Wise unveils ATM withdrawal fees for Indian Tourists in APAC: Turkey tops the list

Wednesday, February 7, 2024

Wise, a leading global tech firm dedicated to simplifying global monetary transactions, has recently unveiled key findings about ATM withdrawal charges for Indian tourists visiting prominent destinations across the Asia-Pacific region.

This groundbreaking analysis by Wise utilizes its vast database to highlight the expenses Indian travelers might face when withdrawing money in foreign countries. This is particularly timely as the new year unfolds, with more Indians planning overseas trips. These findings offer crucial advice for efficient financial planning in 2024.

The study zeroes in on Asia-Pacific destinations, identifying Turkey as the costliest for ATM cash withdrawals, where travelers face an average fee of 4.44% per transaction.

For Indian tourists, Thailand is the fifth priciest, with a 2.62% fee, followed by South Korea at 2.55% and Vietnam at 1.85%. On the other end of the spectrum, mainland China and Malaysia are among the most economical, charging fees of 0.01% and 0.03%, respectively.

Here’s a breakdown of ATM withdrawal fees across major Asia-Pacific destinations:

1. Turkey – 4.44%
2. Bhutan – 3.16%
3. Nepal – 2.79%
4. Thailand – 2.62%
5. South Korea – 2.55%
6. Vietnam – 1.85%
7. Singapore – 1.41%
8. Australia – 1.15%
9. Japan – 0.64%
10. Sri Lanka – 0.57%
11. Bangladesh – 0.46%
12. Indonesia – 0.30%
13. Hong Kong – 0.05%
14. Malaysia – 0.03%
15. Mainland China – 0.01%

To illustrate, withdrawing ₹10,000 daily for a week in Turkey could cost around ₹3,108 in fees, while in Malaysia, the same transactions would only incur about ₹21 in fees.

It’s vital for travelers to be aware of potential hidden costs, including foreign transaction fees and undisclosed exchange rate markups, which can significantly inflate expenses.

Surendra Chaplot, Head of Global Product, Wise, said: “When it comes to international payments, it’s crucial to be aware of potential hidden expenses, which can often include foreign transaction fees and undisclosed exchange rate markups. This affects anyone who has ever needed to move or manage money in a different currency, including withdrawing cash abroad. Wise is dedicated to raising consumers’ awareness about hidden fees in all forms of cross-border payments, so that they can make the most out of their money.” 

Wise offers practical advice for Indian tourists aiming to maximize their travel budgets:

• Investigate the most economical options for withdrawing money, avoiding airport money exchangers. Comparing ATM fees at different banks can save money.
• Be informed about the fees charged by your card provider for international withdrawals, which can be high.
• Some providers waive ATM withdrawal fees abroad up to a specific limit.
• Opt for paying in the local currency rather than in Rupees when making card payments in stores to dodge dynamic currency conversion fees.
• For those visiting friends and family, using a service like Wise for money transfers can bypass hefty ATM, foreign transaction fees, and unfavorable exchange rates. Wise offers the real exchange rate seen on Google and averages a 0.6% transaction fee, ensuring fast and cost-effective transfers.

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