Monday, November 14, 2016

Withdraw money at the ATM: banks to cash in the case of foreign customers – daily mirror

The Germans love their cash. 80 percent of your purchases you pay still in notes or coins. Often it is also not different. Whether at the bakery, in the Bar or in the kebab shop: Small amounts you can pay in many places is simply just a bar. Stupid, if you start to notice too late, that the wallet is empty. Even dumber, if it is around the corner, no ATMs of its own banking group. Because then it is expensive. In the worst case, consumers pay for once withdrawing money at foreign ATMs, just under eight euros, shows a recent study by the Stiftung Warentest.

Particularly expensive, the stand out with specialty providers, such as the Bankhaus August Lenz or card-point. You have been in this country only a few customers. But even more machines. Which are mostly in the entertainment districts, airports or in shopping centres – wherever there is often a lot of people are in need of fast money. To abandon the people, the numbers in the case of doubt, a fee, as the cash. How high these costs are depends on the location. At Bankhaus August Lenz and card point up to 7.99 euros, in Euronet up to 4.99 Euro, and the travel Bank is 3.95 Euro. According to Stiftung Warentest, these institutions specializing in Hotels, Restaurants or shops offer to involve them in your income if they are allowed to set up on-site a vending machine. For providers, this seems to be a lucrative business. Both card point, such as Euronet to operate nationwide, already over 1000 ATMs, Bankhaus August Lenz has over 700 machine.

Many commercial banks demand the four Euro from foreign customers

But it’s not long-only, this special provider, the cash when you withdraw money. Also, many commercial banks demand from foreign customers for some high fees. Particularly expensive is according to Stiftung Warentest, the Hamburger Volksbank, which takes up to 5.95 euros. But in Berlin, many institutions require more than four euros, including the Berliner Sparkasse, Commerzbank, and the Sparda-Bank Berlin. Many institutions have raised the fees for withdrawals by foreign customers recently. Due to the low interest rates, they are under pressure, and use of each room, to make more money.

it’s only been five years that the Federal cartel office has reprimanded the banks for the high cost of withdrawing Money for foreign customers. The Problem is: not all institutions have responded to the reminder from the Bundeskartellamt. Only the private banks, Commerzbank and Deutsche Bank, have agreed on a reduction of 1.95 Euro. They hoped that the savings banks and cooperative banks, which have nationwide positioned most of the ATM’s, would follow your example. Only: they did not. Still, many savings banks and cooperative banks from customers demand to stand out from other institutes in the four Euro-for-money.

Commerzbank is testing in Berlin, higher fees

The private banks resented this: you took little money from foreign customers, but their customers wanted to pull, then a vending machine with a Sparkasse or Volksbank money, you had to pay for it. Deutsche Bank, Commerzbank and Postbank have the agreement on the maximum limit, therefore, re-terminated. And are now testing how far they can go.

the Bank is also required nationwide € 3.90 for the withdrawal of foreign customers, while in Berlin a Euro more. A spokesman confirmed on request: “We test in Berlin until the end of the year the outcome is an increased fee of 4,90 Euro.” Whether the Withdrawal fee is the nationwide increases, is likely to depend on how a lot of foreign customers to cancel, once you see how much you have to pay for. Commerzbank, however, indicate that only two percent of withdrawals at ATMs of third-be customers.

In the advantage are against customers, free-of-charge to withdraw by credit card. This is because, unlike in the case of the debit Card, the fee depends on the amount for withdrawing money with the credit card of the Bank and not of the institution to which the ATM belongs. So it is that customers of online banks can withdraw cash using your credit card is often a nationwide free-of-charge.


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