How to avoid international ATM fees in Singapore 2024

Having some cash in your pocket when you travel is reassuring - and in some countries where card payments are less common, it may be essential. However, using an ATM abroad can mean you run into international ATM fees, including a withdrawal charge and foreign transaction fee.

In this guide we’ll cover ways to limit or avoid international ATM fees, including 4 providers like Wise or Revolut that have no-fee international ATM withdrawals, and a quick look at the foreign ATM fees from DBS and OCBC.

How much is the international ATM fee?

It’s not often possible to get completely free international ATM withdrawals. Different banks and non-bank alternative card providers have their own fee schedules which can include several different charges. On top of that, the ATM operator might also add their own charge. It’s important to check your own card’s terms and conditions to understand what charges will apply, and so you don’t run into any surprise costs.

Types of international ATM fees

Several different international ATM fees may apply to a single withdrawal, so looking through your card’s fee schedule is essential. Keep an eye out for costs including:

Foreign transaction fees: This is a percentage charge added to all transactions made in foreign currencies - banks often have a foreign transaction fee of around 3%

Out-of-network ATM fees: Out of network fees may apply when you use an ATM overseas - these charges can vary and are can be a percentage cost of about 3%, or a flat fee of up to 7 SGD

Currency conversion fees: You may pay a currency conversion charge, which will be a percentage added to the exchange rate used to switch your dollars to the currency needed in your location

ATM withdrawal service fees: Both your own bank or card issuer, and the ATM operator, might charge an ATM fee, which is usually higher if you’re abroad

How can I avoid cash withdrawal fees abroad?

So - how to cut down the costs of using an ATM overseas? You may not be able to completely eliminate the fees you pay when transacting internationally, but there are some smart ways to limit the costs:

See if your bank has an overseas ATM network you can use: Most Singapore banks do not charge for ATM withdrawals made using a debit card, at in-network ATMs. While some banks only have local Singapore ATMs, others have options overseas, or work with other banks to provide free or discounted withdrawals for their customers

Choose a card that doesn’t have foreign ATM fees: You may struggle to find a Singapore bank account which offers a debit card with no overseas ATM fees. As an alternative, check our services like Wise or Revolut which both have accounts with no ongoing fees and some no-fee ATM withdrawals every month

Don’t use the ATM too frequently: If your bank card has a flat fee for making an ATM withdrawal, taking out money more frequently means paying the fee more frequently too. If you have somewhere safe to store cash, such as a hotel safe, consider taking out larger amounts - and using your card to make payments where you can

Avoid dynamic currency conversion: Pay in the local currency wherever you are when you make an ATM withdrawal. This will allow you to get the best available exchange rate. Or, get a multi-currency account from a provider like Wise or Revolut, which lets you hold dozens of currencies and convert with low or no fees

We’ll look at the international ATM fees from 4 banks and non-bank providers in detail next.

Banks with no international atm fees

Some banks have cards that have no or low international ATM fees when you use an ATM from one of their partner institutions overseas. However, it’s pretty common for some fees to apply when using a bank debit card in an ATM abroad - and using a credit card can be even more costly.

Specialist providers like Wise ad Revolut offer debit cards with no-fee ATM withdrawals up to certain limits, at home and internationally.

In this section we’ll cover Wise and Revolut as specialist providers, as well as DBS and OCBC, looking at their ATM fees and limits. First, a quick overview:

As you can see, the banks we’ve compared here do charge an international ATM fee, and also have a foreign transaction fee for most standard accounts. It’s worth checking if your bank works with overseas banks to offer lower or waived international ATM fees when you use specific ATM terminals abroad. Or, pick a non-bank alternative like Wise or Revolut to maximize your overseas cash with low fees.

Wise international ATM fees

You can use your Wise card in an ATM overseas to make up to 2 withdrawals up to the value of 350 SGD a month free, with a fee of 1.5 SGD + 1.75% after that. If you have the currency you need in your Wise account there’s no conversion fee - and if not, the card can automatically convert from your balance, with low fees from 0.33%.

There’s no foreign transaction fee to pay, which cuts down the overall cost of using your Wise account internationally. Wise accounts have some ATM limits which are set for security. You can manage and view these in the Wise app. You’ll be able to withdraw up to 7,000 SGD a month from your Singapore Wise account.

Revolut international ATM fees

Revolut accounts all come with a linked debit card you can use for ATM withdrawals overseas. If you have a Standard Revolut account you can withdraw up to 350 SGD a month with no Revolut fee, after which a 2% charge kicks in. You’ll also be able to convert currencies in market hours to the value of 5,000 SGD a month without needing to pay a fee - once you’ve exhausted this allowance a fair usage charge of 1% begins. You can make up to the equivalent of 3,000 GBP in withdrawals every 24 hours.

Different account tiers may have their own no-fee transaction allowances and limits, so do check the terms of the account type you pick before you make your first withdrawal.

OCBC international ATM fees

OCBC does not charge a fee when you make cash withdrawals at a OCBC branded ATM with your debit card - but fees apply when you use out of network cash machines. The costs can vary depending on where you are, but often sit at 3% of the withdrawal value, with a minimum of 5 SGD, capped at a maximum of 20 SGD per withdrawal. In addition to this there’s a 2.25% administrative fee - a foreign transaction fee applied on all foreign currency withdrawals.

Some OCBC accounts have different fees - check your own account terms and conditions to get all the most up to date information. Credit cards from OCBC may have different international ATM fees, including cash advance charges.

DBS international ATM fees

If you have a DBS debit card you’ll pay up to a 7 SGD fee to make an international ATM withdrawal, plus a 3.25% foreign transaction fee. ATM fees vary depending on the specific card you hold, and the network of the ATM you select. The ATM operator may also add their own fees if you’re using an out of network ATM, which is usually shown on screen before you confirm your withdrawal.

Different DBS accounts have their own ATM debit card limits, and in some cases fees may vary so it’s worth checking your specific account terms and conditions before you start to transact. Credit card fees tend to be higher when making an ATM withdrawal, and can include cash advance charges and interest.

What is the best way to withdraw money in a foreign country?

There’s no single best way to get your hands on travel cash when you’re away from home - however, choosing a debit card which has low or no ATM fees can help you manage your money with lower overall costs. Choose an account with multi-currency functions, such as those from Wise or Revolut, and you can also hold and exchange the currencies you need for your trip, so you can see your budget in advance.

How to avoid ATM fees in Europe

Got a big trip planned? Here are a few pointers on avoiding ATM fees when you’re in Europe:

• Get a low cost multi-currency card from a provider like Wise or Revolut, to make low or no fee withdrawals in foreign currencies

• See if your home bank has partnerships with banks in Europe, which can mean snagging low or no cost ATM withdrawals

• Don’t use a credit card - ATM withdrawals are treated as a cash advance and usually come with hefty fees and instant interest to pay

Conclusion: How to avoid ATM withdrawals fees abroad

Many Singapore banks have debit cards which come with an international ATM fee if you need to get cash out as you travel. While some accounts from banks like DBS and OCBC may waive international ATM fees at specific bank ATMs overseas, you’ll often find a flat charge of around 7 SGD, plus a 3% or more foreign transaction fee.

As an alternative take a look at multi currency accounts from non-bank providers like Wise or Revolut, which come with linked debit cards that have some no fee ATM withdrawals every month. You can add money easily in SGD, and then convert to the currency you need conveniently within your account, so you’ll know exactly what you have to spend while you’re away - or just let the card handle the conversion when you pay.