Ranked: ATM Withdrawal Fees At Singaporeans’ Favourite Travel Destinations, From South Korea To Thailand
You may or may not use cash much anymore, but it’s a different story when you’re travelling overseas. It’s always handy to have cash on vacay, especially if you’re heading to street markets or eating at small local shops.
And if you run out of cash during your travels, withdrawing money at ATMs overseas comes with extra fees which vary across banks and countries, and these hidden costs may add up, especially if you’re withdrawing large sums of money.
New data released by fintech company Wise has revealed average ATM fees overseas among Singaporeans’ favourite travel destinations.
The rankings show that it’s most expensive to withdraw cash in the Philippines, with average ATM withdrawal rates of 2.68 per cent. In second place is South Korea with average fees of 2.43 per cent, and Thailand comes in third at 2.13 per cent.
Average ATM fees at Singaporeans’ favourite travel destinations ranked:
1. Philippines 2.68%
2. South Korea 2.43%
3. Thailand 2.13%
4. United States 1.8%
5. Vietnam 1.73%
6. Australia 1.09%
7. Indonesia 0.34%
8. Switzerland 0.07%
9. Malaysia 0.02%
The data is based on 3.8mil analysed cash withdrawals made with a Wise card at third party ATMs over 12 months, from Sep 2021 to Aug 2022.
The above rates represent a mix of ATM fees, conversion charges and other fees. The make-up of such fees vary depending on the ATM and bank.
“Our data shows that transaction fees range from 0.02 to 2.68%, and these unassumingly small fees can add up. To put this in perspective, if someone withdrew S$150 per day for a week in the Philippines, totalling S$1,050, they’d pay the equivalent of S$28.14 in fees,” said APAC Expansion Lead at Wise, Lim Paik Wan.
Some card providers offer free ATM withdrawals overseas up to a certain amount, or at certain ATMs around the world.
For instance, travellers using the Wise multi-currency card to withdraw cash overseas can withdraw money at ATMs worldwide for free twice a month for amounts under S$350. Subsequent withdrawals are charged at S$1.50 per transaction, and if users withdraw over S$350 in one month, there is an additional 1.75 per cent charge on that.
Besides ATM fees, travellers should also be aware that if asked how they want to “pay” when withdrawing money at the ATM, they should always select the local currency — selecting Singapore dollars instead of your destination’s local currency means you’ll be charged a dynamic conversion fee.
Photo: Unsplash/Nick Pampoukidis