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According to a recent Bankrate survey, ATM fees have hit yet another record high. For the 12th straight year, the average cost to withdraw money from an out-of-network ATM has increased, now averaging $4.57 per transaction. This is up from just $2.89 per transaction a decade ago.
With technology getting better and cheaper every year, it’s easy to assume that the increased fees are just a way for banks to squeeze customers for more money. However, there’s another factor in play: Fewer consumers are using ATMs to withdraw cash. This means that there are fewer transactions contributing to the upkeep and upgrading of ATM networks.
The award travel industry could be partially to blame for the falling use of ATMs. After all, points and miles enthusiasts know it’s more rewarding to use a credit card than cash. In addition to the rewards you’ll earn from making your purchase with a credit card, you’ll also get valuable benefits like the purchase protection, primary car rental coverage and more.
However, if you’re headed overseas, you might need to revert to using cash. While some countries are rushing to get rid of cash completely, other countries are much less accepting of credit cards than we’re used to here in the US. Use these tips to avoid racking up ATM fees while overseas.
H/T: CNN Money
Featured image courtesy of Getty Images.
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- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
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- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Know before you go.
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