card at 3rd party ATMs over 6 months, from May 2023 to November 2023. These ATMs recorded at least 500 transactions per country during the 6-month period.
4. Thailand | ATM withdrawal fee: 2.62% | This highlights the importance of strategic financial planning for those venturing to this destination. Meanwhile, neighboring Bhutan and Nepal follow closely, with withdrawal fees of 3.16% and 2.79%, respectively. (Image: Reuters)
5. South Korea | ATM withdrawal fee: 2.55% | When transacting in a different currency, it’s important to be aware of potential hidden expenses, which can often include foreign transaction fees and undisclosed exchange rate markups. These seemingly small charges can add up to a substantial amount.
6. Vietnam | ATM withdrawal fee: 1.85% | Research where to withdraw money. It may be cheapest to do this before leaving, but avoid money exchangers at the airport. If you really need to withdraw cash abroad, consider comparing ATM rates at multiple locations, as fees can vary from bank to bank.
7. Singapore | ATM withdrawal fee: 1.41% | If you’re travelling to visit friends and family, consider using an app like Wise to send money to them who can help to withdraw at a local ATM. This way, you avoid expensive ATM fees, foreign transaction fees and poor exchange rates all at once as Wise uses the same exchange rate you see on Google and charges 0.6% on average for transactions. Plus, it’s super quick. (Image: Reuters)
8. Australia | ATM withdrawal fee: 1.15% | Surendra Chaplot, Head of Global Product at Wise said: “When it comes to international payments, it’s crucial to be aware of potential hidden expenses, which can often include foreign transaction fees and undisclosed exchange rate markups. This affects anyone who has ever needed to move or manage money in a different currency, including withdrawing cash abroad. Wise is dedicated to raising consumers’ awareness about hidden fees in all forms of cross-border payments, so that they can make the most out of their money.” (Image: Reuters)
9. Japan | ATM withdrawal fee: 0.64% | You must carry your debit card for international trips to access your fund easily. You need to activate international transaction service for your card to avail the facility. Some cards levy extra charges on currency conversion, while others may not. Contact the bank and find out what will be the exact charges that will be imposed on international transactions. (Image: Reuters)
10. Sri Lanka | ATM withdrawal payment: 0.57% | Armed with this data, travellers could make knowledgeable selections to optimise their monetary transactions whereas exploring the varied landscapes and cultures of Asia. By understanding the various ATM withdrawal fees throughout totally different nations, travellers can make sure that their trip budgets are utilized effectively, permitting for a extra rewarding and stress-free journey expertise. (Picture: Reuters)
