With the realm of personal finance constantly evolving, it is important to understand the different types of fees that can be associated with Automatic Teller Machines (ATMs). From surcharge fees to currency conversion fees, this article will explain the various types of ATM fees forex and how to avoid them. ATM fees can take a number of different forms, from surcharges set by the ATM owner to fees charged by the financial institution that owns the account associated with the ATM. The most common types of ATM fees include:
1. Surcharges: ATM owners typically levy a “surcharge” for the use of their ATMs. This fee is often charged in addition to the account-holder’s own financial institution’s fee for use of another bank’s ATM, and is usually displayed as a single fee listed on the ATM screen prior to completing a transaction.
2. Balance inquiry fees: These fees are usually charged whenever an account-holder checks an account balance or performs a transaction inquiry at an ATM not owned by the financial institution associated with the account.
3. Cash withdrawal fees: Financial institutions typically charge a fee for withdrawals made at ATMs not owned by the institution. These fees are often higher than for ATM transactions completed at machines owned by the bank.
4. Transaction fees: These fees are typically charged for any ATM transaction that is not a cash withdrawal, such as a balance inquiry or transfer of funds between accounts.
5. International transaction fees: Withdrawals made at a foreign ATM may be subject to additional fees, usually assessed by both the ATM owner and the financial institution associated with the account.