The Plan B of Forex


For the convenience they bring to our lives, ATMs have been expanded as Any Time Money rather than Automated Teller Machines. Checking off packing, shopping, flight tickets, hotels in your to-do list can be a task in itself without adding to it forex and cash woes. Fxkart is here to handle all your forex woes. But what about when at your destination the shopping outdoes the budget or you never found time to even log onto before your trip. ATM withdrawal is the answer to your last minute prayers!

With all kinds of modes of carrying cash, debit card transactions and ATM withdrawals pulls the crowd towards itself with its uniqueness and advantages. Here’s how

ATMs to the rescue!

ATM are as ubiquitous as grocery stores and have come to become a must-have in every neighbourhood. With easy accessibility and usability, ATM withdrawals pocket even more merits. The charges are not as favourable as buying on but reasonable enough when in a pickle. Also be wary of withdrawal fees.

What you need to keep in mind before foreign ATM withdrawals

There is a nominal fee levied by the foreign country ATM on every use. It can either be a fixed percentage of the amount withdrawn or a flat rate on every transaction. In case it is a flat rate then it is wise to withdraw in one go rather than multiple small withdrawals.

Before you travel it is better to call up your bank or debit card issuer to alert them to your future transactions in another country lest they block your card protecting it from theft and misuse. And while you are at it, also ask about their helpline number to report loss or theft so you can block it immediately in case of a mishap.

Pin numbers and card operators simplified

In India and European countries a pin is usually a 4 digit number. Keeping this in mind travellers who have letters in their pin or longer than 4 digit pins must change their pins to 4 digits to facilitate transactions at their destination. Also know the operator of your card. Master, Visa, Maestro or Cirrus is accepted in most places. Check acceptability of your card operator in your destination country.

Drawbacks of ATMs and ATM cards

Theft and loss is the main drawback of ATM cards especially if you don’t have a back up. Traveller’s cheques can be your safety net as can hard cash and additional credit/debit/travel cards. In addition ATM cards can be eaten up the machine and believe me you are going to see tears when that happens. Been there!

One last tip

With all said and done be sure to withdraw an uneven amount like 490 bucks rather than 500 in order to get change. Going hunting for change later will just attract predators to the kind of money you are carrying. Be safe and keep ATM operation as plan B.