As international travel gains momentum in 2024, Indian travellers with a taste for exploration are busy planning their overseas journeys. A key part of travel budgeting involves understanding the costs linked to withdrawing money from ATMs abroad. To help travellers manage their finances better, Wise, a leading technology firm in financial services, has shared insights on ATM withdrawal fees for various destinations in the Asia-Pacific region.
Wise's study highlights the different fees Indian travellers might face when using ATMs in various countries, an essential factor for those looking to make the most of their travel budgets and avoid extra charges. Below is a summary of ATM withdrawal fees in 9 Asian countries and Australia for Indian tourists.
1. Turkey | ATM withdrawal fee: 4.44%
Turkey leads with the highest fees, where a transaction incurs an average charge of 4.44%. Illustratively, withdrawing ₹10,000 daily over a week would accumulate approximately ₹3,108 in fees. In stark contrast, the same withdrawal amount in Malaysia would result in a mere ₹21 in transaction fees.
2. Bhutan | ATM withdrawal fee: 3.16%
It's advisable for cardholders to opt for payment in local currency instead of Rupees when shopping to avoid dynamic currency conversion fees.
3. Nepal | ATM withdrawal fee: 2.79%
This stat is based on analysis of 8.4 million cash withdrawals from third party ATMs over six months, from May to November 2023
4. Thailand | ATM withdrawal fee: 2.62%
Travelers to Thailand, followed by those visiting neighboring countries like Bhutan and Nepal, face fees of 2.62%, 3.16%, and 2.79% respectively, highlighting the importance of careful financial planning.
5. South Korea | ATM withdrawal fee: 2.55%
Engaging in transactions in this country necessitates vigilance towards potential hidden costs, which can include foreign transaction fees and undisclosed exchange rate markups, cumulatively leading to significant expenses.
6. Vietnam | ATM withdrawal fee: 1.85%
Travelers should research the most cost-effective withdrawal strategies, potentially withdrawing money prior to departure and avoiding airport money exchangers. If withdrawing cash abroad is necessary, comparing ATM rates at different banks is recommended as fees can differ.
7. Singapore | ATM withdrawal fee: 1.41%
Visitors might find it economical to use an app like Wise to send money to local acquaintances who can withdraw cash on their behalf, thereby sidestepping high ATM fees, foreign transaction fees, and unfavorable exchange rates.
8. Australia | ATM withdrawal fee: 1.15%
Research emphasizes the significance of being mindful of hidden costs in international payments, including foreign transaction fees and exchange rate discrepancies. They ask the travellers to enhance consumer awareness regarding these fees across all forms of cross-border payments, ensuring travelers get the most value from their money.
9. Japan | ATM withdrawal fee: 0.64%
Carrying an internationally-enabled debit card is crucial for accessing funds here. Travelers should activate international transaction services on their cards and inquire with their banks about any specific charges related to currency conversion or international transactions.
10. Sri Lanka | ATM withdrawal fee: 0.57%
Sri Lanka allows travelers to use their money more effectively while enjoying Asia's rich diversity and culture.
This information empowers travellers to make savvy financial choices, ensuring their travel funds go further and contribute to a more enjoyable and less stressful trip.
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