Indian travellers planning trips to popular Asia-Pacific (APAC) destinations have received a financial heads-up, courtesy of Wise, the foreign exchange fintech company. The recent research, delving into ATM withdrawal fees, reveals Türkiye as the costliest place in the region for cash withdrawals, ringing in at an average charge of 4.44% per transaction.
As the travel season picks up and more Indians consider international destinations, the data becomes a valuable tool for financial planning throughout 2024. Among the noteworthy findings, Thailand secured the 5th spot with a 2.62% withdrawal fee, while South Korea and Vietnam followed closely at 2.55% and 1.85%, respectively. In contrast, mainland China and Malaysia emerged with some of the lowest fees at 0.01% and 0.03%.
ATM fees in major APAC travel destinations:
- Türkiye: 4.44%
- Bhutan: 3.16%
- Nepal: 2.79%
- South Korea: 2.55%
- Thailand: 2.62%
- Vietnam: 1.85%
- Malaysia: 0.03%
- Mainland China: 0.01%
To provide perspective, if an individual withdrew Rs 10,000 per day for a week in Türkiye, they’d pay around Rs 3,108 in fees. However, a similar withdrawal in Malaysia would only incur Rs 21 in transaction fees.
Surendra Chaplot, Head of Global Product at Wise, emphasized the importance of being aware of hidden expenses in international payments. Wise aims to educate consumers about these fees to optimize their money usage during cross-border transactions.
For informed financial decisions during international travel, Wise offers tips, including researching where to withdraw money, checking card provider fees for overseas withdrawals, and considering alternatives like using credible platforms/apps for money transfers.
