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If you want to withdraw some cash abroad, you may have to expect high fees. This is how you can avoid the cost trap.
Anyone who wants to pay with cash on vacation has it easy these days: Nowadays, you can also EU countries Easily withdraw money from ATMs. What many do not know: High fees may be lurking under certain circumstances. Read here how you can avoid the cost trap.
Withdraw money abroad: Check bank conditions
First and foremost, holders of an EC or credit card should find out whether the respective providers charge fees for cash withdrawals abroad. If the conditions for the foreign assignment provide for a fee of ten percent, for example, you would have to Lift up from 100 euros already pay 10 euros more.
Also, keep in mind that you will probably not visit the ATM just once while on vacation. The costs add up quickly. So here it is worth comparing banks with each other and possibly a new one Account for trips abroad, for example with a direct bank.
Attention: Many machines lure you with the promise “0% commission”. It may be true that the machine itself does not charge any fees. About the terms of your Bank however, that says nothing.
Holidays: Machine fee for currency exchange
If a automatic charging a fee for withdrawing itself will be clearly marked. It is also worth comparing some providers here.
At the ATM, you always have the choice of selecting an amount directly in the local currency or having the amounts converted into euros first. What sounds like transparency and seems tempting at first glance is in fact an expensive affair. For the currency exchange A fee is always charged, which can also be up to ten percent.
If you are traveling to a country that does not belong to the euro zone, you should refrain from having the machine convert the national currency into euros. With the help of free apps for your smartphone, you can just as easily calculate the amounts yourself convert and enter the desired amount in local currency.
If you do not observe these first points, double fees of 10 percent each plus the machine fee could be incurred.
Withdraw money on vacation: pay attention to the exchange rate
It is particularly important to find out enough about the before you take off exchange rates to inform. It is also worthwhile to compare different ATMs and even banks abroad. Tip: It is best to ask the hotel reception about the current exchange rate.
It is worth considering this factor even before booking: find out in advance which countries the Euro is worth a lot, you save all around.
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