What You Need to Know About Plus Interbank Network

Plus is a global interbank network that connects banks and financial institutions across the world. It was founded in 1970 by a group of banks in Europe.

Plus offers a range of services, including payment processing, cash management, and foreign exchange. These services enable banks to manage their financial transactions efficiently and securely.

The Plus network is used by over 1,000 banks in more than 90 countries, making it one of the largest interbank networks globally.

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Plus (Interbank Network) is a global network that connects banks and financial institutions worldwide. It was founded in 1982.

The network was initially formed by 34 major US banks to create a national network of ATMs. Today, there are over 1.8 million ATMs in over 200 countries and territories.

Visa Plus is a subsidiary of Visa Inc. and is used by over 100 million people worldwide. It's a widely used local interbank network, especially in the United States.

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Plus is used in conjunction with the Visa / Electron logo, which is a default link to the Plus network. This logo is often seen on credit, debit, and prepaid cards.

Here's a quick rundown of the key facts about Plus:

Using ATMs from other networks can result in additional fees, such as a $2.00 fee for Interac ATMs, a $3.00 fee for PLUS System ATMs within the USA, and a $5.00 fee for PLUS System ATMs outside of Canada and the USA.

Some banks charge a transaction fee for using out-of-network ATMs, which can be costly. You can avoid these fees by using your bank or credit union's ATMs.

If you do need to use an out-of-network ATM, be aware that you may be charged a convenience fee, which is added directly to your withdrawal amount. This fee is not collected by your bank, but by the ATM operator.

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You can minimize ATM fees by only using your bank or credit union's ATMs, asking your financial institution about refunds on surcharge fees, and inquiring about fee-free ATM networks.

Here is a breakdown of Interac and PLUS System ATM fees for RBC Royal Bank clients:

Some banks don't charge ATM fees at all, especially online banks, since their overhead is lower than brick-and-mortar banks.

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