Which countries charge the highest ATM withdrawal fees?

The Philippines is the most expensive place in Asia to withdraw cash via ATM.

The Philippines is officially the most expensive place in Asia to withdraw cash via ATM if you’re a foreign traveler, at least according to a study by Wise.

Travellers are charged a withdrawal fee of 2.81% per transaction on average in the country, the study found.

South Korea, Thailand, and the Maldives all breached the two-percent mark on average fees. South Korea charges 2.51% of fees on average; Thailand ATMs charge 2.42%; and the Maldives charge a withdrawal fee of 2.36% on average per withdrawal.

Vietnam rounded up the top five, with an average withdrawal fee of 1.74%, Wise found.

"When it comes to international payments, it’s crucial to be aware of potential hidden expenses, which can often include foreign transaction fees and undisclosed exchange rate markups. This affects anyone who has ever needed to move or manage money in a different currency, including withdrawing cash abroad,” said Chelsea Li, product manager, Wise. 

ALSO READ: SEA payment transactions to climb $54t by 2027 – report

Outside Asia, Argentina is found to be the most expensive destination in the world to withdraw cash if you’re a foreign traveller, charging as high as 12.21% on average per ATM withdrawal.

Chile (5.52%), Iceland (4.6%), and Turkey (3.59%) are all on the high spectrum as well, Wise said. 

The United States and Canada, meanwhile, have 1.73% and 1.15% per transaction on average, respectively.

These charges are especially crucial for travellers, who would benefit to plan to withdraw cash in countries that have lower fees. As an example, if a traveller were to withdraw HK$2,000 daily for 7 days in Iceland, they will have to pay an equivalent of HK$644 in fees.

In contrast, if they visited France (0.06% on average) and took out the same amount, they would only be paying HK$8.4 in transaction fees.