Cash and ATMs abroad: fewer fees, fewer surprises

Cash is still the most reliable payment in many places, for taxis, markets and small shops. Getting it from an ATM is easy. Getting it cheaply takes a few choices.

Where the fees come from

ATM fee

Charged by the ATM's owner

Often shown on screen before you confirm

Bank fee

Charged by your own bank

Check your account's table of fees

Rate margin

Hidden in the exchange rate

Larger if you accept the ATM's conversion

At the machine

1. 1

   Pick a bank-owned ATM

   Machines inside or next to a bank branch are less likely to be tampered with, and often charge less.

2. 2

   Choose the local currency

   If the screen offers to convert the amount to your own currency, decline. That choice is the dynamic conversion.

3. 3

   Read the fee line

   Many machines show a fee before you confirm. Cancel if it is too high and try another.

4. 4

   Cover the keypad and count the cash

   Shield your PIN, take your card and the receipt, and count the notes.

Carrying cash safely

• Split it

  Keep cash in two places, so one loss does not end the trip.

• Keep it modest

  Withdraw what you need for a few days, not for the whole trip.

• Hide the PIN

  Never write it on the card or keep it with the card.

• Use hotel safes

  Store spare cash and cards there, within reason.

Common mistakes

• Accepting the first conversion offered. Cancel and try again in the local currency.

• Using street machines at night. Prefer bank branches in busy places.

• Carrying all the cash in one pocket. Split it between bags.

• Using a debit card with no backup. Take a second card in case one is blocked.

In the end, cash is a backup and a convenience, not a plan. Pair a small amount with cards that work abroad and a phone wallet, and you will rarely need to visit a machine more than once or twice a trip.