Brazilians Who Spend Abroad Face Major ATM Fee Hike

Brazilians who shop abroad are on the verge of paying huge fees for ATM withdrawals, Bloomberg News reported on December 27.

Brazil’s tax on financial operations is applied to select transactions, including debit card transactions made outside of the country. The government is raising the levy from 0.38 percent to 6.38 percent, a jump of 600 basis points.

”This measure prevents one payment method from being undermined by others because of the tax structure,” the Brazilian Finance Ministry said in a statement, according to Bloomberg.

To learn more about the increased Brazilian ATM fee, read the full story by clicking here.

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