Don’t Fall Prey to Sneaky ATM Fees Abroad
As I prepared for my summer vacation, I couldn’t help but think about the countless horror stories I’ve heard about tourists getting ripped off by sneaky ATM fees abroad. It’s a trap that’s all too easy to fall into, but with a little knowledge and preparation, you can avoid these unnecessary charges and keep your hard-earned cash safe.
Be aware of the conversion rates
Martin Lewis, the renowned money-saving expert, has issued a warning to holidaymakers about a certain button on cash machines that should be avoided at all costs. When withdrawing money overseas, you’re often prompted to choose between being charged in pounds or the local currency. It may seem like a harmless decision, but opting for pounds can lead to higher costs due to poor exchange rates applied by the local bank.
“While the £7 fee machines did sometimes offer better exchange rates, that’s irrelevant, as you want your UK card to do it (especially if you’ve a specialist card).” - Martin Lewis
The aggressive tactics used by these ATMs, including persistent messages asking ‘are you sure?’ or ‘are you really sure?’, are designed to persuade you to opt for their conversion. But Martin insists that travellers should decline the currency conversion offer.
Decline the conversion offer
So, what’s the best approach? According to Martin, the main concern should be the fee, so always go for the cheapest option. When using ATMs abroad, it’s essential to be aware of the conversion rates and fees associated with each withdrawal.
For those travelling to Europe or North America, Martin advises that you’re fine to use a card for almost all spending, and if not, it’s usually easy to find an ATM to get cash out of. However, it’s worth noting that some countries may have specific requirements or restrictions. For instance, in Japan, you may need to use special ATMs to use international cards, while in China, hotels take cards, but elsewhere Alipay is easier. In India, some shops and restaurants won’t take international cards, so it’s best to use cash.
Plan ahead and research your destination
By being mindful of these sneaky ATM fees and taking the necessary precautions, you can enjoy your holiday without the financial stress. Remember to always research your destination, plan ahead, and stay vigilant when using ATMs abroad.
Conclusion
Don’t let sneaky ATM fees ruin your holiday. Stay informed, plan ahead, and avoid those unnecessary charges. With a little knowledge and preparation, you can enjoy your vacation without breaking the bank.
