Are you tired of getting hijacked by ATM machines with big charges when you want some cash? Do you find yourself paying 25 percent or more of the amount you want to get out? Want to know how to avoid those fees?
There are many tips and hacks you can use to stop being hit with big fees just to get at your money. We’ve given this some careful thought because we’re also tired of the insane charges ATM operators put on using their machines.
So, read on to learn about six of the best ways to avoid ATM fees. From research and planning to choosing the right account, we’ve got your back so that you don’t pay for your own cash anymore.
1. Use ATMs for Your Bank
Using ATMs that are part of your bank’s network is the best and easiest way to avoid ATM fees. Big, chain banks have a lot of fee free ATMs to use, especially in larger urban areas. These ATMs won’t cost you anything when you withdraw cash from them.
You can search your bank’s website or mobile app for no fee ATM near me to find ATMs run by your bank. However, if you do use an ATM that isn’t run by your bank you could incur a fee from your bank as well as the company that runs that particular ATM.
So, always try to search for an ATM that is part of your bank’s network if you can.
2. Open an Account at Banks with no ATM Fees
If you are considering opening a new bank account, do some research to find banks with no ATM fees.accounts. Or, if you find yourself always having to pay for cash from an ATM, it might be time to think about switching banks. In that case, look for a bank where you can get an account that doesn’t charge you ATM fees.
Many online banks have agreements with ATM networks that mean you don’t have to pay the network’s ATM charges. These online banks will usually have an ATM finder service as part of their website and app. Use this service to locate the nearest no fee ATM when you need cash quickly.
3. Get Cash Back at the Grocery Store
Another great way to get cash for free is to ask for cash back when you make a purchase at a grocery store or other shop. This works best if you pick up cash as part of your regular shopping trip. Then keep that cash handy in your wallet.
However, if you need cash quickly, you can still use a store as your ATM. Simply make a small purchase at the store. Because ATM fees are usually three pounds or more, buying a chocolate bar or bottle of water, for example, will cost you far less than the ATM fee.
4. Keep More Cash on Hand
Although you can’t always plan ahead to know how much cash you’ll need and when, a little forethought can go a long way to reducing the chances of unwanted ATM fees. When you do get cash out, try to get more than you need right then. Having some extra cash at home or in your wallet or purse will reduce your ATM fees.
Taking larger sums out of the ATM when you do visit also means that if you do have to pay a fee, you’re getting more cash for the charge. So, you’re cash costs you less if you have to pay for it.
Putting together a home budget for each month will give you a sense of how much cash you generally need. With your budget in mind you can go once a month to the ATM and withdraw what you need all in one go. Then, just keep your wallet or purse topped up with the cash you’ll likely need that week.
5. Find Out Which Other Banks Your Bank Has an ATM Fees Agreement With
Many banks have agreements with other banks or ATM operators. These agreements let you withdraw cash from those ATMs without a fee. Check with your bank or search online to find out what other ATMs you can use.
The ATMs that are part of your bank’s network agreement might also include non-bank ATMs. These ATMs are the ones you find in shops, bars, or petrol stations. Those ATMs are often the most expensive to use for cash withdrawals.
6. Go Cashless
A really easy way to avoid ATM fees is to try not to use cash. Fortunately, this is becoming much easier. Mobile apps, debit and credit cards, iPay and equivalents, Venmo, Paypal, and so on, all offer the opportunity for cashless transactions.
With the exception of some entertainment options and small shops in out of the way locations you can often choose not to spend cash if you really don’t want to. Some shops and services still have a minimum transaction amount to use your card. But those minimums are often still less than an ATM fee.
Reducing the amount of times you need cash means you won’t need to hit the ATM very often. The fewer times you have to go to an ATM the less you will spend on those pesky fees.
Stop Wasting Money on ATM Fees
ATM fees can quickly add up. If every time you use an ATM you pay three or more pounds for the privilege of taking your own money out, your monthly costs will soon make getting cash out not worth it.
As you can see from our list of tricks to avoid paying ATM fees, though, there are plenty of ways you can reduce the chance you’ll get stuck with those charges.
Plan ahead and have ecash on hand. Get a bank account with a large network of ATMs to use for free. Use your bank’s app to find free ATMs near to you when you need one or try to use less cash in the first place!
For more money-saving tips, insights on the economy and your finances, or business news and more, check out our blog. We’ve got you covered with insider hacks and business news and ideas.