Wise, the popular money transfer service, recently released a report on ATM withdrawal fees for Indian tourists in the Asia-Pacific (APAC) region. The report revealed that Turkey has the highest ATM withdrawal fees for Indian visitors, raising concerns among travelers.
Indian tourists are known for their love of exploring new destinations, and APAC countries have always been a favorite among them. However, with the increasing number of Indian tourists in the region, it is crucial to be aware of the additional costs that could be incurred during their travels.
According to Wise’s report, Turkey topped the list with an average ATM withdrawal fee of around $5.50 (approximately INR 400) per transaction. This means that Indian tourists withdrawing cash from ATMs in Turkey would have to pay a significant amount in fees, making it an expensive affair. The high fees in Turkey can be attributed to the fact that most ATMs in the country charge a fixed fee per transaction, regardless of the withdrawal amount.
Apart from Turkey, Thailand and Indonesia were also found to have relatively high ATM withdrawal fees for Indian tourists. Thailand charged an average fee of $3 (approximately INR 220) per transaction, while Indonesia had an average fee of $2.50 (approximately INR 180). These fees may seem relatively lower compared to Turkey, but they can still add up, especially for travelers on a tight budget.
On the other hand, countries like Malaysia and Singapore were identified as having relatively lower ATM withdrawal fees for Indian tourists. In Malaysia, the average fee was around $1.50 (approximately INR 110), and in Singapore, it was approximately $1 (approximately INR 70). These lower fees make these countries more attractive for Indian travelers as they can save on unnecessary expenses.
The report by Wise highlights the importance of planning and being aware of potential costs before embarking on a trip. It is advisable for Indian tourists to carry a mix of cash and prepaid travel cards to avoid excess ATM fees. Prepaid travel cards allow users to load money onto the card and use it for transactions abroad, including ATM withdrawals.
Additionally, it is crucial to research the local banking infrastructure and understand the fees charged by different banks or ATM networks in the destination country. Some banks may have partnerships or agreements that allow tourists to withdraw cash without incurring additional charges.
Wise’s report serves as a valuable resource for Indian tourists planning their trips to the APAC region. By understanding the ATM withdrawal fees in different countries, travelers can make informed decisions and manage their finances more effectively.
In conclusion, while Turkey tops the list with high ATM withdrawal fees for Indian tourists in the APAC region, there are still several countries where fees are relatively lower. Being aware of these fees and planning accordingly can help travelers save money and have a more enjoyable experience during their trips.
