The Best Banks for Free (or Cheap) ATM Withdrawals in Gran Canaria
If you work or travel abroad temporarily, you may have trouble accessing your money in a convenient and affordable way. Many banks charge (high) fees for using foreign ATMs, which can make it costly and annoying to withdraw cash.
Understanding Foreign Transaction Fees
If you use an ATM in Gran Canaria to get cash, you might have to pay some extra fees. One fee is the foreign transaction fee, which is a fraction of the amount you withdraw. Your bank charges this fee for converting the currency. Another fee is the ATM fee, which is a fixed amount that the ATM owner charges. Some ATMs might also charge you more for using a foreign card.
Tips For Avoiding High Fees
To avoid paying high fees when withdrawing money abroad, here are some tips:
- Use your bank’s partner ATMs: many banks have partnerships with international banks, which may allow you to withdraw cash for free or at a lower cost.
- Get a travel credit card: travel credit cards often offer perks such as no foreign transaction fees and rewards for travel-related purchases.
- Use a debit card with low fees: look for a debit card that offers low or no foreign transaction fees and ATM withdrawal fees.
- Withdraw larger amounts: since most ATM fees are flat fees, withdrawing larger amounts of money may be more cost-effective in the long run.
- Plan ahead: consider exchanging currency before your trip or using alternative payment methods such as credit cards or digital payment platforms like PayPal or TransferWise.
Experiences From The Community
We reached out to our community members to share their experiences with banks and fees in Gran Canaria. Here are some of their experiences:
ING – Your Best Option With Zero Fees
A financial institution with a long history, ING Group has a branch on Gran Canaria that provides various banking and financial services to the local people and tourists. ING’s emphasis on user-friendly digital banking solutions is suitable for residents and visitors who want convenient and efficient banking options on the island. Community members from several countries in the European Union and from the United States, have confirmed that this ATM doesn’t charge fees for money withdrawls.
Sabadel – No Fees
If you are looking for a reliable bank on Gran Canaria, you might want to consider Banco Sabadell. This financial institution has a branch on the island and offers various banking and financial services to the local population and tourists. Banco Sabadell prides itself on providing simple and easy-to-use banking solutions that suit the needs of both residents and visitors who want to manage their money on Gran Canaria. Community members from Finland and Ireland have confirmd Sabadell doesn’t charge any fees.
IberCaja – €0,75 Fees
IberCaja is a Spanish financial institution that has a presence on Gran Canaria, one of the Canary Islands. It was founded in the late 1800s and offers various banking and financial services. IberCaja strives to meet the needs of its customers and to innovate with technology, providing convenient solutions for both locals and visitors on the island.
BankInter – €4,00 Fees
Bankinter is a bank that offers a variety of financial products and services in Gran Canaria. It has 26 offices and ATMs on the island, where you can withdraw and deposit cash, update passbooks, receive personalized advice and hire accounts, cards, mortgages, deposits and investment funds. Bankinter also offers services for businesses, such as management, financing, promotion and internationalization.
Deutsche Bank – No Longer Free
One of the perks of Deutsche Bank was the ability to withdraw cash from any ATM without paying any fees. However, that benefit has been revoked in early 2023, as the bank has introduced a new policy of charging €3 for every withdrawal.
