Bankwest Qantas Transaction Account removes overseas ATM/forex fees

[exceladdict]

I noticed this on a recent bankwest statement coming into force 30 september:

If a User uses their Card or Payment Device outside Australia, all charges, purchases and/or cash advances in foreign currency are converted, before they are listed on your Card Account statement, from foreign currency to Australian currency as follows: Mastercard® foreign currency transactions are converted from foreign currency into United States dollars and then converted into Australian dollars by Mastercard International Incorporated at a wholesale exchange rate selected by Mastercard International Incorporated on the processing date, which may differ from the rate applicable to the date the transaction occurred and that applicable to the date the transaction was posted. For all transactions effected by a foreign currency or transactions occurring outside Australia (whether effected in foreign currency or Australian dollars) or while you are in Australia (for example, online) where the merchant or the financial institution or entity processing the transaction, is located overseas, we will charge the Foreign Transaction Fee as described in the Financial Table of the Credit Card Schedule.

This wording may well have existed previously in a different form but it seems to me that a double conversion (currency > USD > AUD) may result in a less accurate exchange rate. Will need to keep an eye on it.

 

[siri]

Pls use Wise app and can even get a debit card and can use any currency with lowest transfer costs.. I use this globally..

 

[oz_mark]

This wording may well have existed previously in a different form but it seems to me that a double conversion (currency > USD > AUD) may result in a less accurate exchange rate. Will need to keep an eye on it.

From what I have seen, Mastercard has nearly always done it this way.

 

[theblank]

From what I have seen, Mastercard has nearly always done it this way.

Yes. Its always said this and there is no double dip, nor a less accurate exchange rate.

 

[MaureenV]

Morning all,

We opened one of these in my husband's name for the monthly QFF points (which is valued at less than interest earnings, but will give us Points Club Plus, valuable since we're bronze). After it was announced that they'd dropped the FOREX fees, I got one for myself with a much lower balance (don't want to be carrying a debit card around with a large balance). Only two days earlier I'd opened a Wise account lol.

So off we went to Vietnam with both cards. The nearby ATMs in Ho Chi Minh city would take Bankwest but not Wise (thought I'd stuffed something up). Get to the next airport at the ATM wouldn't take the Bankwest card, but would take the Wise card. By the time we got to Hanoi the ATM would take both, and decided to experiment. Putting down the local ATM cost to research, I took the same amount out with both cards at the same time, and Bankwest won. Not enough that you'd ditch your Wise card if you have one, and the reason was the double ATM fee and the Wise fee of a couple of dollars as I'd gone over US$350 by that time.

It might have just been Vietnam (we tried several ATMs in Ho Chi Minh city with the same result each time, Wise didn't work), but I'll be taking both again next trip.

 

[theblank]

Welcome to overseas travel. Its very common for a card to work or not work, and without any pattern. So never rely on just one
Heck i never even rely on 2.

I have lost count the number of times where only one card works in a particular atm, the next day same Atm but different card works.

 

[MaureenV]

Interesting a @theblank, I've never had that happen over a significant number of countries, thanks for the warning. We would never go without backup anyway, even took our Westpac card as a third option.

Vietnam was the place where we both needed a lot of cash AND you could only withdraw about $180 per day (goes a long way for some things but not for others) from each card. Other places we've tended to draw bigger amounts at a time, so probably not as many visits to ATMs.

 

[AIRwin]

you could only withdraw about $180 per day

Is it your own withdrawal limit?

 

[MaureenV]

No, it was the Vietnamese bank withdrawal limit per day. No limit on my account. Everyone was having the same issue with various banks and even Qantas money card (or whatever it's called) as we needed a fistful of cash.

 

[BrendanC]

I have just closed my Bank West Qantas Platinum Debit Mastercard. It is of no use in Australia. The Eligible local transactions says 3 QFF points earned. This actually means 3 QFF per transaction NOT 3 QFF pts per $1 of the transaction value. In addition all transactions must be with the card present - which is not possible when over the telephone. For overseas use, its only value is the no charge for foreign exchange fees. Having been away for 31 days just recently and spending equivalent $5,200 in EUR, GBP and INR, I saved the wonderful sum of A$130. In addition a $4200 transaction was not card present. I would have earnt a minimum 11,750 QFF points on my Amex Q credit card. A really poor effort by CBA / Bankwest.

 

[oz_mark]

I have just closed my Bank West Qantas Platinum Debit Mastercard. It is of no use in Australia. The Eligible local transactions says 3 QFF points earned. This actually means 3 QFF per transaction NOT 3 QFF pts per $1 of the transaction value

It says "3 Qantas Points per eligible purchase". I think that is pretty clearly per transaction.

 

[Mattg]

I have just closed my Bank West Qantas Platinum Debit Mastercard. It is of no use in Australia. The Eligible local transactions says 3 QFF points earned. This actually means 3 QFF per transaction NOT 3 QFF pts per $1 of the transaction value. In addition all transactions must be with the card present - which is not possible when over the telephone. For overseas use, its only value is the no charge for foreign exchange fees. Having been away for 31 days just recently and spending equivalent $5,200 in EUR, GBP and INR, I saved the wonderful sum of A$130. In addition a $4200 transaction was not card present. I would have earnt a minimum 11,750 QFF points on my Amex Q credit card. A really poor effort by CBA / Bankwest.

Personally I find this a useful card, but I do not use it for large transaction amounts.

 

[Amanad78]

Has anyone had problems withdrawing money overseas with this card? Specifically Malaysia.

My husband is currently in Georgetown and has been to 10 different banks/ATMs today and rejected everywhere. He's tried savings/current etc.

He did inform Bank West he would be travelling in Malaysia and other SE Asian countries, so they would be aware it wasn't fraud (he also has the Bank west credit card)

 

[Amanad78]

Has anyone had problems withdrawing money overseas with this card? Specifically Malaysia.

My husband is currently in Georgetown and has been to 10 different banks/ATMs today and rejected everywhere. He's tried savings/current etc.

He did inform Bank West he would be travelling in Malaysia and other SE Asian countries, so they would be aware it wasn't fraud (he also has the Bank west credit card)

Ok, so he wasn't using the 'credit' option, now working fine.

 

[exceladdict]

Ok, so he wasn't using the 'credit' option, now working fine.

Glad to hear it's resolved. This threw me the first time I tried to use a card overseas

 

[aerotravel]

Ok, so he wasn't using the 'credit' option, now working fine.

I was in Malaysia over Christmas and Jan 2023. The BW card worked fine for me and I mainly used it at Maybank ATMs and they are fee free. Yes, select "Credit" at the ATM.

 

[AIRwin]

Same here - slightly different wording to @Mattg's:

View attachment 285843

I was just sent a new card before the current one expires next month but it's still the original branding instead of the upgraded Platinum...

 

[MaureenV]

Thanks for the reminder about selecting 'credit', I'd forgotten!

We're heading for Malaysia in six weeks so will be using Bankwest or Wise, whichever works on the day!

 

[aerotravel]

Personally I find this a useful card, but I do not use it for large transaction amounts.

My recent (last month) trip to Malaysia, I used the BW QF Debit MasterCard (for the first time overseas), on a lot of things especially prices up to MYR15. The exchange rate is about 1 AUD = ~3 MYR OR 1 MYR = ~0.34 AUD. (1 AUD fluctuating between MYR 2.92 - 3.02 during the holiday period).

With lots of items up to MYR 15, you can get a good tap of this card and earn 3 QF points per transaction i.e. mall car parks, pharmac_, convenience stores, bottle of water, cup of coffee, piece of cake, some eateries i.e. food courts.