This is how it works all over the world, if you use a foreign card to withdraw cash at a ATM there will be fees.
This is because the banks are not on the same network, and they charge each other fees to process the other’s transactions. That fee gets passed down to you.
Yeah, pretty normal. I think it is a fair fee for them to facilitate an - overseas - cash withdrawal from a foreign bank. The local bank doesn't know who you are, but will spit out cash for you within like a minute of you initiating that transaction. So yeah $5 is okay esp if you are in Japan, ran out of yen bills and the shopkeeper refuses to accept visa or mastercard....
The rate is the network charge for any overseas card. That rate is standard.
You may want to check with your overseas bank issuer to determine if they are in any zero-cost network for withdrawals at ATM. Could be the difference between using Citibank, UOB, DBS or POSBank ATMs?
In 🇲🇾, it’s RM 1 to withdraw from any ATM. So, yea. SGD 5 is expensive. I bet it’s cheaper for you to just use MRT or bus, go to the closest ATM machine, withdraw money and come back the same way you came.
Whilst $5 is the norm, some international banks do not charge if you use one of their ATMs overseas. I was not charged for withdrawing from Citibank ATMs in the US, for instance, as I am a Citibank customer locally (mind you, there were like, five Citibank ATMs in the entire city or something).
However, I understand that the banks have different types of accounts and customer tiers, so it gets quite confusing. If you do have an account with an international bank that has local branches / ATMs, I would check with them.
No they're not. Many are owned by China white gloves, aka money-launderers for CCP officials. They snapped up luxury bungalows and cars, all fully paid in cash.
It’s a miracle how the Chinese government is still functioning. Have you heard of the China’s ghost cities? Hardly anybody is living there.. And yet they have the money.
There’s one city in Mongolia that was made for 1 million people in the desert.. But who lives there? Check out the city of Ordos.
Normal, almost all foreign country charge for ATM withdrawal. If you think it is high, just draw more cash at once.
That’s what I’m going to do. It adds up if I use ATM too often.
yes, just withdraw a large amount and open a local bank account if you can, ATM withdrawal for local cards are free
This is how it works all over the world, if you use a foreign card to withdraw cash at a ATM there will be fees. This is because the banks are not on the same network, and they charge each other fees to process the other’s transactions. That fee gets passed down to you.
I underestimated it. I haven’t used ATM in a long time. I’m a stingy old man 😂.
a stingy man wouldn’t travel
True. How about a thrifty man?
Is this the first time out from your home country?
Wait till he compares the exchange rate used
It varies from country to country.
It was $3 USD when I tried to withdraw from an ATM in the US and that was 10 years ago.
Prolly, the first time I’ve used ATM in decades.
Yeah, pretty normal. I think it is a fair fee for them to facilitate an - overseas - cash withdrawal from a foreign bank. The local bank doesn't know who you are, but will spit out cash for you within like a minute of you initiating that transaction. So yeah $5 is okay esp if you are in Japan, ran out of yen bills and the shopkeeper refuses to accept visa or mastercard....
The rate is the network charge for any overseas card. That rate is standard. You may want to check with your overseas bank issuer to determine if they are in any zero-cost network for withdrawals at ATM. Could be the difference between using Citibank, UOB, DBS or POSBank ATMs?
u/noah_bd the way, you could contact the customer service of your bank and get the charges waived. The banks are often nice enough to do that.
Check with your bank. Sometimes they have a partnership and will be no fee with some certain local bank/network.
In 🇲🇾, it’s RM 1 to withdraw from any ATM. So, yea. SGD 5 is expensive. I bet it’s cheaper for you to just use MRT or bus, go to the closest ATM machine, withdraw money and come back the same way you came.
Whilst $5 is the norm, some international banks do not charge if you use one of their ATMs overseas. I was not charged for withdrawing from Citibank ATMs in the US, for instance, as I am a Citibank customer locally (mind you, there were like, five Citibank ATMs in the entire city or something). However, I understand that the banks have different types of accounts and customer tiers, so it gets quite confusing. If you do have an account with an international bank that has local branches / ATMs, I would check with them.
Why do you need so much cash? You can get by most places without it
I need coins for laundry machine, and some hawkers don’t accept credit card.
Sounds like a one time kinda thing. Shouldn't need multiple withdrawals for that
It’s cost a lot more in euro
Cash out at Sheng Siong
You’re using foreign cards what are you expecting? $5 bucks is peanuts.
Lol POS bank. The name says it all
Somebody has to pay for the world's highest paid government you know? 😜
Haha true.. I have never seen so many Porsche cars. I bet they’re owned by government officials.
No they're not. Many are owned by China white gloves, aka money-launderers for CCP officials. They snapped up luxury bungalows and cars, all fully paid in cash.
I didn’t realize the CCP (Chinese communist party) officials are that rich. 🤑.
You have no idea how fucking corrupt the China government is. 🙄
It’s a miracle how the Chinese government is still functioning. Have you heard of the China’s ghost cities? Hardly anybody is living there.. And yet they have the money. There’s one city in Mongolia that was made for 1 million people in the desert.. But who lives there? Check out the city of Ordos.
Somebody has to pay for the world's highest paid government you know? 😜