Don't Get ATM-ed: A Guide to Avoiding Fees and Scams While Traveling Abroad

 

Don't Get ATM-ed: A Guide to Avoiding Fees and Scams While Traveling Abroad

There are few things more stressful than trying to withdraw cash in a foreign country. You're jet-lagged, maybe a little hungover, and you just want to get some local currency so you can buy a delicious pastry or a questionable souvenir.

But as soon as you approach the nearest ATM, you're hit with a barrage of confusing options, fees, and warnings about scams. Do you want to be charged in your home currency or the local currency? Do you want to pay a withdrawal fee or a conversion fee? And what the heck is a Dynamic Currency Conversion anyway?

Luckily, with a little bit of know-how, you can avoid getting ATM-ed and keep more money in your pocket. Here are a few tips:

Look for ATMs affiliated with banks. These are usually the safest and most reliable options, and they often have lower fees than standalone ATMs.

Avoid ATMs with suspicious-looking devices attached to them, such as card skimmers or cameras. These can be used to steal your card information and drain your account.

Steer clear of standalone ATMs with high fees, such as those operated by Euronet. These ATMs often use deceptive language to trick you into accepting their high fees and poor exchange rates.

Choose to be charged in the local currency, not your home currency. This will usually result in a better exchange rate and help you avoid sneaky conversion fees.

Consider getting a travel credit card that doesn't charge foreign transaction fees. This can be a good backup plan in case you can't find a good ATM option.

By following these tips, you can avoid getting ATM-ed and keep more of your hard-earned cash in your pocket. And who knows, with all that money you'll save on fees, you might just be able to afford that second pastry after all.

Hat Tip:

Euronet ATM warning: https://www.nomadicmatt.com/travel-blogs/avoid-euronet-atms/