Withdrawal fees abroad: our 2021 comparison
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Withdrawing money abroad often comes at a cost . We distinguish
These two types of commission are cumulative . It is therefore better to avoid multiplying “small” withdrawals if these two types of fees apply.
In Canada for example, you may be billed 2 or 3 Canadian dollars in fees, and this on many distributors. These will be added to those possibly taken by your bank. If necessary, you will always be warned and can cancel the operation in order to find another “counter”.
We note that small differences between traditional banks in terms of fees on withdrawals. To support really less commissions, you will have to turn to an online bank. The latter are much less greedy and do not, for the most part, charge a fixed fee per transaction.
Note that some establishments offer a paying “international option” which allows you to make, for example, 5 withdrawals and 10 free payments during your stay. Others, and in particular digital banks, “offer” several free international withdrawals each year (like Monabanq for example). If you are going for a long time, be aware that some banks offer offers designed for expatriates . Now is the time to find out!
Bank charges abroad: how to choose your bank?
As we have said, traditional over-the-counter banks charge more fees than online banks, and not just for commissions on withdrawals / payments abroad. For example, digital banks often offer free credit cards , do not take account maintenance fees, etc.
This can be explained simply: digital banks (the “pure players”) are subject to lower management costs, personnel, real estate … As a result, they are able to be less greedy in terms of invoicing .
If you travel a lot , you should choose an inexpensive bank for international transactions such as money transfers . The best solution is therefore to choose an online bank.
In order to help you find the best offer , Reassure me offers you its own comparator of banks and online banks. You will find around thirty offers tailored to your needs depending on whether you are looking for a bank for non-residents or only flexible abroad. Fill in your criteria and find the offer that suits you!
