Have you ever wondered why you're charged a fee when you withdraw cash from an ATM? It may seem like just another annoying cost, but there's more to it. Let's break it down.
Banks charge ATM fees for a variety of reasons. First, they need to cover the cost of maintaining and operating the machines. Additionally, if you're not a customer of the bank that owns the ATM, your home bank may also charge a fee. This is because your bank has to process the transaction, which involves communicating with the ATM's bank.
Now, let's talk about how you can avoid these fees. One way is to use ATMs owned by your home bank whenever possible. These ATMs usually offer free withdrawals to their customers. Another option is to use your card for payments instead of withdrawing cash. Not only does this save you ATM fees, but it's also safer and more convenient.
But what if you're travelling abroad or in a location where your home bank's ATMs aren't readily available? That's where digital banks like bunq come into play. With bunq, you can get up to 6 free ATM withdrawals anywhere in the world. Whether you're withdrawing money close to home or at the other side of the world, simply by using your bunq card you can be sure you're paying the least.
Then there's the added cost of exchange fees. If you're withdrawing money in your home country and in your local currency, this is not much of an issue. However, if you're a nomad who needs to be able to withdraw money in any corner of the globe, ATMs can come with another fee you'd rather avoid. How? Again, simply by using your bunq card! When you use your bunq card, you'll always benefit from ZeroFX, meaning you don't pay any exchange fees traditional banks charge you, saving you up to 3% on each transaction. Plus, bunq offers local IBAN, allowing you to make local transactions without incurring international fees. All of this also applies to ATM withdrawals.
In conclusion, while ATM cash withdrawal fees are a remnant of traditional banking that still exist today, we built bunq to make life easy. In the case of ATM withdrawal fees, we enable you to travel the world with easy access to cash whenever you need it, without having to worry about extra fees.