How to save on ATM fees when withdrawing cash overseas (2024)

Chris C.

foreign exchange currency exchange overseas currency

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I've always found it better to get cash in the country you visit rather then pre-buying, the only problem is having that first amount of cash for the cab fare.

ING direct have no ATM's of their own and rebate any fees you incur from 3rd party ATM's. Make for convenient cash withdrawl.

The ATM rebate is only on Australian ATM's and if you deposit $1000 a month (via any source other than a transfer from another ING account), their fee for ATM withdrawls overseas is $2.50

Then why didnt you put all that info in your first post. Not just the one line about ATM fee rebates???

I was going to write a long winded answer about how the initial article was on ATM fees overseas and how I didnt think your initial response was sufficiant, and thats why I commented. But given your scarcastic tone (and content now removed from the post above), I wont. I honestly cant be bothered anymore. You win.... You have a great day.

You fail to mention in 'Getting on Top of your Bank Fees' is that on top of the quoted $8 is the near 3% lower currency exchange rate you get below the mid rate from the big banks,. So thats another $3 on a $100 transaction. And why for the life of me you mention Travelex, who consistently offer THE worst rates of all. In my many observarions of their rates thay are about 5 points off the mid rate minimum PLUS a fee. Use them at your peril...!!

Ive taken note and will test it out next month when I travel again. i hope I am pleasantly surprised. Thanks

Have used Citbank Plus...very easy, good FX rate too...

Citibank Plus is great for cash withdrawals and I also have the Citi Prestige Credit Card which gives you 3.33 points per dollar spent (I use either Velocity or Singapore Krisflyer) as well as a great FX rate better than the other big 4 banks.

One interesting note, one banks ATM's in Hawaii, USA have different fees depending on location of the ATM, eg: $3.40 at one ATM, but $5 at the same financial institution but in the food court, and $10 in a retail store. So it pays to check if you want to save $'s

Huh, now that's 'convenience fees' at their finest!

The Bankwest Qantas transaction account has no $5 ATM fees overseas. The 2.95% foreign conversion still applies though. The other option is to get the Bankwest platinum credit card and load cash onto (so it's in 'credit' above the credit limit). All you pay then is a 2% fee at any ATM overseas!

The Qantas Credit Union is the winner for me. Depending on the amount you either hold or deposit the union gives you a monthly allowance for fees that you occur, including ATM fees in Australia and overseas.

How competitive are the Pre-paid travel VISA cards (like the one inside the Velocity FF card) if you take out money using the pre-converted currency abroad..?

Yep, Citibank Plus account works just right - used in South Africa, Seychelles, Singapore and not a cent of transaction fee. I transfer online to the plus account and use debit card in stores etc and at ATMs. Best value by far...

There are so many ways the banksbite you and all one can do is be as smart as possible to minimise the size of their meal. After many years of overseas travel here are my tips to achieve that end. Firstly if you regularly go to a certain currency zone such as US dollars, Euros or Sterling your cheapest option is to open an overseasbank account with both cheque book and debit card facilities in the overseas country. Then use a THIRD PARTY foreign exchange intermediary to transfer your own currency to your overseas bank account.Such organisationswill give you a much fairer exchange rate thanany Australianbank provides. They are also fast and reliable.Your next best option is to take overseas cash which you buy from Australia Post.They act as an agent for American Express.Their exchange rates are better than most of their competitors and ther'e no commission.You can order online and then pick up your cash from a convenient Post Office. I would NEVER countenance a pick-up from Travelex at the Airport. If there's been a hiccup you're RS. Another tip is that if you are carrying a large sum of cash overseas don't store it allin the same place and if you have a travelling companions split the cash between you. My final tip is that if you are going to use overseas ATM's, make sure you withdraw draw the maximum sum the ATM allows so as to minimise the number of fixed ATM fees you pay. By trial and error you will discover which bank's ATMs offer the highest withdrawal amount and this figure can vary dramatically between banks. Let's face it, you're better off payinga $5 fee fora maximumUS$800 withdrawal(at say Wells Fargo ATMs) than paying a $5 fee for a maximum US$200 withdrawal (many small US community banks). Likewise most Aussie banks will ALSO hit you for a fee per overseas withdrawal so small ATM withdrawals hit you with a double whammy !! Avoid small withdrawals like the plague.

In Ho Chi Minh City, Vietnam I needed a considerable amount of money in a hurry so I withdrew the maximum allowed from the three banks for which I have cards. The results were really surprising. Using my Citibank Plus card gave me 8,000,000 dong at nil cost using the Currency Converter XE midrate as a comparison. They have been doing this for at least 6 months now. How they do it I do not know. The following costs were also done using theCurrency Converter XE midrate.Using a Commonwealth debit card at a Commonwealth Bank no fee ATM to withdraw 9,000,000 dong cost 6.8%. I then tried my Commonwealth debit card in a Citibank ATM to withdraw 8,000,000 dong. That cost 5.2%. Using my ANZ visa card to withdraw 5,000,000 dong from an ANZ ATM cost 3.8%. Conclusion: In Vietnam at least the Citibank plus card is a real winner and the Commonwealth Bank's no ATM fee is basically a fraudulent scam.