How much does it cost to withdraw money?

Understanding ATM Withdrawal Fees

Automated teller machines (ATMs) provide convenient access to cash, but they often come with associated fees. Understanding these fees is essential to avoid unnecessary expenses.

Percentage-Based Fees

Many ATMs charge a percentage-based fee on withdrawals, typically ranging from 2% to 4% of the total amount withdrawn. These fees can vary significantly depending on the ATM provider, location, and type of transaction.

Minimum Fees

In addition to the percentage-based fees, some ATMs also impose minimum fees. These fees typically range from a few dollars to the equivalent of VND50,000. It’s important to check the ATM’s display screen before making a withdrawal to avoid incurring a minimum fee that exceeds the percentage-based charge.

Impact of Minimum Fees

The impact of minimum fees is particularly notable for small withdrawals. For instance, if the minimum fee is VND50,000 and a withdrawal is made for VND100,000, the effective fee becomes 50%, significantly higher than the percentage-based fee range of 2-4%.

Avoiding Excessive Fees

To minimize ATM withdrawal fees, consider the following tips:

• Use ATMs belonging to your own bank or financial institution to avoid additional charges.
• Withdraw larger amounts less frequently to reduce the impact of percentage-based fees.
• Avoid ATMs in high-traffic or tourist areas, as they often charge higher fees.
• Consider using alternative cash-withdrawal methods, such as point-of-sale cash withdrawals or mobile banking, which may have lower or no fees.

By understanding ATM withdrawal fees and taking steps to minimize them, consumers can save money and enjoy the convenience of cash withdrawals without incurring excessive charges.