Photo: Zamrznuti tonovi (Shutterstock)
We’ve been there many times: You need cash to make a purchase (especially internationally), but there are no in-network ATMs nearby. Now what? We have some tips for how to save as much as possible the next time you’re caught in this situation.
First, if you don’t already know, find out whether your bank charges a fee for out-of-network ATM withdrawals. If it doesn’t, you only need to worry about the ATM’s fee—and not all ATMs have fees of their own, so you may be able to get away without paying a fee at all in this case.
If your ATM card does charge an out-of-network ATM fee, you still may be able to avoid fees if your bank has any partners—this may be especially beneficial when traveling internationally. For example, some banks in the United States have partnerships with banks in other countries. This means that you can usually avoid fees by using an ATM from one of these partner banks.
If your bank doesn’t have any international partners, don’t worry. There are still ways to avoid fees. One way is to see if your bank has a mobile app that allows you to withdraw cash from ATMs without being charged a fee.
Another way to avoid ATM fees is to use a debit card that doesn’t charge ATM withdrawal fees—some of these cards will even reimburse the other ATMs fee up to a certain number of times per month. These cards are becoming more and more common, so it’s worth doing some research to see if one of them is right for you.
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Keep in mind that some debit cards will charge a foreign transaction fee, as well. This fee can sometimes be up to 3%, so depending on the amount of your transaction, paying an ATM withdrawal fee may save you more money in the long run.
Some of the top debit cards that don’t charge a fee and also will reimburse the other ATM’s fee include:
Charles Schwab Debit Card: This card has no ATM fees and offers unlimited ATM fee reimbursement. No foreign transaction fees on withdrawals made abroad.Fidelity Debit Card: This card has no ATM fees and offers unlimited ATM fee reimbursement and charges a 1% foreign transaction fee on withdrawals made outside of the U.S.Alliant Credit Union Debit Card: This card reimburses the first $20 of ATM fees per month and charges a 1% foreign transaction fee on withdrawals made outside of the U.S.USAA Debit Card: This card reimburses the first $15 of ATM fees per statement period and has no foreign transaction fees and charges a 1% foreign transaction fee on withdrawals made outside of the U.S.Chase Debit Card: Chase may waive ATM fees up to a certain number of times per month for customers with eligible accounts. Wells Fargo Debit Card: Wells Fargo may reimburse ATM fees up to a maximum amount per transaction for customers with eligible accounts.PNC Debit Card: PNC may reimburse ATM fees for eligible customers with a minimum average monthly balance of $2,500 or more.Citibank Debit Card: Citigold members may receive ATM fee reimbursement.Charles Schwab is a fan favorite for those looking to have ATM fees reimbursed, but many other banks offer some kind of reimbursement option. Depending on how often you find yourself needing to use an out-of-network ATM, one of these cards may be right for you and help you save money in the long run.
