Money and insurance
Getting cash from ATMs abroad: where, how much and when
The airport ATM is the most expensive in the country and the most used. How to pick a machine, how much to take out at once, and which button not to press.
Tomás Berruezo 5 min Photo by Stefan Szankowski on Unsplash Taking out cash abroad costs money in three separate places at once, and because each of them charges on its own, the total comes as a surprise. It can be cut down a fair bit with three decisions.
The three charges
- Your own bank's fee for a withdrawal abroad.
- The fee from the bank that owns the machine, which appears on screen before you accept.
- And the worst one: the conversion into your own currency offered by the machine itself, which almost always works out worse than your bank's.
The third one is avoided for free: when the machine asks whether you want the amount in your own currency, choose the local currency. Always.
Which machine to choose
| Where | What to expect |
|---|---|
| Airports and stations | The most expensive, and sometimes with a high fixed fee |
| Big banks' machines in town | The reasonable option |
| Independent brands in tourist areas | High fees and a worse rate |
| Machines inside a branch | The safest, and with help if something goes wrong |
That last row matters more than it looks: if the machine swallows your card, inside a branch you get it back and on the street you do not.
How much to take out at once
If there is a fixed fee, taking out a lot at once beats taking out a little often. If there is not, it is the other way round: less cash on you is less risk. The practical rule is to take out enough for this leg of the trip, not for the whole trip.
Security, without the drama
- Look at the card reader: if it is loose or sticks out, do not use it.
- Cover the keypad when you enter your PIN.
- Put the money away before you leave the machine, not out on the street.
- Split the cash between two different places, and do not carry it all on you.
Frequently asked questions
Should I accept the machine's currency conversion?
No. Always choose the local currency: the machine's conversion usually works out worse than your bank's.
Which ATM is best?
Those of big banks in town, and if possible inside a branch. The ones in airports and tourist areas are the most expensive.
How much should I take out at once?
If your bank charges a fixed fee, fewer and larger withdrawals. If not, less cash on you. Enough for this leg of the trip, not for the whole trip.
What do I do if the machine swallows my card?
Inside a branch you get it back on the spot. On the street you have to block it and ask for a new one, which is exactly why you carry a second card.
