At the end of 2013, I planned to spend just a few months in the Middle East. Somehow that eventually stretched to a couple of years. Needless to say that I ran out of cash and had to withdraw from automated teller machines (ATM).
Here lies the problem. Back in London I was told by HSBC that the charge is only for using an ATM of a different bank and that there was no charge for using the ATM of my own bank. However, in reality, ATM transactions were costing me almost 30 pounds for every 300 pounds I withdrew. How was this?
Firstly, HSBC changed its policy after I went abroad. So it made no difference whether I used my own bank or an ATM of some other bank in Jordan.
As for Citibank, I was hoping to use one of their ATMs in Alexandria at no extra charge, but it closed its retail banking in Egypt.
Then there were other charges that they did not tell me about. Here is the breakdown of the cost, which is available on most bank websites. So the total cost is made up of the following fees: use of ATM, international transaction, exchange rate and for the actual conversion.
My only solution then was to open a local bank account and make a large single transfer.
The day I went out to make a final withdrawal, which was on the 2nd June 2016, my bank was closed for the Great Arab Revolt centennial.
Never mind. Since it’s so much hassle to open a bank account, it’s probably better to leave one open for when I might return to Jordan.
To be honest, that might never happen.
Update: Recently, I learned that if there is no activity on your bank account for more six months it can become ‘inactive’ and after a year it becomes ‘dormant’. Beyond that your account will not exist and you may lose the money.
Arabian Misadventures 