Paying with a card doesn't always work everywhere - that's true in Germany, but especially when traveling to many distant countries or to smaller markets.

Then you need a lot of cash very quickly.

Although there is an unmistakable trend towards paying with a bank card or smartphone, many people still prefer to use the tried and tested notes and coins.

They sometimes do this in order to be less transparent to others about their spending and behavior.

Kerstin Papon

Editor in Business.

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If the cash you are carrying is not enough, then it would be ideal if there is a cheap ATM nearby or a shop where you can get cash refills in addition to shopping with the card.

But the reality is often different: Unfortunately, the fees for withdrawing money from providers other than your own bank or affiliated institutes are often high, for example at a single machine in a busy shopping center or at the airport.

This applies in Germany and often even more so beyond the borders in other countries.

This is also shown by an analysis by the technology group Wise, which compared the fees for withdrawing money in 173 countries.

According to this, the popular Nordic island state of Iceland, which is not considered particularly cheap in any case, is the most expensive in Europe at an average of almost 9 percent of the amount withdrawn.

On the other hand, the average fees are highest in Argentina, at a good 16 percent of the desired amount.

The data is based on approximately 3.8 million cash withdrawals made in 12 months from September 2021 to August 2022 using a Wise debit card from third-party providers.

Big differences depending on the country

And what does that mean in concrete terms if, for example, a tourist wants to withdraw 250 euros during his time in Europe?

With average fees of 8.88 percent, that would cost him an additional 22.20 euros in the Icelandic capital Reykjavík.

In Turkey it would still be 8.75 euros with an average of 3.5 percent.

Albania follows with 1.81 percent, Croatia with 1.77 and the Czech Republic with 1.57 percent.

Among the twenty countries with the highest fees in Europe, Cyprus is still the cheapest, averaging 0.36 percent of the amount withdrawn.

Germany followed closely behind in 19th place with 0.47 percent. Norway was in 18th place with 0.54 percent.

Behind the international frontrunner Argentina – here an average of around 40 euros in fees are due for the 250 euros – the island state of São Tomé and Príncipe off the west coast of Africa ranks second with an average of 9.98 percent additional costs.

Then there is Iceland, while Lebanon and Chile come fourth and fifth in the rankings with 4.67 and 4.65 percent respectively.

Nilan Peiris, who is responsible for Wise's product range, says many travelers are not aware of the additional costs of withdrawing money while on vacation.

These are often hidden in very high exchange rates and actually reduce the holiday budget.

It is therefore important that banks and ATM operators report the costs transparently.

Consumers should also always compare the current average exchange rate with the respective ATM.

Sometimes this only works afterwards and is relevant for longer stays.

Payments with bank cards abroad can also be associated with different costs and fees.

Irrespective of local peculiarities, travelers should also bear in mind that some institutes charge additional fees for using the cards abroad or recommend cards with higher annual costs from the outset.