How to Avoid ATM Fees and Minimize Charges

ATM fees can be a significant burden on your finances. Many banks charge a fee for using an out-of-network ATM, which can range from $2 to $5 per transaction.

To avoid these fees, consider using an in-network ATM, which can be found by searching your bank's website or mobile app. In-network ATMs are typically free to use.

Some banks offer reimbursement for out-of-network ATM fees, so it's worth checking your bank's policies before making a withdrawal.

ATM fees can be a real headache, but understanding how they work is key to avoiding them. Your bank may charge you a network fee, also known as an ATM surcharge, when using an out-of-network ATM.

The bank's network fee can range from $2.00 to $3.50, but this may vary depending on your bank, the ATM you're using, and the type of account you have. You won't be notified of this fee when making a withdrawal, so be sure to check your bank's website or mobile banking app for information.

Some transactions, like international transactions, come with additional fees that can range from $2.00 to $7.00, plus a percentage fee based on the withdrawn amount's conversion rate. This percentage fee usually averages around 3%.

You're not always charged ATM fees, but it depends on your bank and the type of account you have. Out-of-network ATMs are likely to incur fees, so it's best to check with your bank to see which ATMs offer fee-free withdrawals.

Avoiding fees is all about being smart with your banking. Dime Community Bank, Ally Bank, and Everbank offer fee-free ATM withdrawals or reimbursement for fees incurred. However, you may still incur an ATM operator fee.

To avoid these fees, you can use your bank's app to find network ATMs close to your physical location. Many banks have their network of ATMs with fee-free withdrawals, and some even partner with other ATM networks to offer fee-free withdrawals. Sticking to in-network ATMs is a simple way to avoid out-of-network fees.

Some banks, like Charles Schwab Bank, offer unlimited rebates for all ATM fees, making it easier to avoid fees altogether. You can also try to limit the number of withdrawals you make, as most fees are flat fees rather than a percentage of the amount you withdraw.

You can avoid ATM fees by using in-network ATMs. These are ATMs owned by your bank or credit union, or ones that are part of your bank's partnered network.

Using an ATM locator on your bank's mobile app or website can help you find in-network ATMs close to your location.

Some banks, like Dime Community Bank and Everbank, offer unlimited reimbursement for out-of-network ATM fees, but you may still incur an ATM operator fee.

Other banks, like Ally Bank, offer cashback on ATM fees up to $10 per statement cycle, and withdrawals from the All Point ATM network are free of charge.

Here are some banks that offer fee-free ATM withdrawals or reimbursement for fees incurred:

You can also use Allpoint ATMs, which have over 55,000 locations in the United States and offer surcharge-free withdrawals.

Buying currency at home is a bad idea because you'll get a worse exchange rate.

Airports have ATMs where you can withdraw money if you really need it, but it's better to wait until you get to your destination and withdraw money downtown or from an ATM away from the airport, where you'll get a much better rate and pay a much lower fee.

Using a foreign currency card is also not a good idea, as the exchange rates are terrible and there are often additional fees.

Bank fees can add up to a lot of money over time, but with a little planning, you can avoid them.

To minimize fees, use a credit card, which gets the best exchange rate. Credit card companies negotiate the best rates with banks, so you'll get a rate closer to the official interbank rate.

Using an ATM is the next best option, but be aware that commercial banks take a slightly larger cut than credit card companies. You can also avoid high fees by skipping ATMs in weird locations, like hotels or 7-11s, and instead finding a major bank.

Limiting your ATM withdrawals can also save you money, as most fees are flat fees rather than a percentage of the amount you withdraw. Consider using budgeting software to anticipate your cash needs and reduce trips to the ATM.

Upgrading your account to a higher tier can be a way to avoid paying fees if your bank offers it. Many banks offer fee-free ATM withdrawals or refunds to those who hold higher-tier or private banking accounts.

Higher-tier accounts usually carry more extensive minimum balance requirements, so you'll need to keep that in mind. Some banks may charge a maintenance fee each month, which can offset any savings from fee-free withdrawals.

It's essential to understand all the fees you're being charged to avoid paying more fees. Consider whether the benefits of a higher-tier account outweigh the costs of maintaining a higher balance.

Limiting the number of withdrawals can help you save money on fees. Most fees are flat fees, not a percentage of the amount you withdraw, so making fewer withdrawals makes sense.

Making multiple withdrawals can quickly add up in fees. International transactions are an exception to this rule.

You can use budgeting software to anticipate how much money you'll need and when, helping you identify cash transactions. This can reduce the number of trips to the ATM.

If you're looking to avoid ATM fees, switching to a bank that offers fee-free ATM withdrawals or reimbursement is a great option. Many banks will refund fees for withdrawals done when using out-of-network ATMs, and some will even offer unlimited reimbursement.

Dime Community Bank is a great choice for this, as it doesn't charge an ATM fee, but you may still incur an ATM operator fee. Ally Bank offers cashback on ATM fees up to $10 per statement cycle, making it a good option for those who frequently withdraw cash from out-of-network ATMs.

Some banks require a minimum balance in your checking account to take advantage of fee reimbursement, so be sure to check the fine print. Everbank, for example, offers unlimited reimbursement for out-of-network ATM fees, but you must keep a minimum balance of $5,000 in your checking account.

If you don't meet the balance requirement, you may still be able to find a bank that offers fee-free ATM withdrawals. Charles Schwab Bank, for instance, offers unlimited rebates for all ATM fees (worldwide!) with its High Yield Investor Checking account.

Here's a list of some banks that offer fee-free ATM withdrawals or reimbursement:

In some places, cash is still king, and having a stash of local cash as a backup is always smart. This is especially true in small towns or rural destinations where ATMs may be scarce.

Ask for a distributeur in France, a cashpoint in the UK, and a Bankomat just about everywhere else. Many European banks place their ATMs in a small entry lobby, which protects users from snoopers and bad weather.

Avoid "independent" ATMs, such as Travelex, Euronet, Your Cash, Cardpoint, and Cashzone, which have high fees, can be less secure, and may trick users with "dynamic currency conversion."

Using a credit card is a great way to minimize exchange rate penalties, as credit card companies get the best rates and can get you an exchange rate closest to the official interbank currency rate.

Using an ATM is a better option than exchanging cash, as they offer the best exchange rate after credit cards. They aren't as good as credit cards since commercial banks take a little more off the top.

Avoid using ATMs in weird locations, as they often charge high ATM fees and offer horrible conversion rates. You'll pay for the convenience, so it's best to skip those ATMs and find a major bank.

Some types of transactions, like international transactions, carry additional fees, which can range from $2.00 to $7.00 plus an additional percentage fee. The percentage fee averages around 3% based on the withdrawn amount's conversion rate.

Using ATMs in Europe can be a bit tricky, but don't worry, I've got you covered. In some places, like Greece, cash is still the preferred method of payment, so it's a good idea to have some euros on hand.

Cash machines, or "distributeurs" in France and "cashpoints" in the UK, are easy to find. Just look for a "Bankomat" and you'll likely find one nearby.

Small towns may have limited or no ATMs, so it's a good idea to stock up on cash before heading to a rural destination. You can usually find a bank-run ATM just outside a bank, which is a good option because they often don't charge usage fees.

Using a bank-run ATM is also more secure, as it's less likely to be targeted by thieves. Plus, many banks place their ATMs in a small entry lobby, which protects users from snoopers and bad weather.

Avoid "independent" ATMs, like Travelex or Euronet, because they often have high fees and may trick you with "dynamic currency conversion." They might even have signs that say "Free Cash Withdrawals" – don't believe it!

European cash machines work just like they do at home, except they spit out foreign cash instead of dollars. They always have English-language instructions, so you shouldn't have any trouble using them.

Remember that you're withdrawing cash in the local currency, so if your daily limit is $300 in US dollars, you may be able to withdraw just €275 or so, depending on the exchange rate.

Not all credit cards charge foreign transaction fees, and some cards even offer rewards for international purchases.

The Chase Sapphire Preferred Card, for example, does not charge foreign transaction fees, making it a great option for travelers.

You can avoid these fees by choosing a credit card that doesn't charge them, such as the Capital One Venture Card or the Citi Premier Card.

Some credit cards, like the Bank of America Travel Rewards Card, offer a 0% foreign transaction fee for the first year, but then charge a fee after that.

It's also worth noting that some debit cards, such as those from Schwab and Charles Schwab, don't charge foreign transaction fees.