Withdraw cash on vacation: These traps lurk at the machine
Created: 08/10/2022, 07:00
By: Marcus Efler
Insert card, enter PIN, select amount: There is no easier or cheaper way to get cash abroad than at an ATM.
However, there are some pitfalls to avoid.
A neck pouch full of travelers checks to be exchanged at the exchange office on the next street corner or in the local bank: this is how people used to travel around the world.
The blue notes of value are now extinct, but some still exchange cash on site.
But it doesn't matter whether you're traveling in the euro area or in distant countries with a foreign currency: the most practical thing is to withdraw cash from cash dispensers (“ATM”) with a card.
Convenient: Withdraw money by card.
(Iconic image) © Benjamin Nolte
Withdraw cash on vacation: These traps lurk at the machine
This is usually safer and less expensive than taking a large amount of cash with you when you travel.
However, there are also pitfalls here that can be expensive.
Or even really expensive.
You have to pay attention to this when withdrawing cash abroad at the ATM:
Fees:
After the EC card with the worldwide Maestro function also became extinct, the Mastercard and Visa payment systems also dominate abroad for cash withdrawals.
They come in the form of credit cards or debit cards.
With the latter, you can only withdraw money that is already in the account.
There are also providers for these, classic institutes as well as the app bank Revolut, who do not charge any fees or commissions for the card itself or for withdrawing foreign currency outside of Europe.
Nevertheless, caution is advisable: because sometimes the machine operator charges extra, and he likes it a lot.
This should actually be pointed out on the display.
If the fees are too high, you should cancel the process and try another ATM provider.
In some countries,
Exchange Rate:
Various withdrawal options appear on the display during withdrawal.
You can click "Cash Withdrawal" or "Credit Account" (even if you're using a debit card).
Then your own bank sets the current exchange rate.
Under no circumstances should you choose to withdraw at an exchange rate that the ATM itself suggests, or any option with "conversion".
Then the machine operator determines the exchange rate.
It is always significantly less favorable than the official exchange rate.
Manipulated ATMs:
Above all, cards that have a magnetic strip in addition to the chip are susceptible to fraudulently modified ATMs.
These copy the card data and also recognize the PIN that you enter when you withdraw.
Criminals use it to clone a fake card – and use it at an ATM several times in a short space of time.
The cardholder must react immediately to a corresponding warning message, which the cardholder then (hopefully) receives, and have the card blocked.
In addition, he should immediately document with a smartphone photo that his own card is still in his possession at the time.
Then there is a good chance that the issuing bank will replace the damage.
Strangers:
It may sound mundane and is no different to the risks of withdrawing money at home with your Girocard – but in unknown countries it is even more important to check your surroundings.
For example, is someone trying to watch what PIN you enter?
Covering this process with your other hand is considered the minimum precaution.
If in doubt, it is advisable to look for another ATM.