One of our favorite times is approaching when we have enough free time to travel and soak up a foreign culture. However, if you have to withdraw money, you are probably wondering about the fees that your entity may charge you. The Bank of Spain clarifies it.
Although the use of the debit or credit card It is increasingly widespread, there are still many countries in which cash payment has a great role. A scenario that should not be a problem, if it were not for the commissions that ATMs in other countries charge us when we want to withdraw money with our Spanish card.
But what are the commissions that they are allowed to charge us? Bank of Spain has taken advantage of this time of year to announce the different fees that we will have to pay if we want to use our card abroad.
The commissions in our country
When we are within our borders and withdraw money from an ATM that is not our entity’s, the fact that our bank does not charge us a commission does not mean that the operation is exempt from them. It is possible that the entity that owns the ATM does charge the relevant commission to our bank and, subsequently, passes it on to us partial or total. Or even that we have an agreement that allows us to make a percentage of extractions at no cost to us.
However, when we travel to another country, the situation changes completely. In this case, it is not so easy to know what commissions we will be charged for the cash withdrawals. One of the aspects that will determine the commission in question will be whether we visit a country in the Eurozone or not. Or if we are using a credit card. credit or debit. Therefore, it is important to contact our bank to find out what their policy is on this matter.
Some commissions
He Bank of Spain sets out some examples of fees that we may have to face when we are in another country. The first of them is the rate charged by the card issuers. Issuing entities have a cost for cash withdrawals in other countries that varies depending on the currency and the amount. The currency commission usually has a commission of approximately 3%. While cash withdrawals charge a commission of 4/5% of the amount withdrawn.
In addition, it also warns that the entity that owns the ATM may charge us if we are not clients. The total amount will depend on the currency and the amount withdrawn. The fee may not be charged to us at the time and may take a while, but if it is included in the fee schedule, we will certainly end up having to pay it.
Finally, another of the most common actions is the surcharge that we must pay in the exchange rate. The agency warns that the exchange rate usually used by cards and ATMs includes a compensation margin due to the risk for the card issuer or the ATM manager. In this case, we will also have to face some type of commission.
In case of doubt, we should always contact our banking entity to clear up any doubts that may arrive at the least expected moment in the form of a commission.
