ATM Overseas (2024)

FAQs

What happens if you withdraw from a foreign ATM? ›

Foreign transaction fees are charged by your bank for currency conversion. If your bank charges foreign transaction fees — and many do — you'll pay a percentage of the total withdrawal amount, usually 1% to 3%, for using your card at a foreign ATM (or anywhere else abroad).

ATMs are the best way to access money abroad and are increasingly available. Your bank or credit card company may charge fees for withdrawals overseas and may have a limit on the amount you can withdraw daily, so be sure to consult with your bank about this.

Yes. * The PIN that you use in your home country will work overseas as well. However, some ATMs will only accept a 4-digit PIN. Please contact your bank if your PIN is longer than 4 digits or if it contains letters.

Transaction amounts and balances will be given in the local currency, however not all ATMs will provide a balance and some may have a lower withdrawal limit.

Generally speaking, a debit card or prepaid travel card is the best way to withdraw cash abroad, as long as you choose one that doesn't charge fees for doing so. However, you should also watch out for other fees on prepaid cards, such as loading fees.

These fees can be avoided by choosing a bank account that doesn't charge fees and reimburses out-of-network ATM fees and by always withdrawing local currency from ATMs. Account holders can also ask their home bank if there are partner branches or in-network ATMs in the destination country or countries.

If possible, consider withdrawing cash abroad as needed from ATMs. Because they're owned by banks, ATMs usually offer the most current exchange rate and feature fees that are lower than an airport or currency exchange. Remember that withdrawing from an ATM can often come with the standard $2-$5 usage fee.

You will need to activate your card online or via SMS before use. Please note the following important information: Your mobile phone number is required to enable and disable overseas ATM cash withdrawal. A One-Time Password (OTP) will be sent to your mobile phone and this OTP is to be used for card activation.

How do ATMs work abroad? ›

By charging you in your home currency, the ATM operator will conduct what is known as Dynamic Currency Conversions (DCC). A DCC transaction will show you on screen how much money you will pay in your home currency for the withdrawal. However, this also means that the local operator sets the rate of exchange.

Discover® Bank

Discover doesn't charge foreign ATM network or foreign transaction fees. But Discover card acceptance can be limited outside of the U.S., Canada, Mexico and some Caribbean nations. With an HSBC Premier Checking account, customers pay no foreign transaction fees. HSBC also has a worldwide network of ATMs.

You can typically use a debit card when traveling in another country as long as the merchant accepts transactions from the card issuer. Debit cards are especially useful when withdrawing cash from ATMs internationally, but cash and credit cards may make more sense for other purchases abroad.

All you need to do is inform your bank about certain specifics, i.e. the currency, daily usage limit, time period etc. Once you have informed your bank, subject to sufficient funds available in your account, your bank will activate international usage on your card.

The amount of cash that can be withdrawn from a different bank ATM will depend on the type of debit card. Is there a limit to number of free transactions that can be made at different bank ATMs? Usually, banks offer up to 5 free transactions at different bank ATMs.

Yes, all debit cards - domestic and international - come with a daily spending limit and a bracket on how much you can withdraw from ATMs. If you exceed the amount, you will not be able to make any more transactions for that particular day.

Currency Exchange Rates

When you withdraw cash from an ATM abroad, the funds are typically converted into the local currency using the current exchange rate. Be aware that the exchange rate used by the ATM may not be the most favourable, and you may end up paying more than you expected.

Why banks report withdrawals of $10,000 or more. Ever since the Bank Secrecy Act of 1970, banks have been required to report any transaction involving $10,000 or more to the federal government, whether it's a cash deposit or a withdrawal.