6 ways to avoid ATM fees in Europe

If you’re traveling to Europe, you might want to think twice before withdrawing cash from an ATM.

Some European ATMs will charge you for taking out money – and your bank may add cash withdrawal fees, too.

We take a look at how to avoid ATM fees in Europe, including everything you need to know to save money while you travel.

Understand exactly how much it costs to use an ATM in Europe and how to avoid paying for your cash.

What are ATM fees?

There are a few different kinds of ATM fees. You may need to pay an international transaction fee to your bank, which could be charged as a flat rate or a percentage.

If you’re using an international ATM, you may also pay to convert your money into a foreign currency. Many banks add a markup to the standard exchange rate when you spend or withdraw in another currency.

Some machines may also add a surcharge to your transaction. This will be communicated to you before you withdraw your cash.

ATM fees can differ depending on your bank, card provider, and the machine you use – so make sure to look into your options before withdrawing money abroad.

Why do ATMs charge fees?

ATM providers charge fees to cover machine upkeep, operation, and banking costs.

As more people use cards or online payment methods, ATM fees help offset any loss of revenue. Your bank may also take a profit margin from your transaction.

How much do ATM fees cost in Europe?

If you’re heading to Europe, you need to think about how much it’ll cost to withdraw money.

Some countries are more expensive than others. For example, the average ATM fee in Turkey is 3.59%, whereas the average in Ireland is 0.56%.¹

ATM fees in Europe can also depend on the rates set by your bank. For example, N26® offers up to 8 free ATM withdrawals in the eurozone, depending on your account plan. After that, you’ll pay 2 EUR per withdrawal.

You’ll also need to pay for all ATM withdrawals outside the eurozone unless you have an N26 You or N26 Metal plan.²

What ATM fees can you expect to be charged in Europe?

You can expect to pay your bank’s ATM fees and any fees charged by the ATM provider itself.

Your bank may charge a percentage or flat fee per ATM transaction. For example, Wells Fargo® charges 5 USD per withdrawal from non-Wells Fargo machines outside the US.³

Some ATMs also charge their own fee for taking out money in Europe. Using an ATM outside of your bank’s network – or choosing a smaller, independent machine – could result in higher ATM fees.

How to avoid ATM fees in Europe

Heading to Europe? Let’s take a look at how you can avoid ATM fees.

1. Get an account that doesn't charge withdrawal fees

Some banks don’t charge ATM withdrawal fees. For example, Revolut® won’t charge withdrawal fees as long as you’re within your plan limits. If you exceed these limits, you’ll pay 2% for any additional withdrawals.⁴

You may get a certain number of free withdrawals with your money transfer provider. For example, you can access 2 free ATM transactions each month with Wise.*

Note: Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

2. Steer clear from dynamic currency conversion (DCC)

Dynamic currency conversion (DCC) lets you choose whether you want to make foreign payments in USD or local currency when paying for something abroad.

You should always choose to pay in local currency. Choosing DCC can result in higher exchange rate fees – and the merchant may add a markup to your payment, too.

Steer clear from DCC to avoid hefty currency conversion charges when withdrawing money in Europe.

3. Opt for bank-owned ATMs

Choosing a bank-owned ATM can help you avoid added surcharges when you withdraw money abroad.

Many banks waive their charges if you use an ATM in their network. For example, you can use your Chime® debit card at 60,000+ ATMs without paying a fee.⁵

However, you may still need to pay exchange rate fees to your bank if you want to withdraw money abroad.

4. Make fewer, larger withdrawals

If you need to withdraw cash abroad, try making fewer, larger withdrawals. This can help you avoid paying multiple ATM bank fees for taking out cash.

If your bank charges a flat rate for ATM withdrawals, you can reduce costs by taking your money out in bigger chunks.

Some banks and money providers will give you a set number of free withdrawals, so you may be able to avoid bank fees entirely.

5. Know your exchange rates

It’s important to understand any exchange rate costs for your ATM withdrawal.

Many banks charge an added markup on the standard ‘real’ exchange rate when you spend or withdraw money in a foreign currency.

Each bank or card provider uses a different rate. For example, the Mastercard® exchange rate is a popular choice. This rate can change depending on when you use your card.⁶

6. Pay by card whenever possible

Paying by card eliminates the need to withdraw cash at an international ATM.

If you’re traveling across Europe, a money transfer provider like Wise can help you pay by card in multiple currencies.

Using your debit card abroad is also safer than carrying cash, with options to freeze your card if it gets lost or stolen.

Going abroad? Make sure to take a Wise card with you

Explore the world with your handy Wise card!

Spend money in over 150+ countries at the mid-market rate — and avoid hidden fees while you’re at it.

With Wise, you can:
Send money to 160 countries Receive money in 9 currencies with local account details Hold money in over 40 currencies Spend like a local in 150+ countries

Heading abroad? Bring Wise along for the journey!

Get a Wise Account

What is an ATM fee reimbursement?

Some banks will cover the cost of ATM withdrawals. You may need to apply for your refund, so make sure to check your bank’s specific regulations and requirements.

Some banks will only reimburse a certain number of ATM withdrawals, but others offer unlimited ATM fee reimbursements if you need cash abroad.

Which banks reimburse European ATM fees?

You can get unlimited ATM cash withdrawal reimbursements with your Charles Schwab® Bank Visa® Platinum Debit Card.

These reimbursements only apply to surcharges used to withdraw local currency – and you’ll get your credit on a monthly basis.⁷

You can also use your Fidelity® Debit Card to access ATM fee reimbursements. However, you may still pay 1% for foreign transactions.⁸

These aren’t the only bank accounts to offer ATM fee reimbursements. Other accounts may include:

• SoFi® Money Checking account
• PNC® Virtual Wallet Checking account
• Ally Bank® Interest Checking account⁹

Foreign ATM fees can really add up – so make the most of any bank reimbursements!

Europe ATM withdrawal FAQs

Let’s take a look at some common questions about how to avoid ATM fees in Europe.

Which banks offer free ATM withdrawals in Europe?

Many banks offer free ATM withdrawals in Europe. With an N26 Standard account, you can get 3 free ATM withdrawals in the eurozone per month.²

You also won’t pay to withdraw cash abroad with your CapitalOne 360® account.¹⁰

What are the typical ATM fees for European transactions?

ATM costs in Europe can differ depending on your banking provider, as your bank may charge you to withdraw cash abroad. This typically ranges from between 2 to 5 USD per transaction.

Can you use your bank card in Europe without fees?

It depends on the bank! Money transfer platforms like Wise let you use your international debit card in Europe without exchange rate fees, if you hold the currency in your balance, including 2 free ATM withdrawals abroad – keep in mind that the ATM provider might apply their own fees.

However, banking providers like Wells Fargo may charge you to spend or withdraw money outside the US.³

Are there any banks in Europe that do not charge ATM fees?

Some banks in Europe don’t charge ATM fees.

If Monzo® is your main bank, you can use your account to access unlimited fee-free withdrawals in the European Economic Area (EEA).¹¹

You can also withdraw cash abroad with Starling Bank®. You won’t be charged a transaction fee, but you’ll still need to pay the Mastercard exchange rate for any withdrawals.¹²

You can also access a set number of free ATM withdrawals in Europe with international money transfer providers like Wise, Revolut, and N26.

How can I withdraw money in Europe without fees?

Make sure to choose a bank account that doesn’t charge fees to withdraw money in Europe.

Withdrawing money from a bank-owned machine can also help you avoid added surcharges and you can save money by making fewer, larger cash withdrawals.

Is it better to exchange money or withdraw from an ATM in Europe?

It’s better to withdraw money from an ATM if you don’t want to carry large sums of cash overseas.

If you know your bank doesn’t charge ATM fees, or they use a reasonable exchange rate, this could help you avoid additional costs.

However, you may want to exchange currency if your bank has no ATMs in your chosen location or your local currency exchange provider offers a favorable rate.

---

ATM fees abroad can start to add up, especially if you’re living, working, or traveling across Europe.

However, there are a few ways to avoid ATM fees. Opt for bank-owned ATMs, avoid DCC, and choose card payments to save money on your European adventure!

To start spending your money without borders, check out Wise.

---

Sources:

1. Wise
2. N26
3. Wells Fargo
4. Revolut
5. Chime
6. Mastercard
7. Charles Schwab
8. Fidelity
9. The Points Guy
10. CapitalOne
11. Monzo
12. Starling Bank

Sources checked on 05.24.2024