Travelling soon? Here are the most expensive countries to withdraw cash

Hand getting some aussie dollars

In a world of taps and cards, several countries still prefer to operate in cash. So when booking travel and preparing budgets, it’s good to know how much withdrawing cash will cost you.

Thankfully, international money transfer company Wise has recently revealed the top 20 most expensive countries for Aussies looking to withdraw cash to aid you.

chart with top 20 global atm fees
Image credit: Wise

But what do these percentages mean? Well, that’s how much local ATMs charge for withdrawing cash. If you withdraw $50 per day for 7 days in Argentina ($350 total), you will pay about $56.14 in fees! 

“When budgeting for a holiday, people tend to think about the best card to use but don’t often consider how much it will cost them to withdraw money,” says Wise chief product officer, Nilan Peiris. 

However, don’t fear, with Wise’s help we’ve created some cash withdrawal tips for you below.

  1. Research! Before you hop on a plane, double check where it's cheapest to withdraw or if you even need cash. Some countries might be like Australia and have fully embraced the tap-your-card life.
  2. Check for card fees! Most cards allow you to access ATMs for cash withdrawals, but they may come with costly fees (on top of the foreign ATM fees!).
  3. Don’t use a credit card to withdraw money! When going abroad, use your everyday card to make cash withdrawals. Credit card cash advances have high fees and will charge you interest.

Aim to keep your hip pockets full when it comes to exchanging money. Compare international money transfer providers below to see which option is best for you.

Meanwhile, are you planning on going abroad? Check out the winners for the best travel money in our Mozo’s Expert Choice Awards.

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