Your dream holiday could cost more: Wise unveils the hidden costs of withdrawing money abroad

Kuala Lumpur, Malaysia, 29 July 2025 – As Malaysians gear up for the MATTA fairs in August and plan their year-end getaways, Wise, the global technology company building the best way to move and manage money around the world, today revealed new data on the hidden cost of withdrawing cash from ATMs abroad. This timely insight serves as a crucial reminder for budget-savvy travellers to maximise their travel budgets by understanding and avoiding exorbitant ATM fees.

Malaysians are renowned for their love of travel and their knack for sniffing out the best deals. However, many overlook a crucial aspect of travel budgeting: the fees associated with accessing cash overseas. While a flight or hotel deal might seem like a steal, hidden ATM charges can quickly erode those savings.

"Malaysians have a knack for uncovering fantastic travel deals, yet the joy of these savings can be overshadowed by unexpected fees at their destination," says Yee Won Nyon, Senior Product Manager at Wise. "Our latest data reveals significant disparities in ATM fees across countries, which can affect how far your ringgit can truly go. Travel should be about creating cherished memories, not fretting over hidden costs. By understanding these fees, Malaysians can ensure their ringgit goes further, allowing them to focus on enjoying their journey."

ATM fees in popular Malaysians’ travel destinations 

To help travellers stretch their holiday budget further, here are some practical tips: 

• Always pay in local currency: When an ATM or card machine offers to process your transaction in your home currency (MYR), always decline and choose the local currency instead. Always choose to pay in the local currency to avoid Dynamic Currency Conversion fees.
• Know your card fees. Although most providers allow withdrawals overseas, these are usually very expensive. Check what fees your card provider charges for overseas withdrawals. 
• Use a multi-currency card. Some providers may offer free ATM withdrawals abroad up to a certain threshold. The Wise card allows free withdrawals twice a month for amounts under MYR 1,000.
• Withdraw strategically:
• Use bank-owned ATMs: Stick to ATMs located directly at banks during their opening hours. These are generally more secure and less likely to charge additional fees than standalone ATMs in tourist areas.
• Make fewer but larger withdrawals: If your card has a flat fee per withdrawal, taking out a larger sum less frequently can save money compared to many small withdrawals.
• Check daily limits: Be aware of both your bank's daily withdrawal limit and any limits imposed by the foreign ATM.

Methodology

These data are based on 9.7 million ATM withdrawals made with a Wise card over a 6-month period, from February 2025 to July 2025. These ATMs recorded at least 500 transactions per country during the 6-month period. The percentage represents the average ATM fees in a given country and does not account for hidden fees in exchange rates.