atm charges

#1 Feb 14th, 2011, 00:11
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  • rachelh is offline
#1
Hello, I'm aware that European banks have begun adding hefty charges to ATM withdrawals (at least for US cards)in Europe. Whan I contacted my bank here, I was told that they have no way of knowing what Indian banks may charge for such transactions...this in addition to my own bank charges, of course. So, my question is this: are ATMs still an inexpensive option for getting cash in India or have Indian bank processing fees made using them expensive? Thanks!
#2 Feb 14th, 2011, 12:23
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  • shashank.aggarwal is offline
#2
some of the more popular ones are : HDFC bank, ICICI bank, Axis bank and State Bank of India (SBI). google for their websites and I hope you can find relevant info there.
Foodiye - If you are looking for Indian Recipes and Eating out suggestions.
#3 Feb 14th, 2011, 14:01
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  • Nick-H is offline
#3
If there is any charge at all made by the Indian bank running the ATM, it will be tiny compared to the charge made by the British bank.

I think. It's been a long time since I drew cash on a British account in India. However, this has been my experience in Singapore --- apart from one very bad exchange-rate experience from some private ATM in a shopping mall, it was only my Royal Bank of Scotland charges that I really noticed.

Look... the bankers have to get their bonuses!
#4 Feb 14th, 2011, 14:23
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#4
I've been drawing cash from my UK debit card for the past 3 weeks. The rate I was getting was, at around 73, about 5 rupees to the pound higher than that being offered for TC's/cash. Even with charges from my own bank - and mine are quite low - I reckon it was a much better deal, and much more convenient, than changing TC's or cash.

I suppose it may be different with US cards but in these days of the global economy don't see why it should be.

Jan
#5 Feb 15th, 2011, 03:57
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Thank you, Jan, Your information is helpful...I assume you can tell if/what the Indian bank involved is also charging to your account, am I right?
Rachel
#6 Feb 15th, 2011, 13:48
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#6
Hi Rachel - The only charges came from my UK account. I have an account that used to be completely free for withdrawals but no longer . My statements just show the amount I've withdrawn converted to sterling plus the charges made by my UK bank. The Indian banks don't seem to charge anything at all - just as if I use my card in an ATM here belonging to another bank - it's free.

Jan
#7 Feb 15th, 2011, 14:01
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  • vinceorian is offline
#7
ATM's have a Rs10,000/- transaction limit up to what your bank limit is, usually ~30k, and around 200/- per withdrawel fee to the ATM's bank(SBI, HDFC etc.) from my Australian a/c.
My Aus.t bank do not charge anything for o/seas withdrawels. As Jan999 says, the x rate is better that trav chq's and currency x rates.
#8 Feb 20th, 2011, 12:58
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  • Karnal is offline
#8
Quote:
Originally Posted by vinceorian View Post ATM's have a Rs10,000/- transaction limit up to what your bank limit is, usually ~30k, and around 200/- per withdrawel fee to the ATM's bank(SBI, HDFC etc.) from my Australian a/c.
My Aus.t bank do not charge anything for o/seas withdrawels. As Jan999 says, the x rate is better that trav chq's and currency x rates.
Vinceorian, what Australian bank are you with that doesn't charge foreign ATM fees?

I've been looking for an account like this for ages. The cheapest I can find is about $4 to use a foreign ATM. Plus the 2 to 3% currency conversion fees.

If I could find a bank that doesn't charge a fortune to take money out overseas, I'd go with it.
#9 Feb 20th, 2011, 13:04
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#9
This doesn't tell you much, but it might help:

ATM Charges India
Charge on using automated teller machines (ATMs) of other banks will be re-introduced if someone uses this facility more than FIVE times a MONTH. Also the Reserve Bank of India has said that not more than Rs 10,000 can be withdrawn each time they are used.

"Beyond five transactions, we propose to levy a transaction fee of Rs.20 per transaction for using another bank's ATM," said IBA (Indian Banks Association) deputy chief executive K Unnikrishnan. The Reserve Bank of India (RBI) has accepted the IBA proposal, but it will be implemented only by October 2009, Unnikrishnan said . "It will be optional on the part of the banks to levy this charge on customers. We have not made it mandatory but left it to their (banks') discretion," Unnikrishnan said.

No of ATMs in India is about 40,000 of which nearly 30,000 are in urban centers and metros. The remaining 10,000 are in semi-urban centers with only a sprinkling in rural areas.

We found that a majority of the ATM transactions were in the range of average withdrawals of Rs.3,500 to Rs. 40000, and 90 percent of all transactions were below Rs.10,000. Hence, the intended purpose to serve the common man was achieved," Unnikrishnan said. However, there was a small minority of users who withdrew very large sums on account of high card limits given by some banks to privileged customers.
#10 Feb 20th, 2011, 13:04
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#10
Rachelh, I always use my debit card to withdraw cash from ATM's in India. My last experience is from July-August, 2010. No service charges from Indian banks (I have used Axis Bank, HDFC Bank and Citi).

Arindam
#11 Feb 20th, 2011, 18:52
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#11
@Karnal: Those conditions of FIVE (Free) transactions in other banks ATM's and a limit of INR 10000, applies to Indian account holders with Indian cards. Also to the others like a charge of INR20 for transactions beyond five.

They will not apply to Foreign cards at all.
#12 Feb 21st, 2011, 03:41
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#12
Thank you, one and all!
RachelH
#13 Feb 21st, 2011, 05:41
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#13
Quote:
Originally Posted by narendra.d View Post @Karnal: Those conditions of FIVE (Free) transactions in other banks ATM's and a limit of INR 10000, applies to Indian account holders with Indian cards. Also to the others like a charge of INR20 for transactions beyond five.

They will not apply to Foreign cards at all.
Right. So we come back to the same question: what do they charge for overseas cards/transactions?

I know that in Thailand they charge 150 baht for each ATM transaction. A fortune.

I'd love to know what they charge in India.
#14 Oct 11th, 2011, 16:59
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  • BenAllwright is offline
#14
Hi folks

Does anyone know which types of cards are accepted? American Express, Visa debit, Visa credit, for instance? Thanks, Ben
#15 Oct 11th, 2011, 17:44
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#15
Visa, Mastercard and their sub-brands are widely accepted.

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