By Brittany Chain For Daily Mail Australia
Published: 00:49 BST, 8 April 2019 | Updated: 00:49 BST, 8 April 2019
View
comments
Australian holidaymakers are being duped out of $15 every time they withdraw money from ATM's while overseas.
But with some research into banks and their policies, travellers can avoid the excess fees - which total about $2 billion annually in foreign transaction fees, according to the Australian Competition and Consumer Commission (ACCC).
International ATM's often require customers to pay a fee of about $5 to access their money.
In addition, they are charged again by the financial institution that owns the ATM, with fees upwards of $3 per transaction, The Daily Telegraph reported.
Australian holidaymakers are being duped out of $15 every time they withdraw money from their ATM's while overseas (stock image)
An inquiry made by the ACCC then found international conversion fees are added to costs after the withdrawal - typically about 3 per cent to 3.65 per cent - to cover costs of processing international transactions.
A spokeswoman from the financial comparison website RateCity said
