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

[Flashback]

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

Phew! Was going to say, when did that change?! Didn't think it had

That's my combo of cards that I use also, for accessing my AUD when in need (have not had a need to yet, though).

 

[horseman]

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...

Ahh this is true, but there are no usage fees at ATMs, which is probably pretty normal is it? I don't know if I get charged the foreign currency fees though they do look after me well.

 

[greenfrog86]

Ahh this is true, but there are no usage fees at ATMs, which is probably pretty normal is it? I don't know if I get charged the foreign currency fees though they do look after me well.

Most banks will charge you a fee (usually between $2 - $5) for withdrawing cash overseas, plus 2-3.5% of the amount as a conversion fee making your normal bank account very expensive to use.

If it was around the other way (i.e. they charged you a flat fee, but no %) then it would be better as you can reduce the impact of the fee by withdrawing a higher amount...

So I wouldn't recommend the building society when Citibank doesn't charge either of these fees for withdrawing cash.

 

[burrco]

Based on the thread - I'm leaning towards the 28 degree product - basically load it up and use cash advances as a defacto debit card. The citibank product looks good but my current credit card is more than enough citibank dealing for me.

 

[drewbles]

Most banks will charge you a fee (usually between $2 - $5) for withdrawing cash overseas, plus 2-3.5% of the amount as a conversion fee making your normal bank account very expensive to use.

If it was around the other way (i.e. they charged you a flat fee, but no %) then it would be better as you can reduce the impact of the fee by withdrawing a higher amount...

So I wouldn't recommend the building society when Citibank doesn't charge either of these fees for withdrawing cash.

Most banks I know will only typically do this if using the Visa/MasterCard network.

If using Maestro or Cirrus it's different again, where they typically just charge a fee and then a generally less than favourable exchange rate, negating the fee but making up for it with the coughpy exchange rate. It's six of one a lot of the time...

 

[greenfrog86]

Most banks I know will only typically do this if using the Visa/MasterCard network.

If using Maestro or Cirrus it's different again, where they typically just charge a fee and then a generally less than favourable exchange rate, negating the fee but making up for it with the coughpy exchange rate. It's six of one a lot of the time...

I'm not sure I agree... I just did a T&C sample and both ANZ and Nab where they both charge an ATM fee plus a conversion fee regardless of the card used.

Yes the actual foreign currency conversion is done differently, and you're right in saying that the rate you get may or may not be more unfavourable.

Either way the ATM fees alone make the Nab traveller card more attractive than a basic transaction account for taking out funds whilst overseas...

Each to their own however - we all need to weigh up what all the features mean to our individual circumstances and how we are likely to use the account.

 

[AviatorPJ]

I agree, bad news for me about the NAB Visa Gold Debit Card. I really appreciated this product. I thnk I'll change all my NAB accounts and products. What are they thinking? Not customer service or satisfaction, that's for sure.

 

[gsaunders]

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.

We did the research a couple of months ago and the only one we could find was Citibank. I agree that their customer service is shocking both whilst processing our application and after we had opened it.

Rule 1: Limit contact with their 'humans' as they will drive you nuts
Rule 2: Have another acount that you use here so you can avoid using them unless you are travelling overseas

I wish you luck and patience!

 

[chodo]

I use the 28 Degrees card and load it up with AUD and withdraw overseas. Very handy.

Although new funds take a while to show up in the account online, bonus is that it is always backdated to the date the transfer was made.

Very happy with it.

 

[TheNovice]

I use the 28 Degrees card and load it up with AUD and withdraw overseas. Very handy.

Although new funds take a while to show up in the account online, bonus is that it is always backdated to the date the transfer was made.

Very happy with it.

Agree. The 28 Degrees card has performed faultlessly with the conversion rate being right on the XE currency daily rate and no withdrawal fees. Load up the funds in advance and it doesn't get any better (or cheaper).

 

[sammm]

i agree, i use 28 degrees as a debit card by loading up with AUD. its a great card.

 

[bPeteb]

Based on the thread - I'm leaning towards the 28 degree product - basically load it up and use cash advances as a defacto debit card. The citibank product looks good but my current credit card is more than enough citibank dealing for me.

this is exactly what we do. we have two accts actualy, one in my name with partner as additional and one the other way around. cards for one acct have markers on them so we know which one to draw cash and which to buy on. works perfectly. if it looks like we're running low on the cash out card we just do a bpay transfer and the money's there in a few days.