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How to Avoid ATM Fees When Using Your Bank Account as a Moroccan Expat

25 Jan 2024

It is annoying when ATM fees eat your bank balance, and you don't notice it.  It is common for Expatriates often to face disturbed finances and a shortage of money. In this situation, the large fees affect them drastically. They also cannot keep all the money in cash as they have to send money online to Morocco

Paying extra fees is not a funny thing. When you handle financial matters, it's a wise idea to make an effort to avoid additional fees so you can keep more of your hard-earned money to yourself. You cannot give your money away for free when you pay unnecessary fees. ATM fees are one of the types of fees that can be very costly, and many people still pay these fees regularly without notice. Paying ATM fees is an avoidable waste of money. It hurts when your hard-earned money goes to waste. This article will reveal the smartest ways to save yourself from paying extra dollars as ATM fees.

Fees associated with ATM

Two types of fees come with the withdrawal at an ATM which are outside the network of banks. 

  • First is the surcharge from the ATM’s owner, which on average, costs $3.08
  • Another is the out-of-network fees from credit unions.  According to Bankrate’s checking account and ATM fee study, Its average fee was around $1.51 in 2021

Though ATM fees have been reduced slightly over the past few years, it is still high enough to pressure your finances. So you should know the ways to avoid the most of it.

Some types of international ATM Fees

Before knowing how to avoid ATM fees, knowing what type of fees an ATM charges when you take its services is essential. When you have a deep knowledge of fees, you can work better to avoid them. 

Out-of-network fee

This is the type of fee that a credit union charges you when you use an ATM that is outside their network. 

ATM operator fee

It is also another type of fee. It is associated with maintenance fees. The company that operates and maintains ATMs may charge you extra fees for getting services from its machine.

Your bank’s exchange fee

Sometimes you have to pay an additional fee, around 1% to 3% of the amount you take out. This fee can also apply even if you use an in-network ATM. 

The ATM operator’s currency conversion fees

Some ATMs give you the dynamic offer of currency conversion. While this service has no surface fees, your ATM operator can charge you and make money by offering you a bad conversion rate. 

Foreign Transaction fees

It is the fees that your debit and credit cards may charge when you use the card outside the specified countries or when you make some purchases in foreign countries. They may charge you 1% to 3% of the transaction amount. You can avoid foreign transaction fees using ACE Money Transfer’s multi-currency app: a convenient way to hold and manage different currencies

Smart ways to avoid ATM fees when using a bank account

Despite the advent of modern technology and the increase in electronic payment options, you cannot live paperless. Cash still has a prominent place in the present world of finances. The most convenient option for taking cash might be an ATM. But most people find it inconvenient because it charges you high fees. that charges you fees. But these fees can be avoided by taking these clever steps. 

Get cash back on every purchase

When you shop at a grocery store or some other clothing or shoe brand, they mostly give you an option of getting cash back on every purchase. To avail of this opportunity, pay with your debit card, and with it, enter your personal identification number. The PIN will allow you to get the amount in cash back. Credit cards do not give cash-back opportunities. Getting cash back does not usually charge any fees. So it is a pro tip to save your finances. 

Find in-network ATMs to pay for goods and do money transfers

You should have a bank that has more ATMs in the area. You may hit a higher fee when you use an out-of-network ATM for your financial causes. It is because these out-of-network ATMs will charge you fees as a surcharge from the bank that owns it and a fee from your bank for using an ATM that is out of their network. This will double your fees. It is better to stick to one network to avoid paying a higher amount.

It is better to send money to Morocco using in-network ATMs, or you will have to pay a larger amount. However, some online money transfer companies like ACE Money Transfer do not charge any out-of-network fee and make it convenient for clients to do money transfers.

Pre-plan your finances and withdraw large sums of money less frequently

If you make frequent withdrawals from out-of-network ATMs, it will cost a very high amount since each withdrawal carries a fee. What you can do is visit an in-network ATM and withdraw a large sum of money. If you have a pre-planned budget, you can take money out in advance to spend it later. This way, you will save yourself from paying a withdrawal fee every time you need cash. 

It is important to keep in mind that ATM withdrawals have limits. The maximum amount to be withdrawn in one move varies from bank to bank. On average, it ranges from $500 to $1000 a day.

Open an account in the bank that reimburses fees

When your ATM fees are combined with other fees your bank charges, it hurts your wallet. It is the right time to consider a new bank. Numerous banks and credit unions offer checking accounts with no or zero ATM fees. There are also credit unions that provide reimbursements for ATM fees. You can see the checking account comparison tool to see which banks offer refunds. 

Most of these are online-only banks or money transfer platforms. Some community financial institutions and credit unions will reimburse ATM fees up to a certain amount each month. Bank unions promise that the reimbursements are deposited into the account of the customer by the end of the day. Some banks also offer unlimited ATM reimbursements. Making an account in the bank that gives the best advantages is better. 

Take advantage of technology, and go digital with a payment app

Rather than using cash, you can go digital in many ways where you would normally need cash. That way, you will not have to use an ATM at all to withdraw money. Since the advent of technology and digital media, there have been many service providers that make payments digitally. Now you have a wallet in your smartphone and can carry it everywhere. All the famous brands and grocery stores accept payments through apps such as Venmo, Zelle, etc.

The remittance industry has also been digitalized. You can send money to Morocco online through online money transfer platforms. Among them, ACE Money Transfer is a prominent name. It provides a medium to send money to Morocco without any interruption digitally. It is also user-friendly and makes transfers fluent, fast, and secure. One of the great benefits of digital platforms is that they have minimum to zero fees for services with maximum efficiency. Another great advantage of doing transfers through ACE Money Transfer is that the transfers are transparent. So there is no chance of fraud. 

Bottom line

There are not single but so many answers to how to avoid ATM fees when using a bank account as a Moroccan expat. The strategies you will adopt for reducing fees completely depend on your banking habits and what you need. If it is possible for you to go digital using a payment app, you can save not only ATM withdrawal fees but also trips to the ATM. you can check from where you can avoid fees. It is better to do online money transfers than to use banks because they generally have higher fees. Tapping on the simple tricks will help avoid paying most of the fees. 


How are ATM fees charged?

Most credit unions have a network of ATMs that offer free access to your money. But if you go outside the network, a fee may be imposed, including ATM operator fees. 

What are the ways to avoid ATM fees? 

There are plenty of ways to avoid ATM fees, like getting a cashback, making large withdrawals, finding in-network ATs, or shifting completely digital with payments and financial matters.

Who determines ATM fees?

Federal law allows banks to charge fees, which also include service fees. The banks must disclose to you any fees associated with an account before you open the account. Another federal law requires ATM operators to notify consumers that a fee will be charged. 

What is the most common ATM fee?

The most common ATM fee is a non-network fee. Your bank may also charge you a "non-network" ATM fee for using an ATM operated by another bank or institution. Depending on your bank, these charges will typically cost between $2.00 and $3.50.

What are ATM fees, and why does it matter?

Bank ATM fees are just one of the many bank fees you can face. If you use an ATM outside of the bank's network, you'll likely face an ATM fee. This includes withdrawals, deposits, and balance inquiries.

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