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How to withdraw money abroad?

Maria James by Maria James
April 22, 2022
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How to withdraw money abroad?

You are planning a trip abroad and you are wondering about your payment options on site. You have a bank card and you would like to be able to use it during your stay. But how to make withdrawals abroad?

What type of card allows you to withdraw money outside France and what are the rates applied?

At the end of this article, you will have all the information you need!

Which card to make withdrawals from abroad?

Nowadays, the vast majority of countries have numerous and easily accessible ATMs, which accept the most common credit cards, mainly cards affiliated with the Visa and Mastercard networks.

To be able to withdraw money abroad, you, therefore, need an international payment card. If you do not know if yours allows you to withdraw abroad, find out from your bank before leaving. Note in any case that if the Visa or Mastercard logo appears on your bank card, it means that it works outside France and you can make payments and withdrawals in stores and ATMs abroad.

The Mastercard prepaid card offered by PCS allows for example to make payments and withdrawals abroad, both in Europe and in non-European countries. This type of reloadable card is also a real asset for travelers, providing great security and ease of use. They are accessible to all without conditions of income and commitment. You will easily find:

  • Online (for example on the PCS site);
  • In tobacconists;
  • In press houses.

Note: depending on the locality, not all ATMs accept all international cards. In general, the type of card accepted is displayed on the device, which lets you know whether the card you have in your possession will work or not. It may indeed happen that a distributor is compatible with Mastercard cards and not Visa cards, and vice versa.

Withdrawal abroad in Europe: what are the costs?

According to the European law in force since July 2002, the banks do not have the right to invoice the withdrawals carried out in the countries of the European Union more expensive than the withdrawals carried out in France. This means that if you go on a trip to a European country belonging to the EU, you can withdraw money there at no additional cost compared to your withdrawals in France.

However, if you are in a European country that has not adopted the euro and therefore works with a foreign currency (the United Kingdom, Sweden, or Hungary for example), conversion costs may be applied to you when you withdraw from the euro. ‘money. On the other hand, the withdrawal operation itself will not be invoiced more expensive than in France.

Withdrawal abroad outside Europe: costs to be expected

Are you traveling outside of Europe and wondering what the conditions are for making withdrawals in foreign currency? Withdrawals abroad, outside countries using the euro, are made in local currency. Your bank then applies currency conversion fees to your balance. Outside of Europe, these conversion fees also usually come with additional costs. In most cases, a percentage of the amount withdrawn is withheld. Your bank can for example retain 2% of the amount withdrawn on each of your withdrawals. If you withdraw the equivalent of 100 euros in local currency, you will therefore also be charged conversion fees (relating to exchange rates) and 2% of the amount, or 2 euros. Attention,

To summarize, a withdrawal abroad includes:

  • A fixed commission (2 to 5 euros per withdrawal in general);
  • A fixed percentage of the amount withdrawn (for example 2%);
  • Exchange fees.

Fixed commission and percentage flat rate are not always combined. Some banks only apply one or the other, depending on the conditions of the establishment and depending on the countries concerned.

Withdrawing money abroad: how to limit the costs?

The payment card is extremely practical and has the advantage, when traveling, of avoiding having to carry large sums of cash on your person. Even if the fees for payment and withdrawal abroad put some people off, it is now much wiser and more prudent to use a bank card or a prepaid card for payments abroad rather than bringing back a huge sum in cash. And by making certain arrangements before you leave, it is entirely possible to keep the costs as low as possible.

For example, you can provide a specific card for your travels, for which you will negotiate the withdrawal costs outside France with your bank. Some online banks also offer bank cards free of charge abroad and therefore do not charge withdrawals in foreign currencies. The prepaid card is also an interesting solution abroad, allowing you to set a budget and not exceed it while securing your bank account.

 

Maria James

Maria James

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