Using international ATMs to get foreign currency while traveling can save money when compared to buying currency at exchange rate booths. Although fee structures vary from debit card to debit card (see our chart of foreign transaction fees charged by debit card banks), the savings achieved when using a debit card to get foreign currency can be significant. Withdrawals are usually only 1-3% higher than the wholesale conversion fee. However, despite the advantages, you need to be prepared for special circumstances that can arise when using an international ATM. Below are a few tips to get you squared away.

• Check the Network. Check to see what network your card is in. Cards in the Cirrus and Maestro networks often feature ATMs with easy to read instructions in English. If you card is in a different network, make sure they have usable ATMs where you are headed.
• Know Thy Fees. Double withdrawal fees and transaction fees. If your bank has fees applied on a per transaction basis, don’t make lots of little transactions.
• Know Thy PIN. Many countries only allow four digit PINs. You may need to get a new PIN if your current PIN is longer. Also make sure that you PIN has no letters. If you have letters in your PIN call your bank and ask them to turn those letters into numbers.
• Be Redundant. Take different cards from different banks in different ATM networks.
• Withdraw During Business Hours. Some international ATMs only operate during business hours. Don’t get stranded without cash over a weekend. Secondly, some banks only update transactions during normal business hours. This means if you withdraw the maximum per day amount on Friday, you won’t be able to withdraw cash again until the bank updates their records on Monday.
• Get a Backup. Have an alternative means of making purchases…like a credit card.