While you are travelling in Europe, you should know where and how to withdraw money. Although you can get your desired amount from the currency exchange, still it's better to draw money from the ATMs (Automatic Teller Machine). Well, it's a standard way to pull out money from the ATM's in Europe. The machine has got instructions written in the English language. You have to pay minimum charges for withdrawing money each time, but still, this is a better option. Anyway, there are some minimum rules you have to know before you can start withdrawing money from the ATM.
Pre-requisites before using an ATM in Europe:
- Your bank has to be informed about the dates when you are travelling in Europe. European ATM's prefer to take funds from the checking account rather than saving one.
- So, before you leave a station, make sure that you have got enough money in your checking account. You have to bring one debit and one credit card with either Visa or MasterCard icon on it.
- Be confident to have a four-digit pin number (and not words) for all your cards. While withdrawing, make sure that you take out money during banking hours and not after that. The advantage is that if something wrong occurs then the bank might be able to help you.
- Independent ATM's charge exorbitant amount as transaction fees, so always draw from the bank-owned ATM's.
- Always be prompt in withdrawing the cash from the ATM counter as in some cases the money is again taken back by the machine in 30 seconds. Using the credit card for cash withdrawal is not recommended as it attracts higher charges. Note the daily withdrawal limit in each country might be different.
Useful Mobile Apps for ATM withdrawal in Europe:
- ATM Hunter: This will help you to find the nearest
- ATM Currency Converter: This will help in real-time currency conversion
- XE currency: This aids in real-time currency conversion.
ATM Transaction Charges and Preferable Banks for ATM withdrawal in Europe
ATM transactions made with debit cards/Forex Cards will come with various fees. You may be levied with a 2-5 Euros transaction fee each time you are using an ATM that's outside your network. It's always safer to target withdrawing money from ATM's outside a bank since it's lesser prone to be targeted by a thief.
Watch this video for a better idea on ATM’s in Europe: https://www.youtube.com/watch?v=38Mott0jOhU
ATM's are far more preferable to be used across all countries in Europe. Some Banks which are preferred by well-known travel gurus are – Bank of America, Barclays Bank, BNP Paribas, Deutsche Bank. If you use traveller’s cheque, the amount will be quite lesser after deduction of 5-10 percent fees. Credit card always attracts charges once you use to withdraw cash. In fact, as a traveller you should always carry two cards; if one gets hung up due to certain odd reasons, then the other can be used immediately. The Forex card we have tied up with provides our clients two Forex Cards, one duplicate just in case you lose the original one.
Reasons to prefer cash withdrawal with a debit card/Forex Card are:
- Cash withdrawal fees are comparatively lower
- You may avail lower bank exchange rates
- You will prefer to spend more on cash rather than card thereby saving a bit of money
- There are 11,500 ATM's all over Europe.
- Well, sources say that you may expect to talk to ATM's in Europe soon. Anyway, while you are travelling, there are some ways meant to avoid card fees. While MasterCard and Visa card levy a flat one percent taxes on all international transactions, a currency conversion will always attract a 1-3 percent additional tax. They are similar to the costs associated with withdrawal from ATM's. Always ask about fees wherever you are travelling in Europe. By the time you get your monthly statement in hand, it's probably too late to save on your part.
- If you see that you are levied with a charge that is too dear, then go for a new card which might be economical for you.
- Try to avoid the dynamic currency conversion which results in paying more for any transaction.
- Try avoiding prepaid cards. They are attracting substantial charges on usage.
- The best formula will be to pay with cash wherever you travel. Perhaps you will save a substantial amount.
- You need not take a chip and pin card for using ATM's in Europe. A standard magnetic card will work fine and serve all your purpose. The best way to know the positions of ATM is to download the necessary app to your mobile and know the area along with charges that will be charged while you swipe your card. Now, be an informed traveller and swipe your card confidently to withdraw money for your perusal.