What Is an ATM Fee and How to Avoid It
What ATM fees are and simple ways to avoid paying them.
MINTING MONEY
Pranay Chowdhary
10/21/20252 min read
Introduction
Taking $20 out of an ATM might seem simple, but sometimes it costs you $5 or more in fees. Those fees can add up quickly. Understanding how ATM fees work can help you avoid wasting money.
How ATM Fees Work
When you use an ATM that does not belong to your bank, you may pay two fees. The ATM owner may charge a surcharge, and your own bank may charge an out-of-network fee. Together, these fees often total $4 to $6 per withdrawal in the U.S.
Ways to Avoid Them
Use ATMs that belong to your bank or its network. Many banks have apps that show nearby fee-free ATMs. Some online banks reimburse ATM fees each month. You can also get cash back when making a purchase at grocery stores or pharmacies, often for free.
Plan Ahead
Withdrawing larger amounts less often can reduce the number of fees you pay. When traveling abroad, check whether your bank charges foreign transaction fees and whether it partners with international ATM networks.
Conclusion
ATM fees are small but avoidable costs. A little planning can keep more money in your pocket!