It almost goes without saying that seeing the world has its perks. Extensive global traveling can give anyone a better perspective on cultures entirely unlike their own. The only downside to these rites of passage is that there’s often quite a bit of planning involved. From airfare fees to finding the sites worth seeing, logistics are a major consideration. So is having the funds to pay for all those unexpected (yet oh-so-necessary) costs like lunch from a food cart or admission into a local art gallery. In cases like this, you’re going to need the native currency in hand — and that’s exactly what a German-based bank intends to make as easy as possible. National Cash, a company that provides ATM solutions and related services to clients in the U.S., sees this effort as one that’s good for the industry as a whole and one that compliments its Dynamic Currency Conversion (DCC) offerings.
According to an April 2018 Forbes magazine article, international money transfers for N26 customers will mean free ATM withdrawals thanks to a partnership with TransferWise. That latter group is instrumental here, as TransferWise holds “vast reserves of multiple currencies, opting to exchange amongst their own coffers rather than with other banks — enables them to charge drastically lower exchange fees on international money transfers.” Since this is an option that’s only available to “black” and “metal” members of N26, Forbes also notes that you’d have to withdraw in excess of $400 to “break even” with the fees you’re paying otherwise as a premium member of the German bank.
From National Cash’s perspective, N26 is making a novel effort here and one that helps boost the reputation of ATM solutions worldwide. Think about it: No European traveler visiting the U.S. would want to find themselves at an ATM in New York City having to face the dreaded fees that come with non-native bank card usage. The DCC transactions offering that is part of National Cash’s ATM solutions are also worthy of expanding on. That’s because MasterCard supports DCC in the U.S. and Visa does the same internationally, but not in the U.S. In some cases, it also allows you to use U.S. dollars (if that’s your native currency) during overseas expenditures with a lower fee thanks to DCC. At the ATM, travelers will also often be able to withdraw U.S. dollars and pay the fees in their home currency. This is just one of many ATM solutions being offered by National Cash and when international travelers visit a National Cash ATM with DCC options in the U.S., they’ll be glad such offerings exist.