ING Direct - ATM Fee Rebate Success?

[Strategic Aviation]

I wasn't sure whether MrsdoctorkPhD's new ING (thanks for referral code, AFFers) card would rebate ATM fees at those small Australian DC-cash ATMs like you see in pubs etc.

It is very convenient, though even better you get paid $0.50 by ING when withdrawing $200 as cash out from a retailer.

Woolworths and Big W self-service check-out machines allow you to withdraw cash without any purchase, and $200 is one of the preset amounts on those machines.

 

[There'sOnlyOneJimmy]

Another data point.
ATM’s in VietNam usually (maybe always) charge a fee to withdraw, and often have a lowish maximum withdrawal limit.
Yesterday (Sunday) I used the ING card to withdraw VND3,000,000 (the maximum allowed) from an ACB branded ATM.
The ATM charged a VND55,000 fee.
At the time of the transaction XE.com showed an exchange rate of AUD1 = VND17,259.67.
So the theoretical cost (before fee) should be AUD173.82, and the fee should be AUD3.19, a total of AUD177.01.
What hit my ING account was AUD178.20.
Then, the next day (Monday), a fee rebate of AUD3.21 appeared.
So, I was charged a net AUD174.99 versus the theoretical AUD173.83 - a variance of AUD1.16, or 0.67%.

If this test is representative, it indicates that the fee rebate for VietNam ATMs is about right, and that the exchange rate applied is ‘fair’.

 

[Mr_Gimlet]

I've just got back from a multi country trip and used ING as my prime ATM card, plus a few low value tap and gos in supermarkets for water etc. All the rebates have appeared, and I didn't have to fall back to my citibank card at all.

 

[SYD]

Q: with the new regime, do purchases OS count towards the min 5 transactions? So if you’re away for a whole month, do you maintain the benefit?

I would hope the answer is ‘Yes’. I don’t recall seeing anything specific in the Ts&Cs.

 

[Mr_Gimlet]

Q: with the new regime, do purchases OS count towards the min 5 transactions? So if you’re away for a whole month, do you maintain the benefit?

Yes, as long as they are proper card transactions (so ATMs don't count). Same rules as Australia.

 

[opusman]

I've discovered the easiest way to get the 5 txns while overseas is to go to a supermarket that has self-checkout, when it's quiet (so no one is behind you), and then just buy five low value things in five separate txns. Done and dusted in about 2 minutes.

 

[Cynicor]

If going to do that, you can just split the one purchase into 5 transactions!

I've discovered the easiest way to get the 5 txns while overseas is to go to a supermarket that has self-checkout, when it's quiet (so no one is behind you), and then just buy five low value things in five separate txns. Done and dusted in about 2 minutes.

 

[opusman]

If going to do that, you can just split the one purchase into 5 transactions!

Err, yes, which is what I said!

 

[Cynicor]

Not really. You said buy 5 things. You only need a single 5c item and just pay for it in 5x1c transactions.
Your way sounds like you scan, pay, scan pay, etc for 5 cycles.

 

[opusman]

How do you do that at a self-checkout?

 

[RoMambai]

Wouldn't 5 transactions in quick succession draw attention?

IIRC Bankwest put the brakes on these types of short cuts during their 5 points per transaction promo of some years ago. Smarter folk than I used this loophole to rake in fortunes.

 

[Cynicor]

How do you do that at a self-checkout?

Depending on the model, you choose pay by card, and then it allows you to choose the amount to pay (either an amount or full). If not you choose the pay by... option and it allows you to split them up. It's how you can pay with vouchers etc.

 

[Cynicor]

Wouldn't 5 transactions in quick succession draw attention?

IIRC Bankwest put the brakes on these types of short cuts during their 5 points per transaction promo of some years ago. Smarter folk than I used this loophole to rake in fortunes.

Who cares if it draws attention? It's not against the rules, and it they eventually disallow it nothing is lost. It's not for the points.

 

[RoMambai]

It might come back to bite you if for whatever reason they don't recognise the 5 transactions and you end up getting slugged fees at an overseas ATM. Some of which can really mount.

I never once mentioned this was for points so I'm not sure what your point there is.

 

[Cynicor]

The points reference was why bw disallowed it. I doubt there will be widespread use of this tactic due to the low payoff and value, unlike the BW issues, which is why it was clamped down on eventually.

 

[opusman]

Depending on the model, you choose pay by card, and then it allows you to choose the amount to pay (either an amount or full).

Pretty sure the self-checkouts at our local supermarket in Madrid don't have that feature.

 

[Strategic Aviation]

Woolworths self-checkouts can split payment, don't know about Coles (but suspect possibly not).

 

[oz_mark]

Woolworths self-checkouts can split payment, don't know about Coles (but suspect possibly not).

Both Woolworths and Coles self-checkouts can split payments

 

[Strategic Aviation]

I originally considered split $0.01 payments but haven't bothered. I just scan <$1 items separately. The most you miss out on (per item) is 1 flybuys/WWR point and up to 3 credit card points, which is negligible compared to the benefit.