Buzz
We’ve all faced this scenario: You’re in need of cash for a purchase, particularly abroad, but there are no ATMs within your network nearby. What’s the solution? Here are some strategies to help you save the next time you find yourself in this predicament.
Start by checking if your bank imposes fees for using out-of-network ATMs. If they don’t, your only concern is the ATM’s own fee—and not all ATMs charge one, so you might avoid fees altogether in such cases.
If your bank does charge for out-of-network ATM use, you might still dodge fees if your bank has partnerships, which can be particularly useful when traveling overseas. For instance, certain U.S. banks collaborate with international banks, allowing you to use their ATMs fee-free.
If your bank lacks international partnerships, don’t fret. There are still methods to sidestep fees. For instance, check if your bank’s mobile app enables fee-free cash withdrawals from ATMs.
Another strategy to dodge ATM fees is to opt for a debit card that doesn’t impose withdrawal fees—some even refund fees from other ATMs a set number of times monthly. These cards are increasingly popular, so researching to find one that suits you is worthwhile.
Note that some debit cards may also charge a foreign transaction fee, which can reach up to 3%. Depending on your transaction amount, paying an ATM fee might be more cost-effective in the long term.
Here are some of the best debit cards that avoid fees and reimburse ATM charges:
Charles Schwab Debit Card: No ATM fees, unlimited ATM fee reimbursements, and no foreign transaction fees on international withdrawals.
Fidelity Debit Card: No ATM fees, unlimited ATM fee reimbursements, and a 1% foreign transaction fee on non-U.S. withdrawals.
Alliant Credit Union Debit Card: Reimburses up to $20 in ATM fees monthly and charges a 1% foreign transaction fee on overseas withdrawals.
USAA Debit Card: Reimburses up to $15 in ATM fees per statement period, with no foreign transaction fees but a 1% charge on non-U.S. withdrawals.
Chase Debit Card: May waive ATM fees a limited number of times monthly for qualifying accounts.
Wells Fargo Debit Card: May reimburse ATM fees up to a specific limit per transaction for eligible accounts.
PNC Debit Card: May reimburse ATM fees for customers maintaining a minimum average monthly balance of $2,500 or more.
Citibank Debit Card: Citigold members may qualify for ATM fee reimbursements.
Charles Schwab is highly popular among those seeking ATM fee reimbursements, but numerous other banks also provide similar reimbursement options. Depending on your frequency of using out-of-network ATMs, one of these cards could be ideal for you, helping you save significantly over time.
