Banking Fees: How to Avoid Bank Fees While Traveling - by Nomadic Matt

There are a number of things you can do to reduce your ATM fees overseas.

The first thing you should do is set up a checking account at a major bank. ALWAYS PICK A MAJOR BANK! Why? Most major banks have partnership agreements with counterparts overseas that allow for free ATM withdrawals. While they have the highest fees  euro 2 ($5 USD per withdrawal), by using partner ATMs, you can avoid ATM charges.

Below is a list of major banks that have ATM partnerships with other global banks where you can avoid fees:

• Bank of America (United States)
• Barclays (England, Wales, Spain, Portugal, Gibraltar and certain countries in Africa)
• BNP Paribas (France, Ukraine)
• China Construction Bank (China)
• Deutsche Bank (Germany, Poland, Czech Republic, Spain, Portugal and Italy)
• Santander Serfin (Mexico)
• Scotiabank (Canada, Caribbean, Peru, Chile and Mexico)
• Westpac (Australia, New Zealand, Fiji, Vanuatu, Cook Islands, Samoa, Tonga, Papua New Guinea, and Solomon Islands)
• ABSA (South Africa)
• UkrSibbank (Ukraine)

Moreover, you can also pick a global bank that has branches around the world. I use HSBC for most of my international banking. HSBC has ATMs all over the world. Using those ATMs means I don’t have to pay those fees. As of September 2011, HSBC has raised their fee to $2.50 USD per ATM transaction when you use a non-HSBC ATM.
Read more: How to Avoid Bank Fees While Traveling | Nomadic Matt's Travel Site