Cheapest access to ATMs overseas?

[bcworld]

Seeing as they've decided to screw up processing of my salary payment again, I've decided I want to break up with NAB.

I currently have their gold banking account, for which I pay $0 per month account fee due to meeting the minimum monthly credit amount.

One of the nicest features of the account is overseas ATM withdrawals attract no fees from the NAB, and the rates I have received have been great, virtually identical to mid-market rates. In the UK / NZ this has meant essentially free ATM withdrawals. In other places, like Thailand the local bank has levied a small fee, but nothing from NAB.

I do have upcoming trips to NZ & UK, but is there any other account which offers free overseas withdrawals, or a similar cost effective method of making small withdrawals as required overseas?

Thanks for any advice.

 

[serfty]

The 28° Card is your friend; probably easier than the NAB.

See here:

• http://www.australianfrequentflyer..../28-wizard-mastercard-cash-advances-6960.html

 

[bcworld]

The 28° Card is your friend; probably easier than the NAB.

See here:

• http://www.australianfrequentflyer..../28-wizard-mastercard-cash-advances-6960.html

Thanks...so my understanding is that you top up the credit card so there are interest free funds available and off you go...as long as you keep track of your spending?

 

[Austman]

Thanks...so my understanding is that you top up the credit card so there are interest free funds available and off you go...as long as you keep track of your spending?

Yes that's what I do!

In other places, like Thailand the local bank has levied a small fee, but nothing from NAB.

THB 150.00 = about AUD 5.00 per withdrawal!

 

[malmacdowall]

Alternately try Westpac... Even tier standard ATM card has access to the meastro network of ATMs worldwide.....

 

[medhead]

Alternately try Westpac... Even tier standard ATM card has access to the meastro network of ATMs worldwide.....

Most banks standard cards have access to maestro or plus networks worldwide. However, they also charge fees for overseas withdraws. The cards mentioned 28 degrees and NAB gold don't charge fees for using overseas ATMs.

Is the westpac one also fee free?

 

[bcworld]

Is the westpac one also fee free?

I don't think so...from what I can see NAB is the only big player to offer this.

 

[serfty]

Alternately try Westpac... Even tier standard ATM card has access to the meastro network of ATMs worldwide.....

Most banks standard cards have access to maestro or plus networks worldwide. However, they also charge fees for overseas withdraws. The cards mentioned 28 degrees and NAB gold don't charge fees for using overseas ATMs.

Is the Westpac one also fee free?

A Westpac card used at an ATM of one of their partners in the "Global Banking Alliance"¹ is "Fee Free".

However that simply means they don't charge you a $4/$5/$6 ATM fee.

What they still do have is an arbitraged margin as well as a currency conversion fee amounting to between 2½%-3½% over the existing cross rate.

The NAB Gold Banking and the 28° do not have any of this; sometimes the conversion appears to amount to a negative arbitrage.

¹ Accessing Money Overseas - Westpac

 

[wxxnxs]

I won't switch from NAB gold visa debit to 28 degrees card. First of all is 28 card is a credit card which means you have to top up the certain amount first before you withdraw cash in overseas, this will cause unnecessary risks, if you top up less than you withdraw, then you will be hit by more than 20% interest charge. If you top up more, you either take it out of leave the amount there without any interest.

For NAB card, I can transfer money from isaver to that within 1 sec, if I don't require those funds anymore, I just simply transfer back to keep earning the interest. Much easier to handle.

 

[Austman]

I won't switch from NAB gold visa debit to 28 degrees card. First of all is 28 card is a credit card which means you have to top up the certain amount first before you withdraw cash in overseas, this will cause unnecessary risks, if you top up less than you withdraw, then you will be hit by more than 20% interest charge. If you top up more, you either take it out of leave the amount there without any interest.

For NAB card, I can transfer money from isaver to that within 1 sec, if I don't require those funds anymore, I just simply transfer back to keep earning the interest. Much easier to handle.

True. But the 28 Degrees card does not have all the requirements that NAB Gold Banking does. Like a monthly account fee of $10 or a deposit at least $5,000 per month.

I now find a transfer of funds from my bank to my 28 Degrees card takes just 1 or 2 business days. And the 20.24% interest only applies until the card has a zero or positive balance again.

 

[Austman]

And the 20.24% interest only applies until the card has a zero or positive balance again.

Just checked and it seems it's a bit better than that. Repayments are applied to cash advances before purchases, so you'd only pay the 20.24% interest until you repay the amount of cash advance that took the card into debit.

 

[serfty]

... I now find a transfer of funds from my bank to my 28 Degrees card takes just 1 or 2 business days. And the 20.24% interest only applies until the card has a zero or positive balance again.

Just checked and it seems it's a bit better than that. Repayments are applied to cash advances before purchases, so you'd only pay the 20.24% interest until you repay the amount of cash advance that took the card into debit.

Also note, that if you use Bpay to transfer funds, the date you do the transfer is the date that it "applies", irrespective of how long it actually takes the funds to reach the 28° account.

 

[Austman]

Also note, that if you use Bpay to transfer funds, the date you do the transfer is the date that it "applies", irrespective of how long it actually takes the funds to reach the 28° account.

Yes - I see that now! I do BPAY transfers also.

So if you treat your 28 Degrees as a debit card and load it with cash before you travel, if you do use more than you loaded, it's just to make a BPAY transfer on that same day and the most interest you'd be charged is 1 day (0.055%). And possibly 0 days?

 

[malmacdowall]

Alternately try Westpac... Even tier standard ATM card has access to the meastro network of ATMs worldwide.....

by using the ATM of a Westpac global alliance partner it is free to withdraw funds at the ATM. Otherwise it is $5 for non partner banks.

Use the ATMs at banks including Deutsche Bank, Barclays Bank, ABSA & Bank of America .

Accessing Money Overseas - Westpac

 

[serfty]

by using the ATM of a Westpac global alliance partner it is free to withdraw funds at the ATM... Otherwise it is $5 for non partner banks.

As I posted Yesterday (in post #8, along with that link), Westpac still include an arbitrage of around 3% even if not a $5 fee.

e.g. today Westpac will charge you ~$98 for USD100 at an exchange rate of 1.017%. NAB Gold banking/28° will charge ~$95 at a rate of 1.053 for that same USD100.

 

[malmacdowall]

As I posted Yesterday (in post #8, along with that link), Westpac still include an arbitrage of around 3% even if not a $5 fee.

e.g. today Westpac will charge you ~$98 for USD100 at an exchange rate of 1.017%. NAB Gold banking/28° will charge ~$95 at a rate of 1.053 for that same USD100.

That will learn me for replying before reading the previous posts.....

 

[medhead]

As I posted Yesterday (in post #8, along with that link), Westpac still include an arbitrage of around 3% even if not a $5 fee.

e.g. today Westpac will charge you ~$98 for USD100 at an exchange rate of 1.017%. NAB Gold banking/28° will charge ~$95 at a rate of 1.053 for that same USD100.

One experience to share. I had my German VAT put into my gold banking debit card. It has credited at a rate of 0.77 euro /$. A 3 or 4 cent arbitrage! I contacted NAB about it and got a run around over if they put in euro or AUD. Still waiting for a call back.

 

[serfty]

That will learn me for replying before reading the previous posts.....

That's cool.

FWIW, I used to use a Westpac card with the Global Banking Alliance for overseas cash thinking it was the best deal.

Then I found AFF and references to the Citibank cards which had far better exchange rates than the Westpac. I wused the Wespac for small withdrawals and the Citibank for larger ones.

Later on the Citibank rates worsened - about then I came to learn of the Wizard (now 28°) mastercard from this forum and that was the end of my Westpac account.

 

[TonyHancock]

I took the advice on AFF and applied for a 28° Mastercard....wish I had done this a year ago!

Just checked my cash withdrawal from my trip to the UK last week. An Exchange rate of 1.553 and not ATM Fee or conversion fee...gotta love it.

 

[kpc]

I took the advice on AFF and applied for a 28° Mastercard....wish I had done this a year ago!

I got the card (OK, the Wizard back then) in 2006:idea::idea::idea:....In the 5 years or so since, the card must have saved me '00s, probably '000s of $$ in FX commission fees alone:!: