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Wise, a leading global technology company specialising in international money transfers, has unveiled crucial insights into ATM withdrawal fees for Indian travellers visiting popular destinations across the Asia-Pacific (APAC) region.
As travellers gear up for international trips in 2024, Wise’s latest research provides guidance on managing finances abroad, particularly focusing on ATM withdrawal fees. By analysing data from its extensive database, Wise sheds light on the potential costs associated with cash withdrawals in various APAC destinations, helping travellers optimize their vacation budgets effectively.
According to the research, Turkey emerges as the costliest destination in the region for ATM withdrawals, with travellers facing an average fee of 4.44 per cent per transaction. This is followed by Bhutan (3.16 per cent) and Nepal (2.79 per cent). On the flip side, destinations like Malaysia, Indonesia, and Hong Kong offer friendlier ATM fees, with fees under 1 per cent.
Among popular travel spots for Indian tourists, Thailand ranks fifth with an average ATM withdrawal fee of 2.62 per cent, followed by South Korea (2.55 per cent) and Vietnam (1.85 per cent). In contrast, mainland China and Malaysia boast some of the lowest ATM fees at 0.01 per cent and 0.03 per cent, respectively.
2022 brought a resurgence in foreign tourist footfall, with FTVs surging to 1.75 lakh, showcasing growth of 695.45 per cent. However, the numbers still were below the pre pandemic levels. Going forward, Goa Tourism plans to intensify its promotion efforts in international markets by participating in prominent travel marts and exhibitions and organising international roadshows to attract more foreign tourists to the state.
To put the impact of these fees into perspective, withdrawing ₹10,000 per day for a week in Turkey would result in approximately INR 3,108 in fees. In comparison, the same withdrawal in Malaysia would incur only INR 21 in transaction fees.Surendra Chaplot, Head of Global Product, Wise, emphasised the importance of being aware of hidden expenses when conducting international transactions, including foreign transaction fees and undisclosed exchange rate markups. Chaplot highlighted Wise’s commitment to raising consumer awareness about such fees to empower travellers to make informed financial decisions.
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