ATM fees seem so simple, but if you frequent one that does not belong to your bank, you will be paying more than just one fee. There are two types of ATM charges; the surcharge and the foreign fee. The surcharge is the fee you will pay to the owner of the machine. The owners will decide how much of a fee they will charge for each transaction. The foreign fee is the charge you will pay to the institution that owns the card you are using. When you swipe a card at the ATM, some company owns that card and you will pay a fee to that company for using this card in a transaction. If you are using your own bank’s card, they may not charge you if you are using that banks ATM as well. It gets a bit tricky and you end up paying for the convenience of fast money. Depending on where you are, your fees may be way above the norm.
The percentage of money taken out verses the price of fees paid for the transaction makes it quite a high price for convenience. An online cash advance will not drain money from your checking account, and the fees are only being charged to one company. If you keep a good eye on your budget and plan ahead, you get get that extra cash you need for your travels ahead of time when you apply for a cash advance. The advance will be directly deposited into your account the next business day. You will be able to set out knowing that you have the extra money. If you need to actually have the cash in your pocket, head over to your bank and withdraw the money without any surplus fees taxing your money.
