Travellers are being stung with $6 ATM fees just to check their bank balances.
According to ING Direct data obtained by News Corp, machines at airports, cruise ships and overseas locations are extremely expensive places to get cash out.
Additionally, the average ATM fee has shot up from $2.10 in 2013 to $2.20 with customers shocked at the extra charges for checking balances or withdrawing cash.
One of the biggest cruise ship providers even slugged customers $6 to use on-board ATMs. Airports too are taking advantage of the unprepared traveller, hitting them with a two to five percent charge for using their machines.
Shocking statistics have revealed that Australian travellers paid about $535.8 million in currency conversion and ATM charges in the 12 months until October.
Sally Tindall, spokesperson for RateCity, a financial comparison website, said “Often the harder the ATM machines are to come by the more expensive they can be, so it’s useful to do your research in advance. If you’re travelling to a place where ATMs are hard to come by, consider taking a safe amount of cash and put purchases on your credit card where possible”.
ING Direct actually refunds eligible customers ATM charges, regardless of the cost.
The bank’s executive director of customer service John Arnott suggests customers use mobile phone apps to check their balances instead of being gouged when using an ATM to do this.
Source: Daily Telegraph