Doing Business with International ATMs

Doing business at a local ATM machine is not at all that uncommon, but what about trying to transact business with an ATM that’s located outside of your native country? Is it as easy to do, as it would be at home? Are the fees reasonable or astronomical? What about customer service, or support systems?

All of these are certainly legitimate concerns for any person who is trying to use an ATM machine out of the country. And, if you’re an ATM machine owner, it’s certainly a topic that you want to address with your customers so that you can help them to avoid any issues. Working with the proper channels that are necessary in order to have your ATM location properly mapped can mean the difference in you either losing, or gaining, business.

Customer Protection

Dealing with financial institutions abroad can be quite interesting, especially given that each banking institution operates under its own set of guidelines. There are of course some areas where financial institutions operate under the same principles (legal, etc.), but there is flexibility on other areas where things can be changed or adjusted to fit the bank’s mission or objective. To protect the customer, there are a few things that they need to be aware of when doing business with international ATMs. Some include:

– Locally-Owned

Try to only deal with ATMs that are owned and/or operated by the financial institution that owns them. This means, avoiding unknown, unheard of or ATMs that are ill-placed in different areas. If the customer experiences any problems with such machines, it would be a horrendous task to try and lay claim to any losses while in a foreign country.

– Conversion Fees

Take note of any “conversion fees” that are a part of the ATM transaction. These fees are also known as international withdrawal fees, and are assessed whenever a customer withdraws money in another country from an ATM machine. Generally, these conversion fees are a matter of doing business, but it’s important to stay aware o the fees, which should run no more than between 1% to 3% per purchase, or per instance (debit card purchases inclusive).

– Balance Inquiry

A charge for a simple “balance inquiry” at an ATM machine can result in a nominal fee being tacked on to your account. As a one-off transaction, this may not be especially important, but depending on the institution’s policies and fees, this amount can certainly add up quickly. It’s probably going to be best (and more economical) to find an alternate method to check your bank account balance to get this information. One such suggestion would be to do an online inquiry, which would likely not result in a charge from your local banking institution.

Other Financial Services

Customers can also turn directly to the financial institution that issued the card if they want to get more financial services, in addition to the ATM services. This is especially important if the traveler will be going abroad and may need other services like currency exchange information, information about withdrawal limits or any other cash restrictions or any limits on cash advances for the local currency. Dealing directly with the issuing institution will help answer any questions or vague understanding that the customer may have about cash, ATM and traveling. It’s always best to have a thorough understanding of any money issues that may exist in other locales before arriving there.

In order for customers to locate ATM’s in a specific country or within a particular region, they can reference an ATM locator to find out if there is one in their area. Usually, owners send ATM location information periodically to MasterCard and Visa card corporations. This location information is logged and made available on the card-issuer’s site(s) so that customers can quickly locate an ATM location. Since this information is updated frequently, it does in fact contain the most current and accurate ATM location information that would be available to customers worldwide.