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Using ATMs abroad: How to avoid unfair exchange rates and hidden fees

Emma-Jane Stogdon

05.07.24 (last updated)

Read time 8 minutes

The quickest and often cheapest way to get cash while travelling abroad is directly from an ATM. But using an ATM abroad may be risky if you’re not familiar with how exchange rates work.

For instance, airport ATMs and exchange bureaus, while convenient, tend to offer higher fees than most. After all, you have nowhere else to go at an airport, so may end up paying extortionate markups and fees on top of the exchange rate.

This article will explain ATM fees and exchange rates, provide ATM locator tools and offer some tips on how to reduce ATM fees when using ATMs abroad. By the end, you’ll be equipped the next time you need to withdraw cash abroad.

Table of contents
Different types of international ATM fees and rates ATM networks and providers overseas ATMs abroad by location list Tips to reduce fees when using an ATM abroad An alternative to using ATMs abroad - the Wise card

Different types of international ATM fees and rates

Most bank ATMs charge fees. In some cases, these fees and rates only apply if you aren’t a member of that particular bank. To help avoid these fees, check what foreign banks your local bank partners with. Some ATMs, however, charge all users.

Do your homework on these fees, and your bank balance will thank you later.

Before we delve into each fee, it’s important to note that you might not get hit with all four fees at once. Though unfortunately, it can happen.

Fee 1: An international or transaction ATM fee¹

This fee occurs when you use an ATM abroad. Some banks charge higher fees for international withdrawals.

You’ll either pay a flat rate (usually between £1-5) or a percentage of your total withdrawal (generally between 1-3%).

Of course, not all banks or financial institutions charge their customers for this fee, but it often depends on the type of account, your card issuer or whether or not your bank has international partners. Always do your research before you travel.

Fee 2: A conversion charge¹

Some banks and financial institutions add on an additional ‘currency conversion fee’ of between 1-3% of the transaction. It’s an unfortunate surcharge for foreign ATM withdrawals.

It’s likely that you’ll pay a combined flat fee for using an ATM network, plus a percentage of the value of the withdrawn cash. Though this fee can sometimes be 0% depending on your card issuer.

Fee 3: A surcharge¹

A surcharge is often added by the ATM provider as a fee for using the machine.

The good news is you’ll be notified on the ATM screen and it will ask your permission to proceed with the transaction.

Your best chance of avoiding this might be to use ATMs at major banks or post offices. Smaller banks and independently owned ATMs have a higher risk of surcharges.

Fee 4: Poor ATM exchange rates

ATM exchange rates are all tied to the interbank currency rates traded on the global financial market. These rates constantly fluctuate, but will likely hover around the same figure for months at a time.

Use an online currency converter to find out how much your money’s worth and what the current exchange rate is.

That way, when you run across an ATM abroad, you can decide for yourself whether the ATM is providing a reasonable exchange rate or not. You’d be surprised how many sneak in fees by offering a less than optimal amount.

ATM networks and providers overseas

Your credit or debit card is connected to over a million ATMs globally through a financial system known as an interbank network. This means you’re able to conduct transactions at any ATM within that network.

For example, the Cirrus network is owned by Mastercard, and includes Mastercard, Maestro, and Cirrus. If you see one or more of those three logos on an ATM machine, that means it’s a part of the Cirrus network.

💡 Tip: Always look for a cash machine with a connection to your card.

Every interbank network has an online ATM locator so you can find the nearest in advance. We’ve compiled some of these below:

PLUS Network (Visa)²

The PLUS system is an interbank network that covers all Visa cards. They’re located in over 200 countries and territories around the world. If you’re travelling to the US, PLUS is the local network most common there.

Here’s a few more places where Visa interbank networks have a strong presence:

United States
Canada (though Interac is the main network here)
India
Indonesia
Japan (via Yucho)³

Though generally, PLUS network has a worldwide reach.

Find the nearest Visa ATM by using the online PLUS/Visa ATM locator and look out for Visa, Electron or Visa PLUS logos when scoping out ATMs to use.

Cirrus Network (Mastercard and Maestro)⁴

Cirrus is an interbank network operated by Mastercard found in 93 countries. It links Mastercard, Maestro, and Diners Club cards to its network.

The network is worldwide but is frequently found in the following places:

United States
Canada
Venezuela
Chile
Saudi Arabia

In India and Bangladesh, the Cirrus network serves both a local and international interbank network.

Use their online locator to find Cirrus ATMs abroad and look out for ATMs with the Mastercard, Maestro or Cirrus logos.

Maestro Network (Mastercard and Maestro)

Maestro is a multi-national debit card service that is also operated by Mastercard.

Within Europe, Maestro is Mastercard’s main debit brand. By default, Maestro cards are linked to the Cirrus network, but often you’ll still find the logo on ATMs.

Search for your nearest Maestro/Mastercard ATM.

Interac Network (Canadian banks)⁵

Interac is a Canadian non profit interbank network connected to several major Canadian banks. Originally co-founded by several big banks in Canada (RBC, CIBC, Scotiabank, TD and Desjardins).

Today, their network has over 18 million daily transactions and it’s connected with over 300 financial institutions with ATMs all over Canada.⁶

Find an Interac ATM on their website.

Union Pay Network⁷

Union Pay is the only interbank network in China that links all bank ATMs in the country.

You can find a Union Pay ATM locator on their website.

Other networks

Other large interbank networks all over the world include Groupement des Cartes Bancaires (CB) in France, Girocard in Germany, Yucho in Japan, LINK in the United Kingdom, and Pulse, STAR and NYCE in the US.

Global ATM Alliance

The Global ATM alliance is made up of several major international banks. They partner so that their customers can use their ATMs at other banks within the alliance without international ATM access fees.

In the UK, Barclays is part of this alliance⁸, so if you are a Barclays customer and you are using a Barclaycard or a Barclays debit card abroad, then finding a Global ATM Alliance bank ATM is likely your best option for withdrawing cash.

However, international transaction or foreign currency fees may still apply for some account holders.

ATMs abroad by location list

Finding an ATM abroad doesn’t need to be difficult. But if you find yourself in need of one while on holiday, on a business trip or visiting friends and family abroad, we’ve got you covered.

Check out our guides to ATMs abroad including locations and fees:

Note: All countries have been included within the continent where the majority of their landmass resides, as some countries are transcontinental. For example, you will find Turkey (Türkiye) on the Asia list as opposed to Europe.

UK

ATMs in the UK

Europe

Asia

North America

South America

Africa

Australia and Oceania

Tips to reduce fees when using an ATM abroad

Use the following tips to help you reduce or avoid ATM fees while overseas:

1. Avoid Dynamic Currency Conversion (DCC)

Some ATMs may offer you the choice of paying in your home currency. This option is called Dynamic Currency Conversion.

For example, if you’re a Brit from the UK using a Chinese ATM, you may be offered the choice to pay for your transaction in British pounds.

On the surface, this seems like a useful service. After all, doing your mental calculations in pounds would be easier than yuan. However, what you gain in familiarity, you may lose in cost.

When you accept or choose DCC, you’re giving the international ATM merchant permission to do the currency conversion on your behalf. Though this may not seem like an issue, you're essentially asking a foreign ATM provider to provide an exchange rate for you, and it’s not in their interest to give you a good deal.

If you choose to pay in the local currency, your home bank will be responsible for the currency conversion. This is better as by and large, banks give their customers fair exchange rates on foreign transactions, after all it’s in their interest to keep you as a customer.

So as a rule of thumb, you should always withdraw and choose to pay in the local currency.

2. Withdraw cash tactically

While it’s never a good idea to travel with loads of cash on hand, you can avoid frequent ATM fees by withdrawing large amounts of cash at once.

Try to map out a rough budget in advance. Planning your withdrawals will mean you don’t end up with lots of spare cash at the end of your trip.

Check whether your bank or card provider has any withdrawal limits such as a maximum amount. Some may even have fee-free withdrawals.

3. Pick a bank in the Global Alliance ATM Network

As mentioned above, the Global Alliance ATM network is a partnership between a large network of banks to waive international ATM withdrawal fees for their customers.

When you’re travelling, you can find a Global Alliance ATM on nearly every continent. The network covers Asia, Europe, Africa, North and South America and parts of Australia and Oceania.

Participating banks include: Bank of America, Scotiabank, Barclays, Deutsche Bank and BNP Paribas.

📚 Read: Using Barclaycard abroad

Just keep in mind that each bank uses the network differently, which means some banks waive more of the fees than others so be sure to do your research before you travel.

4. Find a low-fee card

Some banks charge fewer fees than others. For example, HSBC has ATMs all over the world and there’s a fee of 2.75% for debit cards and 2.99% for credit cards.⁹

Despite also launching the HSBC Global Money Account, which is fee-free, you’ll need to take into account the conversion fee and any other non-HSBC fees which may still apply.

With enough research, you can find cards that suit your travel needs; some are better than others.

With a Wise card you can withdraw cash twice from ATMs fee-free up to 200 GBP*.

The Wise card also auto-converts your currency at the mid-market rate whenever you spend for just a small, transparent conversion fee*.

Discover the Wise card 💳

5. Avoid using your credit card

Using a credit card for ATM withdrawals abroad is often more expensive than using a debit card. Fees tend to be higher; this is because withdrawals are treated as a loan, which means the amount attracts interest.

📚 Read: Highest ATM fees in Europe

Now you have the facts. When you go abroad, you may wish to skip the airport currency kiosk and head straight to an ATM. In most countries they’re available 24/7, you can find them everywhere, and they’re usually your most cost-effective option.

An alternative to using ATMs abroad - the Wise card

You may wish to avoid unfavourable fees entirely by using your Wise card to withdraw cash. Withdraw cash from ATMs fee-free up to 200 GBP for up to two transactions*.

You can also use it to pay for all of your online and in-store purchases, in the UK and in 150+ countries worldwide. This clever card will auto-convert your money to the local currency at the mid-market exchange rate, for only a small fee*.

Sources used:

Forbes - foreign transaction fees and currency conversion fees
Call Federal Credit Union - card logos
Japan Post Bank - Japan international ATM service
British Museum - Cirrus interbank info
The Canadian Encyclopedia - Interac Association
Interac - about Interac Corp.
PaySias - UnionPay
Barclays - Global ATM Alliance partnership
HSBC - fees and charges for using HSBC abroad

Sources last checked on date: 27-June-2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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