You are seeing this fee because the ATM owner charges a surcharge for using their machine. To find out if you can withdraw your funds without paying extra charges, you must check your cardholder agreement to see if there are restrictions on how you can use it.
“I am in the US and trying to withdraw cash from my Thomascook study buddy forex card. The ATM prompted that it will charge me a $7.25 fee. Why am I seeing this fee, and how can I withdraw my funds without paying extra charges?”
Summary
You have the power to decline these unexpected costs. The ATM must always notify you on the screen and ask your permission before charging a surcharge, so you can cancel the transaction while you check your agreement for fee-free options.
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Understanding ATM surcharges and your card's rules
When you use an ATM owned and operated by a different financial institution, you will most likely be charged a fee. This extra cost is a added by the ATM for using the machine. The ATM will notify you of this fee on the screen and ask your permission to proceed, which is why you saw the $7.25 prompt.
Because you are using a foreign-issued prepaid card, your specific options depend entirely on your card's terms. You must check your cardholder agreement to see if there are any restrictions on how you can use it.
Legal sources
The rules for international prepaid cards and ATM fees come from the Consumer Financial Protection Bureau, US Citizenship and Immigration Services, and financial practitioners.
Consumer Financial Protection Bureau
You must review your cardholder agreement to determine if your prepaid card can be used internationally and what restrictions apply.
Check your cardholder agreement to see if you can use your prepaid card outside of the United States and if there are any restrictions on how you can use it.
Wise
ATMs may add a surcharge for using the machine, but they will notify you on the screen and ask for your permission before proceeding.
A surcharge may be added by the ATM as a fee for using the machine. The good news is you’ll be notified on the ATM screen and it will ask your permission to proceed with the transaction.
This is general information, not legal advice. SettleKit is not a law firm. Always confirm your specific situation with a licensed immigration attorney or your financial institution.
SettleKit is not a law firm and this is general information, not legal advice.
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