Day to day accounts with zero/low foreign ATM fees?

[burrco]

I currently use NAB Gold banking as my everyday account. I have been very pleased with it, especially with the zero fees on accessing foreign ATMs. However as this package is changing to $4 per foreign ATM withdrawal I was hoping somebody may have some thoughts on a good replacement product?

I am aware of the citiplus product - but I hold a citibank select/signature visa and really do not want to give them more business unless there is no other option.

 

[oz_mark]

The main other option I am aware of is the ING Direct Orange Everyday account, but this charges $2.50 for using an overseas ATM.

 

[dontwanttoregister]

I currently use NAB Gold banking as my everyday account. I have been very pleased with it, especially with the zero fees on accessing foreign ATMs. However as this package is changing to $4 per foreign ATM withdrawal I was hoping somebody may have some thoughts on a good replacement product?

The NAB website still lists fee free international ATM transactions as a benefit: "No fees for using overseas ATMs. Just check for the PLUS sign" and "As a NAB Gold Banking customer, we don't charge fees when you use overseas ATMs (just check for the PLUS sign) or for transactions in foreign currencies. The owners of overseas ATMs might charge you directly."

How did you hear of the change? If it is changing, I'll be rethinking my banking.

 

[serfty]

There's still the 28° master card - but that is a credit, not a debit, card.

Posted on a wing and a prayer ...

 

[here2go]

Citibank is still the go as a Debit Card. Just load it before you go. 28 Degrees Card is also brilliant as a Credit Card.

ING Direct charge a Forex Fee 2.5%, an OS ATM withdrawal fee of $2.50, as well as any ATM fees unless you withdraw over AUD200.

 

[burrco]

The NAB website still lists fee free international ATM transactions as a benefit: "No fees for using overseas ATMs. Just check for the PLUS sign" and "As a NAB Gold Banking customer, we don't charge fees when you use overseas ATMs (just check for the PLUS sign) or for transactions in foreign currencies. The owners of overseas ATMs might charge you directly."How did you hear of the change? If it is changing, I'll be rethinking my banking.

They told me at the branch . Also see:

Section 2 – Service Fees Effective 8 June 2012, the overseas access fees on the NAB Gold Banking and NAB Gold Banking-Choice transaction accounts will be amended as follows:• The overseas ATM cash withdrawal fee of $4 per withdrawal will now be charged. This fee was previously waived on the NAB Gold Banking account; • The overseas ATM balance enquiry fee of $1 per enquiry will now be charged. This fee was previously waived on the NAB Gold Banking account; • The overseas foreign currency transaction fee of 2% for transactions made in currencies other than Australian dollars will now be charged. This fee was previously waived on the NAB Gold Banking account.Changes do not apply to NAB Private Tailored Package customers.

http://www.nab.com.au/wps/wcm/conne...ERES&CACHEID=5c2271804aaf6151b386bb5d47c6b8e7So it'll now be $4 + 2% of the withdrawal.

 

[Aussie_flyer]

The only reason I bank with NAB is the gold banking product, I will be examining other options with this news. What a disappointing move by NAB, most unimpressed!

It also says on that link: The NAB Gold Banking account is no longer for sale effective 23 April 2012.

 

[drewbles]

Citibank is still the go as a Debit Card. Just load it before you go. 28 Degrees Card is also brilliant as a Credit Card.

ING Direct charge a Forex Fee 2.5%, an OS ATM withdrawal fee of $2.50, as well as any ATM fees unless you withdraw over AUD200.

Not quite.

It's a 2.5% fee for a purchase, not an ATM withdrawal. It's a flat $2.50 for ATM withdrawal (plus operator fee) at whatever rates they decide. See http://www.ingdirect.com.au/pdf/Orange_Everyday_Fees_and_Charges.pdf for more info (and i've never been charged a 2.5% forex fee for using my card at any ATM in the US, UK or NZ).

Withdrawals via EFTPOS are also free, with a $0.50 rebate if you withdraw $200 or more (on top of your EFT purchase).

It's a good card for nix. I'm not a fan of anything to do with NAB so i'll stick with this and my 28º card

 

[here2go]

I stand corrected.

 

[Aussie_flyer]

Citibank Plus seems the way to go for me, think I shall open an account, even if I only use it as my 'foreign currency' account.

 

[AdMEL]

Westpac allows ATM transactions with partners for no ATM fee. Partners include Bank of America, Barclays and others.

Currency Conversion fee is 3%.

I think you'll find that for those that don't levy a currency conversion fee, the fee is built inot the rate they impose (i.e. the rate is higher).

 

[drewbles]

Westpac allows ATM transactions with partners for no ATM fee. Partners include Bank of America, Barclays and others.

Currency Conversion fee is 3%.

I think you'll find that for those that don't levy a currency conversion fee, the fee is built inot the rate they impose (i.e. the rate is higher).

There is some built in room on the forex rate (ie, usually below mid market) but i've found the ING one to be substantially better than 2% forex fees (and if you're using a credit card, it's usually the bad forex rate and the 2-3% on top).

Of course, you can't beat the 28º card, which is usually pretty much bang on mid market rates from my experience.

 

[oz_mark]

I think you'll find that for those that don't levy a currency conversion fee, the fee is built inot the rate they impose (i.e. the rate is higher).

If you're using a Visa/Mastercard debit card, then it is the scheme that sets the rate, rather than your bank.

 

[Aussie_flyer]

I always found NAB Gold Banking visa debit had very good rates and no fees. I will miss this very much. But citibank plus is now an option, but it does not have the gold card travel insurance benefits that NAB had.

 

[burrco]

I always found NAB Gold Banking visa debit had very good rates and no fees. I will miss this very much. But citibank plus is now an option, but it does not have the gold card travel insurance benefits that NAB had.

Agree it really was a very good product.

 

[horseman]

I use Hume building society, they are a small local business, been around longer than I have, zero account keeping fees, low interest rates on everything, zero fees for overseas use, visa debt, credit, bankcard options... I wouldnt bank with anyone else.

 

[travelislife]

I am soooooo disappointed with this. . I loved this brilliant product, time to start shopping around, I think it is looking like citibank which I am not that enamoured with. It must have been costing NAB too much, but they could lose a lot more ancillary revenue by closing this product as I will definitely be changing banks.

 

[greenfrog86]

I use Hume building society, they are a small local business, been around longer than I have, zero account keeping fees, low interest rates on everything, zero fees for overseas use, visa debt, credit, bankcard options... I wouldnt bank with anyone else.

I'm not sure if you've managed to get yourself some kind of discount, however their Fees and Charges document says they charge 2.85% when using a Visa Debit card where the transaction is in a foreign currency...

 

[A330]

I have the Citibank Plus account and think it is fantastic for travel. It is free to open and operate the account so if you only use it overseas there is no cost to you. When using a Citibank ATM overseas there is no ATM fee charged, nor is there a foreign currency conversion fee. I actually found the rate was much better than any currency exchange or travel card gives. It was almost the same as the wholesale rate.

I think the usefulness of this account would depend where you travel, as some countries do not have a Citibank presence so you may have a hard time finding an ATM that does not charge you a fee. However this account is useful for making purchases as well as withdrawing cash. With no foreign currency fee you can use it as frequently as you like for even small amounts. I just used this card in HKG and only withdrew cash once. All other purchases went on the card where possible.

The only downside to this product is the terrible phone service you receive from Citibank. They are pleasant enough on the phone but slow and distant.

 

[serfty]

... I actually found the rate was much better than any currency exchange or travel card gives. It was almost the same as the wholesale rate. ...

Anecdotes and testing result posted on other threads here have generally shown the Citi Plus forex rate is almost, but not quite, as good as that for the 28° M/C.