How Can You Avoid ATM Fees?
It is no doubt very convenient to be able to withdraw cash wherever and whenever you want thanks to the umpteen ATMs all over the globe. Technology has advanced so much that it is now possible to withdraw cash even in a foreign land.
Being able to withdraw money from an ATM in an emergency is a blessing no doubt more so when you can do it from any bank ATM. But what is not so nice is the fee charged by the bank and not just by one bank but by both the banks – your own bank and the other bank from which you withdrew money. Irrespective of what amount you withdraw you end up paying these two charges. The charges are minuscule in the bigger scheme of things but in the long run, it will add up to a substantial amount. According to a Bankrate survey, ATM fees charged by banks have grown significantly higher over the last two decades.
If you do not want to pay these fees, follow the below tips.
- Your bank is your savior: Unless in a dire emergency do not use any other banks’ ATM. Rely on technology and use your banks’ app if it has one, or google to find out where your bank’s nearest ATM is. Ideally, you must plan in advance and make note of your bank branches and ATM en route to your destination and also in the final location. Or the best option is to withdraw the cash you anticipate to spend before you leave.
- Put your debit card to use: Not many people are aware that you can use your debit card in storefronts to withdraw cash. Just use your card for some basic purchase and in return ask for cash back. There is a minimum limit that the store can provide but that is still better than paying ATM fees. Moreover, the stores do not charge any service charge for giving you cash against your debit card.
- Open an online bank account: It is only the brick and mortar banks that have problems when you use another bank’s ATM. With an online bank, you will never encounter any ATM fees because they do not have their own ATM’s but you can use any bank’s ATM and your online bank will reimburse the fees charged by the bank.
If you do your research you will realize that there are many ways to prevent paying additional charges levied by banks. the onus is on you to find out the complete truth just as I did when I read everything about Crypto VIP Club before trading in it. See this like I did to realize that this system is not a scam and works as a charm for supplementing your income.