Wise, a fintech company revealed crucial insights into ATM withdrawal fees for Indian travellers visiting popular APAC destinations.
The latest research by the company taps into its database to shed light on the potential costs associated with cash withdrawals abroad, helping travellers to get the most out of their vacation budgets. As the new year commences and with an increasing number of Indians looking ahead to international travel, these insights provide valuable guidance for smarter financial planning throughout 2024.
The data, focusing on destinations in APAC, reveals that Turkey topped the list as the most expensive place in the region to withdraw cash at ATMs, with travellers charged 4.44 per cent per transaction on average.
Among popular travel destinations for Indians, Thailand ranked 5th at 2.62 per cent, followed by South Korea (2.55 per cent), and Vietnam (1.85 per cent). In contrast, mainland China and Malaysia have some of the lowest fees at 0.01 per cent and 0.03 per cent respectively.
To help Indian travellers make informed financial decisions and stretch their holiday budget during international trips, Wise has put together these tips for holidaymakers to keep in mind:
- Research where to withdraw money. It may be cheapest to do this before leaving, but avoid money exchangers at the airport. If you really need to withdraw cash abroad, consider comparing ATM rates at multiple locations, as fees can vary from bank to bank.
- Check the fees your card provider charges for overseas withdrawals, which can be expensive.
Some providers offer free ATM withdrawals abroad up to a certain threshold.
- When swiping your card in stores, choose to pay in the local currency instead of in Rupees to avoid dynamic currency conversion charges
- If you’re travelling to visit friends and family, consider using an app like Wise to send money to them which can help to withdraw at a local ATM. This way, you avoid expensive ATM fees, foreign transaction fees, and poor exchange rates all at once as Wise uses the same exchange rate you see on Google and charges 0.6 per cent on average for transactions. Plus, it’s super quick.