Countries with the most expensive ATM fees

To help Kiwis’ travel budgets stretch further, Wise has also shared some tips that holidaymakers should keep in mind:

When in need of a little spare change, I don’t think twice about walking up to the first ATM I find, popping in my card and withdrawing a few notes for whatever is needed. Unless, of course, I’m overseas.

Then, money can become a complicated mess of conversion fees, hiked exchange rates and additional charges you don’t notice until you get home and realise, for every ATM withdrawal, you’d been charged $10.

Not every ATM will charge travellers the same amount for trying to withdraw cash; sometimes I’ve seen different prices between two machines just a few metres apart. However, some countries, on average, will leave you far worse off than others aording to new research from Wise.

The fintech company scoured the globe to rank countries that tend to charge the highest fees for ATM transactions.

In the number one spot, charging an average fee of 16.04 per cent was Argentina. This country was far above the rest of the ranking, with a significantly high ATM fee.

Sao Tome and Principe in Africa took second place, with an average ATM fee of 9.98 per cent.

A global map showing average ATM charges. Photo / Supplied, Wise

Third and fourth went to Iceland (8.88 per cent) and Lebanon (4.67 per cent), while Chile rounded out the top five at 4.65 per cent.

Looking exclusively at Europe, Wise found Iceland was the most expensive, followed by Turkey (3.50 per cent), Albania (1.81 per cent) and Croatia (1.77 per cent).

Alongside the ranking, Wise offered advice for travellers heading abroad.

Research beforehand

While it’s best to avoid exchange booths at the airport, Wise encourages travellers to check where will be cheapest to withdraw money, as this could best be done at a bank at home.

Go local

Always select local currency when given an option on how to pay. This avoids a popular money trap that can catch even the savviest traveller out.

Check your card fees

Most cards, whether they are credit cards or travellers cards, charge additional fees when used overseas, so know these in advance to save yourself a shock post-trip. Or, use a multi-currency card that will not charge additional fees.

Shop around

If there are several ATMs close together, check each of them in case one is markedly cheaper to withdraw from. You can also then get a feel for how expensive withdrawing money should be in a destination

Avoid withdrawing from a credit card

Fees will be very high, and you’ll be charged interest according to Wise.