A credit or debit card is the easiest way to get cash abroad.
In some travel countries, however, hefty fees are due for this.
Those were the days: Pulling a traveler’s check out of a neck pouch, exchanging it for local currency at a foreign exchange counter, being annoyed about a cheeky fee or a really lousy exchange rate – and the holiday went on.
There are still bureaux de change where you can exchange euros for pounds sterling, Thai baht or South African rands, but more and more banknotes are withdrawn by card at ATMs - in the USA, for example, this is often the only one Opportunity to get cash.
If you follow a few safety rules, you drive best, and in many cases also the cheapest.
Withdraw money on vacation: That's how expensive it is in the travel countries
Because the banks that issue credit or debit cards set the real, and therefore advantageous, exchange rate when converting national currency into euros.
For many debit cards (where you can only withdraw as much as you have in the account) up to a certain amount there is not even a fee or (e.g. at the online bank Revolut) a surcharge for foreign currency.
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Practical when travelling, but sometimes expensive: Withdraw money from ATMs.
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© Benjamin Nolte
However, the person who usually collects the cash is the operator of the ATM on site.
He should point this out during the withdrawal process (even he doesn't always do that), but as a tourist you don't have a real choice - especially since it costs a similar amount at the next machine.
Because in most countries, the cash service providers agree on their sometimes horrendous fees.
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Withdraw money on vacation: Up to 16 percent can be due
The Brussels money transfer service Wise has determined that up to 16 percent of the amount withdrawn can be incurred.
He has compiled the states in which the fees can be particularly heavy.
These are the European countries with the highest fees (Source: Wise)
country | Fee at the vending machine |
|---|---|
1. Iceland | 8.88 percent |
2. Turkey | 3.50 percent |
3. Albania | 1.81 percent |
4. Croatia | 1.77 percent |
5. Czech Republic | 1.57 percent |
6. Austria | 1.02 percent |
7. Spain | 0.99 percent |
8. Greece | 0.97 percent |
9. Poland | 0.84 percent |
10. North Macedonia | 0.81 percent |
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These are the global countries with the highest fees (Source: Wise)
country | Fee at the vending machine |
|---|---|
1. Argentina | 16.04 percent |
2. Sao Tome and Principe | 9.98 percent |
3. Iceland | 8.88 percent |
4. Lebanon | 4.67 percent |
5. Chile | 4.65 percent |
6. Tanzania | 3.08 percent |
7. Papua New Guinea | 2.84 percent |
8. Dominican Republic | 2.78 percent |
9. Zimbabwe | 2.68 percent |
10. Philippines | 2.68 percent |
In many countries, it is cheaper to pay directly by card, especially in large shops, especially supermarket chains.
Smaller shops and some hotels also charge a fee for this.
List of rubrics: © Benjamin Nolte