Avoid ATM Fees when Trading Forex: A Guide
With the way cash and other physical forms of payment have shifted to more of an online focus, avoiding fees for accessing your money has become increasingly important. Automated Teller Machines (ATMs) provide one of the most reliable sources of cash, but they come with elevated withdrawal fees that can be a nuisance. Fortunately, there are a few strategies you can use to avoid ATM fee charges and ensure the most efficient use of your money. This article will discuss the different methods of avoiding ATM fees when making a withdrawal at an ATM.
What are ATM Fees
ATM fees are charges charged by banks when you use an out-of-network ATM to withdraw cash. These fees can be a fixed amount, such as $2.50 per transaction, or a percentage of the transaction amount, usually capped at a specific amount such as $10. Banks might also charge an ATM fee that is a combination of both a fixed and percentage fee. Banks may also impose fees for other services, such as balance checks or transferring money between accounts.
How Much Do ATM Fees Cost?
The exact amount of ATM fees depends on the specific bank and ATM you use. Generally speaking, the average fee for an out-of-network ATM withdrawal is $3.50. Additionally, some banks will charge an additional fee on top of the normal ATM charge if you withdraw more than a certain amount of money. For example, you might be charged an extra fee if you withdraw more than $400 from an ATM.
How to Avoid ATM Fees
The easiest way to avoid ATM fees is to use your own banks ATMs. This way, you can be sure you won’t have to pay an extra fee. Additionally, many banks offer options to waive ATM fees if you meet certain conditions, such as keeping a minimum balance or using direct deposit. It’s worth taking the time to compare banks’ ATM fees and policies and figuring out which one meets your needs best.
If you must use an out-of-network ATM, there are a few strategies you can use to minimize ATM fees. For example, you could try to use a smaller withdrawal amount to minimize fees. Additionally, you can search for free ATM’s in the area. There are several smartphone apps, such as ATM Fee Saver, that can help you locate fee free ATMs in your area. Finally, some banks, such as Ally Bank, offer ATM fee reimbursements, which can help offset the costs of ATM fees.
Overall, ATM fees can add up quickly and can put a strain on your finances if you don’t take measures to avoid them. Taking the time to compare different banks’ ATM policies and finding free ATMs in the area are both effective ways to cut down on ATM fees. This will help you save hundreds of dollars over the course of the year.