Bankwest Qantas Transaction Account removes overseas ATM/forex fees

Mattg

Mattg

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Just got this email from Bankwest:

Screen Shot 2022-07-27 at 2.12.47 pm.png

No more international transaction fees on overseas/online spend, and no more ATM fees (charged by Bankwest) when withdrawing from an overseas ATM in a foreign currency using your debit card.

You also get 5 Qantas points whenever you withdraw cash from an ATM overseas.

The Bankwest website has also been updated to reflect the changes:

Qantas Transaction Account | Earn Qantas Points | Bankwest

An Australian first, the Bankwest Qantas Transaction Account rewards you with Qantas Points for your everyday banking. Apply for a bank account online.
www.bankwest.com.au www.bankwest.com.au

I already use this account to earn Qantas points. I have also been using the Citibank Plus transaction account for overseas ATM withdrawals, but may now just close that.
 
Mattg said:
Just got this email from Bankwest:

View attachment 285841

No more international transaction fees on overseas/online spend, and no more ATM fees (charged by Bankwest) when withdrawing from an overseas ATM in a foreign currency using your debit card.

You also get 5 Qantas points whenever you withdraw cash from an ATM overseas.

The Bankwest website has also been updated to reflect the changes:

Qantas Transaction Account | Earn Qantas Points | Bankwest

An Australian first, the Bankwest Qantas Transaction Account rewards you with Qantas Points for your everyday banking. Apply for a bank account online.
www.bankwest.com.au www.bankwest.com.au

I already use this account to earn Qantas points. I have also been using the Citibank Plus transaction account for overseas ATM withdrawals, but may now just close that.
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I have a Bankwest Platinum credit card for use overseas as it has no foreign exchange fee. For ATM cash withdrawals, I simply put money into the account so I am withdrawing my own money, not making a "cash withdrawal" and incurring fees.

There were earlier posts about credit cards being frozen from non-use. It hasn't happened with Bankwest, but I am using it at least once a year at home if I do not travel overseas. Fortunately that will not be needed for several years to come!
 
I have a Qantas Bankwest transaction account which came with a debit Mastercard.

I have hardly ever used the Mastercard as I rarely make a small enough purchase to make the points worthwhile over just pulling out my Amex.

Travelling OS next week though and it may now come in handy to get foreign cash from ATM's.

Strangely I have not received any emails about the changes. j
 
Well, I have been upgraded to a Qantas Bankwest Platinum Transaction card (as has everyone else judging by the email I got)
 
Kangol said:
What is the difference in exchange rate though? Often the "no fee" overseas ATM withdrawals have a (much) worse than spot exchange rate, making
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That hasn't been my experience. As long as the withdrawal is done in local currency, it's been close to the published visa or MasterCard rates.
 
I haven't received the email. I checked my internet banking, and the debit card says Bankwest Platinum Debit MasterCard. I have the original orange debit card. Are they sending a replacement to the "platinum" coloured one?
 
Caveat being no Bankwest ATM fees. Don't know if they rebate the foreign operators ATM fee (like ING does)
Post automatically merged:

aerotravel said:
I haven't received the email. I checked my internet banking, and the debit card says Bankwest Platinum Debit MasterCard. I have the original orange debit card. Are they sending a replacement to the "platinum" coloured one?
Click to expand...

Seems a lot of expense given I'd imagine quite a few will be closed when the 5000 points appear :eek:
 
aerotravel said:
I haven't received the email. I checked my internet banking, and the debit card says Bankwest Platinum Debit MasterCard. I have the original orange debit card. Are they sending a replacement to the "platinum" coloured one?
Click to expand...
I don't know if they are sending new ones, but my card is blue, and not a Qantas logo in sight.
 
I'm travelling in the US and just saw this thread (haven't gotten the email from Bankwest yet)... good timing! I usually transfer $ onto my platinum and ATM with that (and because it's then in credit haven't had to pay a fee) so this will be a bonus in that I won't have to transfer funds and can gain a whopping 5 points with my debit card.
Bummer they've taken off the purchase protection on the Platinum card in exchange for the new perk... oh well.
 
Port Power said:
I have a Bankwest Platinum credit card for use overseas as it has no foreign exchange fee. For ATM cash withdrawals, I simply put money into the account so I am withdrawing my own money, not making a "cash withdrawal" and incurring fees.

There were earlier posts about credit cards being frozen from non-use. It hasn't happened with Bankwest, but I am using it at least once a year at home if I do not travel overseas. Fortunately that will not be needed for several years to come!
Click to expand...
Download Wise App and transfer some cash to it and you can use it any where in the world.. If you want physical card, you can order that via the app and it only cost $10 , one off fee and you can set up the ATM password from the app.. I have various currencies on this app and they are licence bank operator globally and my UK pension also goto the Wise directly.
 
siri said:
Download Wise App and transfer some cash to it and you can use it any where in the world.. If you want physical card, you can order that via the app and it only cost $10 , one off fee and you can set up the ATM password from the app.. I have various currencies on this app and they are licence bank operator globally and my UK pension also goto the Wise directly.
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Thank you for the information. However, I am very well served with the Bankwest credit card already, including withdrawing cash from an ATM without fees.
 
AIRwin said:
I noticed there's a link from the app to the forex rates published on the Bankwest site:

Foreign exchange rates | International | Bankwest

View and compare the latest exchange rates for different currencies.
www.bankwest.com.au www.bankwest.com.au
Click to expand...
If I understand correctly they are the buy sell rates for exchanging currency I believe. They are not the rates that a purchase or withdrawal of foreign currency on a forex fee free card will be. The rate will be very close to the middle of those numbers.
 
Port Power said:
Thank you for the information. However, I am very well served with the Bankwest credit card already, including withdrawing cash from an ATM without fees.
Click to expand...
Rarely used the Bankwest debit card with my Qantas savings account. With these changes I can now withdraw the last smidgen of cash left in my Citi card that I used to load up prior to travel and just rely on the Bankwest one for currency and one of my points accruing no forex fee credit cards for spend.
 
woodyren said:
The rate will be very close to the middle of those numbers.
Click to expand...
The rate is published every day on Mastercards (and Visa) website. Just google: mastercard daily date.

And FWIW the daily rate is set in advance, ie sometime today, they set the rate for tomorrow.
 

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