Withdrawing money outside of Switzerland

What does it cost to withdraw money from ATMs outside of Switzerland? Which bank lets me withdraw money for free?

Greetings,

Swiss banks generally charge fees when you withdraw money at ATMs outside of Switzerland, but the type of card you use for the withdrawal makes a big difference in how much you pay.

Debit cards:

When you use a Swiss debit card (PostFinance, Maestro, V-Pay) to withdraw money at an ATM in another country you normally pay a flat rate fee. Most Swiss banks charge a fee of 1.50 Swiss francs per withdrawal. You also pay in the way of a markup on the standard exchange rate, as you would if you changed money at your bank.

The foreign bank or operator which runs the ATM may also charge a fee. As a rule, ATMs at banks charge lower fees than ATMs run by currency exchange bureaus and other non-bank operators.

Credit cards:

When you use a credit card to withdraw money from an ATM in another country, you pay a number of different fees and charges.

All Swiss credit cards charge a foreign transaction fee which is normally equal to between 1.5% and 2% (depending on the card) of the amount withdrawn. On top of that, you pay in the way of a markup on exchange rates (the spread).

But the biggest cost of withdrawing money using a credit card is the cash advance fee. Cash advance fees are equal to between 3.75% and 4% of the amount withdrawn (depending on the credit card used. A minimum cash advance fee (between 5 and 10 francs depending on the credit card) applies to each withdrawal.

Fees charged by foreign ATM operators may also apply.

Prepaid cards:

Most Swiss prepaid cards charge the same fees to those charged by credit cards. An exception to this rule is the Swiss Banker Travel Cash prepaid card, which has no foreign transaction fee and a 5-franc flat fee per withdrawal.

As with other payment cards, you pay a markup on currency exchange rates and you may pay ATM fees charged by the foreign ATM operator when you use a prepaid card to make withdrawals.

It is important to note that you pay a loading fee (normally between 1.5% and 2%) when you deposit money into a prepaid card account. This loading fee adds to the total cost of using prepaid cards to get money.

Tips for saving on ATM withdrawals:

• Use a debit card to withdraw money from ATMs whenever possible, as these have the lowest fees.
   
• If you travel to the same destination often (U.S., Euro-zone) and make a lot of bank account transactions, it may be worth it for you to open a U.S. dollar or euro account. Many Swiss banks offer foreign currency accounts.
  
  This will help you avoid bad exchange rates (assuming you deposit the corresponding currency in your account - Swiss francs will be changed before being deposited into a foreign currency account).
   
• Because many fees are charged on a per-withdrawal basis, try to withdraw larger amounts so you can get the money you need with as few separate ATM withdrawals as possible.
  
  If one ATM has a low withdrawal limit, try using another ATM with a higher limit. That is, of course, as long as it is safe and convenient for you to hold more money.

Best regards from Moneyguru

More on this topic:
Guide to buying foreign currency
Guide to credit card foreign transaction fees
Private account and debit card comparison
Credit card comparison