We have recently introduced personalized saving tips to notify you when you are charged high ATM fees.
Numbrs continues to provide more personalized, data-driven analytics to help you improving your finances. Recently, we have released personalized saving tips, triggered when we identify saving opportunities such as ATM fees.
Tackling ATM Fees, a significant hidden cost
It is Sunday morning, and you are heading to the cafe around the corner. You place your order, and hand your card to the barista, to be reminded that they only take cash.
You now rush to the nearest ATM to get cash out, hoping that your coffee will still be warm by the time you come back. And while you now sit down and start relaxing, little do you know that the price of your coffee just doubled in the process. The culprit, ATM fees!
ATM fees are one of those hidden costs that add up over time without you knowing. In Europe, fees can range from €2 to €5 per withdrawal, and between exchange rate fees, local charges and your own bank’s charges, withdrawing cash can be quite costly.
“If we identify that you are being charged too much, we will tell you.”
Next time you browse your transaction timeline on Numbrs, if you see the icon below, it means that we identified that you are being charged high ATM fees. Now that you know, you can start doing something to reduce your ATM fees. For example changing to a fee free current account.
To avoid paying ATM fees, here are some tips for you:
- Plan ahead when withdrawing cash. You might want to plan when making withdrawals so that you can do so for free using your bank’s network. You can also use MasterCard ATM locator or Visa ATM Locator to find the network ATM closest to you.
- Withdraw higher amounts, less often. Withdraw higher amounts, less often. Make one massive withdrawal instead of multiple small ones. For example, withdrawing 100 € instead of withdrawing 20 € 5 times can already save you between 8 € to 20 € since most banks charge a flat fee per transaction.
- Switch to cards with free ATM withdrawals. Alternatively, by clicking on the saving tip in your timeline, you will be redirected the Numbrs Store where we have selected credit cards with no ATM withdrawing fees worldwide.
Introducing analytics to optimise your finances
Personalized saving tips are one of the many features we have built to provide real value to our users. Because this is what we believe the future of banking should be like:
- Independent & Beneficial to the user:
Since we are not a bank, we are uniquely positioned to give you non-bias analytics and share insights that are designed to benefit you. Unlike banks, we don’t benefit from charging you fees. If we identify you are being charged too much, we will tell you so that you can make the right decision.
If you want to start receiving personalized analytics on your finances, try Numbrs and link your bank accounts.