ING Bank Dropping 5 ATM Operator Fee Rebate Benefit from 1/8/23

[Rembrandt]

When I was in Japan back in May I used the ING Orange Everyday Debit card, which rebated foreign ATM withdrawal fee's (up to 5) and international transaction fee's. As the foreign ATM withdrawal fee's are no longer rebated what is the best alternative product? Will it be the Macquarie Transaction Account? I will be traveling to Taiwan in a month and will need to withdraw cash there. Thanks.

 

[serfty]

When I was in Japan back in May I used the ING Orange Everyday Debit card, which rebated foreign ATM withdrawal fee's (up to 5) and international transaction fee's. As the foreign ATM withdrawal fee's are no longer rebated what is the best alternative product? Will it be the Macquarie Transaction Account? I will be traveling to Taiwan in a month and will need to withdraw cash there. Thanks.

I do not believe there are any publicly available Australian banking products that rebate ATM fees currently.

 

[Cynicor]

Serfty is right, no other bank rebates foreign atm fees. The best alternatives are now all pretty equal with only slight minor differences.
Bankwest, UBank, up bank and Macquarie have products for no foreign exchange fees, and none of them require the 5 transactions.

 

[Rembrandt]

I do not believe there are any publicly available Australia banking products that rebate ATM fees currently.

Serfty is right, no other bank rebates foreign atm fees. The best alternatives are now all pretty equal with only slight minor differences.
Bankwest, UBank, up bank and Macquarie have products for no foreign exchange fees, and none of them require the 5 transactions.

Ok, thanks guys. I will continue to use ING then, as the 1% off utility bills (if I meet the criteria) is good enough for me to continue to use them for now.

 

[SYD]

There’s also a Westpac travel wallet product that doesn’t charge ATM fees across the WBC partner network. BUT they get their 3% Int fee either upfront if you convert AUD to another currency and store that for later use OR if you just leave it loaded with AUD and withdraw foreign currency (they convert at the prevailing FX rate plus 3%).

There might be some places where that still make sense ie WBC partner ATMs are available but ATMs would otherwise charge extortionate fees and you only wanted a small amount of cash.

 

[TOPKAPI]

There’s also a Westpac travel wallet product that doesn’t charge ATM fees across the WBC partner network. BUT they get their 3% Int fee either upfront if you convert AUD to another currency and store that for later use OR if you just leave it loaded with AUD and withdraw foreign currency (they convert at the prevailing FX rate plus 3%).

There might be some places where that still make sense ie WBC partner ATMs are available but ATMs would otherwise charge extortionate fees and you only wanted a small amount of cash.

Their PDS only mentions the prevailing FX (mastercard) rate. Nothing about "plus 3%". Where is the plus 3% mentioned?

 

[SYD]

Their PDS only mentions the prevailing FX (mastercard) rate. Nothing about "plus 3%". Where is the plus 3% mentioned?

That was our initial reading of the PDS also when I applied for one. But the guy in the local WBC branch told me that there is the 3% charge. I recall someone else here pointed out the relevant part of the PDS but there’s also another comment (not sure which thread) highlighting that WBC is the exception to all other banks involved in worldwide partner ATM access (in that they charge all customers a 3% fee).

As an experiment, used my card OS this year and I was charged 3% fee using the debit function accessing loaded AUD.

 

[mikedesign]

An option with Westpac/StG/BoM is to get their travel money card — prepaid card that you can transfer from your transaction account — has no Int’l fees and access to the global ATM partners.

 

[SYD]

An option with Westpac/StG/BoM is to get their travel money card — prepaid card that you can transfer from your transaction account — has no Int’l fees and access to the global ATM partners.

But they charge you 3% int transaction fee instead. I’ve keep mine for the situation where 3% is better than the ATM fee…

 

[Cynicor]

An option with Westpac/StG/BoM is to get their travel money card — prepaid card that you can transfer from your transaction account — has no Int’l fees and access to the global ATM partners.

No travel card is a general good idea if you want something low fee. They all scam you on the rates

 

[mikedesign]

But they charge you 3% int transaction fee instead. I’ve keep mine for the situation where 3% is better than the ATM fee…

No, the travel money card doesn’t, that’s why it’s an option instead of the debit card.

Travel money card

Westpac’s new Worldwide Wallet is a prepaid Mastercard® that can be used to make payments and access cash in multiple currencies.

www.westpac.com.au

 

[SYD]

No travel card is a general good idea if you want something low fee. They all scan you on the rates

The WBC has the ability to hold foreign currency amounts and yes, they get their 3% up front during the conversion (the underlying rate itself is ok). You can just leave cash in AUD but they still get their 3% on the debit/ATM transactions. So really a bit of a waste of a product…

No, the travel money card doesn’t, that’s why it’s an option instead of the debit card.

Travel money card

Westpac’s new Worldwide Wallet is a prepaid Mastercard® that can be used to make payments and access cash in multiple currencies.

www.westpac.com.au

I have one and it charges 3%….

See here comment here.
Best card with no forex fees

 

[Cynicor]

It’s true they don’t charge a transaction fee on top, because when you use this sort of product they do the conversion for you, meaning they stiff you on the rate.

Other products have visa or MC do the conversion in real-time, and most add 3% except the various products we discuss here, like ING, Citi, Bankwest etc.
Eg right now-
XE rates are 0.6707USD.
Westpac gives me 0.6455USD
Visa (on my new Nab, ex Citi) gives me 0.674999

 

[I love to travel]

This card has just been hacked - middle east food delivery at 4am Australian time. Very dissapointed that this got through their security system.

 

[SYD]

This card has just been hacked - middle east food delivery at 4am Australian time. Very dissapointed that this got through their security system.

any idea how?

Fortunately, I only keep a very small amount in the Everyday Day acc. The rest is in the Savings Max acc. And then only use it in ATMs and occasionally for the 5x monthly taps.

If you don’t use the card often, there’s a Temporary Hold function in the app.

 

[I love to travel]

any idea how?

Fortunately, I only keep a very small amount in the Everyday Day acc. The rest is in the Savings Max acc. And then only use it in ATMs and occasionally for the 5x monthly taps.

If you don’t use the card often, there’s a Temporary Hold function in the app.

No idea how, certainly never gave password nor used at ATM, So can only glean someone I purchased from either took the details and used it or there system was comprimised. The three people I have spoken to all have a similar story. Very annoying but took my money out of Savings Maximiser as a precuation and will close account when/if money is refunded (ING give you a hard time apparently)

 

[asterix]

No idea how, certainly never gave password nor used at ATM, So can only glean someone I purchased from either took the details and used it or there system was comprimised. The three people I have spoken to all have a similar story. Very annoying but took my money out of Savings Maximiser as a precuation and will close account when/if money is refunded (ING give you a hard time apparently)

More likely they used a card number generator and your card number came up.

 

[I love to travel]

More likely they used a card number generator and your card number came up.

Would love to know how they match to expiry date and CVC. I wish ING had 2FA for online transactions.

 

[SYD]

Would love to know how they match to expiry date and CVC. I wish ING had 2FA for online transactions.

I’ve never used ING online. In fact, rarely if ever use a Debit Card online.

 

[Pushka]

This card has just been hacked - middle east food delivery at 4am Australian time. Very dissapointed that this got through their security system.

Did they let you know or did you find out?