Using an ATM Card Abroad

If you are on the abroad tour or far from your country where your currency is not allowed, then you can use your ATM cards, credit card, or debit card. They provide you the best deals with regard to currency exchange.

ATM’s are a convenient way to obtain local currency exchange at a reasonable exchange rate, but you must be careful when using ATM machine abroad. This is because some international ATMs allow only numbers and alphabets and pin number larger than 4 digits are not allowed. So, before to use it, you must be sure to alter your ATM pin code to a 4 digit number.

ATM card charges certain amount of fees and it does not having the fix fee structure. They are not providing the proper fee structure in advance. This is the major drawback of the ATM card. Therefore, if you want to know the exact transaction fees charged, you have to wait for the withdrawal to be debited from your account. Sometimes, these fees charges are too high as both the foreign and local bank imposes and collected charges separately at the both transaction ends.

Citibank and other banks in the United States (Bank of America also) charges a foreign exchange fee of one percent of the transaction costs in dollars due to tie-up with foreign banks. Therefore you can withdraw money from your account at a Citibank ATM counter in a foreign country. Even Visa, MasterCard and American Express charge a affordable exchange rate that is applicable to all the transactions you make abroad using these cards.
But Capital One Financial card is the only exceptional case, which offers no extra charges, not even the minimum of one percent.