You’re going to withdraw cash from an ATM. Will you get charged fees?
You most probably will. How fees are charged when withdrawing cash from an ATM is established as follows:
First of all, we must distinguish between the credit institution owner of the ATM and the credit institution that issues the card.
Currently, the credit institution owner of the ATM cannot charge you a fee directly, but it may be charged to the credit institution that issues your card. Your credit institution may then decide to charge you that fee or not, and it will be shown on the ATM’s screen when withdrawing cash.
Pay attention to the information provided by the ATM: while making the transaction and before being able to collect the money, it should prompt you if a fee will be charged and how much it will be.
Very importantly, the ATM should then give you the option to cancel the transaction, allowing you to decide whether you want to go to another one where you don’t get charged. Withdrawing cash with a debit card is usually free of charge when the owner of the ATM and the card issuer are both the same credit institution. However, doing so with a credit card may entail certain fees.
If this isn’t the case, and the ATM owner and the card issuer are different credit institutions, there are two possible scenarios:
- If you withdraw cash with a debit card, the card issuer will only be able charge you a maximum fee equal to the one that’s being charged by the owner of the ATM.
- If you withdraw cash with a credit card, the card issuer may charge you a fee that is established on your contract and also, it may either charge you the fee charged by the ATM owner, or not
But, as previously mentioned, you must always be informed beforehand and also be given the option to cancel the transaction.
In any case, don’t forget to check the conditions on your contract: it must clearly detail the fees your credit institution will charge you.
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