Cash withdrawal is a process in which money in your bank account is converted to cash that you can use to meet your living and daily expenses.
Different Withdrawal Methods
- Withdrawal from Bank
- Withdrawal with ATM
- Withdrawal through Cashback
Withdrawal from Bank
To process your withdrawal through the bank is sometimes challenging as you have to visit your bank to get cash. An employee of the bank will process your transaction after getting your account details. Before the process, the bank representative will ensure if you have sufficient funds. Withdrawal limits vary from bank to bank and you must know your withdrawal limit to manage your expenses and budget.
Withdrawal with ATM
Withdrawal through an ATM is very convenient and simple. You can just stop your car at any ATM when you are on the way to the office or home. Insert your card in the machine, input the pin and desired amount, and get your cash and card.
Withdrawal through Cashback
Various retail stores offer cash back. You can ask them to add some amount in your shopping bills. They will add the amount in your bills and you can get back in the form of physical cash.
How to find ATMs in Germany
The German word of ATM is Geldautomat, so if you want to google it then we would suggest search for “Geldautomat near me“
Major Banks for ATMs
There are four major banks in Germany having ATM facilities. Banks have made it possible and easy for their clients to find different locations through online locators. Four major online locators include;
- Deutsche Bank ATM locator
- Commerzbank ATM locator
- Postbank ATM locator
- Hypovereinsbank ATM locator
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Location of The ATMs in Germany
ATMs are located inside or outside every branch of the bank in Germany. You will find ATMs at major airports. You will not find them at a few shopping malls or fuel-filling stations.
Step By Step Guide to Withdraw Money from ATM in Germany
ATM withdrawals have become easy with modern technological advancements. We have given you the step-by-step guide to using an ATM for your withdrawal transactions below.
Foreign Debit or Credit Cards in Germany
ATMs in Germany accept foreign bank cards if they are relevant to the compatible card service. If you are a foreign national, you can confirm from your bank in your home country if your card will work or not. It is highly recommended that you inform your home bank about moving abroad. It is necessary for smooth transactions and bank card services in Germany. If your bank is unaware of your visit to Germany, the bank might block your card and consider the transaction activity suspicious.
Your card will work in Germany even if it does not have a chip or a pin. If you have a standard card with a magnetic strip, that will also work when you use it in Germany. German ATMs have only numbered keyboards, so you must remember your pin (personal identification number) to avoid any inconvenience. Your pin must be of four digits only; otherwise, a German ATM will not accept your pin, and you will be unable to make any transaction.
If you have a different card like Visa or Mastercard, you can check the compatibility of the ATM by checking the logo on the machine. If an ATM has your network logo, you can use your card on that ATM; otherwise, you would need to move to the other ATM. You can find your network ATM by using an online locator like Visa ATM locator or MasterCard ATM locator nearest your current location.
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You must know about the three kinds of charges when planning to use an ATM in Germany. There are no hidden charges for using ATMs. Machines will make an alert to inform you about the charges applied on each transaction. These fees might include;
- Home bank charges
- Local fees
- Exchange rate charges
Let us give you brief information about these charges.
Home bank charges
Your home bank will charge a fee if you use the card abroad. These charges vary in amount from bank to bank. You can confirm these charges for everyday transactions from your local bank before you leave your home country. You will pay a withdrawal fee or a foreign currency transaction fee.
Most banks in Germany do not have any charges for foreigners, but private ATMs may charge higher fees. If you are new in Germany, you should check if the ATM is by a bank or a private facility. A private ATM will not have any bank logo, name, or branding, while other ATMs will have their name, logo, and branding at ATM locations. Private ATMs include Euronet, cashpoint, cash zone, or Travelex.
Exchange Rate Charges
These charges apply when you are making a withdrawal from your card at German’s ATM. You will have the best deals on exchange rates in Germany because banks use the mid-market rate to convert your amount from one currency to another. With a mid-market conversion rate, you will have the fairest option for your Euro currency exchange.
As some ATMs ask you if you want to make payments in your home currency, you must stay attentive and alert. In this situation, your exchange rate and conversion will be different and will be based on dynamic currency conversion. This method is not feasible, so always choose an option to make transactions in Euros.
Tips to Avoid ATM Fees
We mentioned a few tips for your ease. If you follow these tips, you will be able to avoid ATM charges, and you can minimize them.
- Use global ATM alliance machines to make yourself able to have transactions with no fees. If you are a customer of an alliance bank, you can use the ATM of any alliance bank, and you do not have to pay any ATM fees.
- You can ask your bank for a fee-free card that will not have any foreign transaction charges.
- It is recommended not to use credit cards as they are cash advances. Credit cards are usually highly expensive, costing 3% of the transaction amount. They can charge higher interest if you pay them back late. Try to use debit cards to enjoy more benefits and save your money.
- Avoid frequent transactions. You can make larger withdrawals according to plans. You must think before making any transaction. This will benefit you if your bank has a fee per transaction base. In this situation, you can save yourself from paying higher charges due to smaller withdrawals and pay once with one larger withdrawal. You may ask your bank to increase your daily limit if your limit does not allow you to make one single transaction with a large amount.
- Look for the cash group, which is the biggest group of banks. Cash group allows their customers and clients to access any ATM of member banks to make any cash transactions for free in Germany. Cash group has almost 9000 ATMs available in Germany.
- Wise is an easy, simple, and convenient way to transfer money. Wise use the mid-market exchange rates and convert your money. It will receive money and transfer with the local banking system whether you are making a transaction to your home country or Germany. By using Wise, all charges will disappear automatically.
Taking cash all the time is a bit challenging these days, so every one of you would like to have electronic money in your pocket. Improvement in IT has made it possible through bank cards and cash withdrawal machines. ATMs are available everywhere in Germany. Take care when you are making transactions and enjoy your stay in Germany.