How much does OneCard charge for international withdrawal?

OneCard Abroad: Understanding International ATM Withdrawal Fees

Traveling the world with a OneCard in your wallet offers a significant advantage – convenient access to your funds no matter where you are. Forget the hassle of exchanging large sums of cash before you leave; you can simply withdraw local currency at ATMs in most countries. However, like any financial transaction, it’s crucial to understand the associated fees. When it comes to international ATM withdrawals with your OneCard, there’s a key charge to be aware of: a 2.5% cash advance fee.

This 2.5% fee applies to every international ATM withdrawal you make using your OneCard. It’s important to remember that this isn’t a foreign transaction fee (which might be applied to purchases), but specifically a cash advance fee triggered by using your card to obtain cash.

Why is there a Cash Advance Fee?

Essentially, when you withdraw cash from an ATM using your credit card, you’re taking out a short-term loan from the credit card issuer. This loan is then charged back to your account. Because of the nature of this transaction, it attracts a cash advance fee, which is typically higher than regular purchase interest rates.

Planning Your Travel Budget:

Knowing about this 2.5% fee is crucial for effective budgeting. Before you embark on your international adventure, take some time to estimate how much cash you’ll need throughout your trip. Factor in the 2.5% cash advance fee into each withdrawal to get a clearer picture of your overall expenses.

For example:

• If you withdraw the equivalent of $100 USD, you’ll be charged a fee of $2.50.
• Withdrawing $500 USD would incur a fee of $12.50.

While $2.50 might seem small, these fees can quickly add up, especially if you make frequent withdrawals.

Alternatives to Consider:

While OneCard offers the convenience of international ATM access, consider these alternatives to minimize cash advance fees:

• Use your OneCard for Purchases: Whenever possible, use your OneCard to pay for goods and services directly. This avoids the cash advance fee and might only incur a foreign transaction fee (if any). Check with OneCard regarding their foreign transaction fee policy.
• Withdraw Larger Sums Less Frequently: Instead of making multiple small withdrawals, try to estimate your cash needs and withdraw larger amounts less often to reduce the number of times you pay the 2.5% fee.
• Consider Travel-Specific Credit Cards: Some credit cards are designed specifically for travelers and offer features like waived foreign transaction fees and even complimentary airport lounge access. Researching and applying for one of these cards might be beneficial for frequent international travelers.
• Pre-Load a Travel Card: Another option is to use a pre-loaded travel card. These cards often allow you to load funds in multiple currencies and may offer lower ATM withdrawal fees.

In conclusion, OneCard provides a useful way to access cash abroad. Understanding the 2.5% cash advance fee associated with international ATM withdrawals is essential for budgeting effectively and making informed financial decisions while traveling. By planning your withdrawals carefully and considering alternative payment methods, you can minimize fees and enjoy a smoother, more affordable international experience. Remember to always check OneCard’s current terms and conditions for the most up-to-date fee information.