ING - No International Fees + Fee Free ATM Withdrawals Worldwide (Orange Everyday & Orange One)

[Strategic Aviation]

A positive change for Orange Everyday accounts (if you don't mind the transaction requirement) and Orange One credit cards, but don't miss the sting in the tail for Savings Maximiser accounts.

1) Deposit your pay of $1,000 or more every month, and

2) From March 2018, also make 5+ card purchases every month using your Orange Everyday or Orange One (excluding ATM withdrawals, balance enquiries, cash advances, EFTPOS cash-out only transactions)

and receive the following in the next calendar month:

* No ING international transaction fees When you travel or shop with overseas retailers.

* In addition to free ATMs in Australia, we’ll rebate the ATM fee within five business days at any ATM around the world (the Orange One cash advance fee still applies).

But they also sneak in (and I didn't notice it originally):-

To earn our highest variable savings rate on your Savings Maximiser – currently 2.80% p.a. – every month you’ll need to deposit your pay of $1,000 or more and from March 2018 also make five or more card purchases each month. Available on one account on balances up to $100,000.

The backlash on OzBargain is underway

Depending on how OzBargain is looking later in the day, there is potential that ING may backtrack (partially or fully) on the Savings Maximiser change.

 

[blueythecat]

An interesting change indeed!

 

[rock86]

Queue the majors to follow in 3....2....1.......

 

[AisleSeat]

This is a very annoying change. Not to mention the fact that it's snuck in at the bottom of the email, that's pretty underhanded.
There's no minimum purchase for the 5x transactions, so I guess go to Coles/WW and buy 5 pieces of fruit, in 5 separate transactions? Seems like hard work.

The comments on their FB page are strange. People are genuinely happy about having to remember to make 5x transactions to keep their interest rate? A lot of people commenting appear to be either hardcore fanboys or ING employees.

 

[theblank]

Its a great deal for anyone who is using the ING account for daily use, target market will br the young, especially for online shopping.

But the savvy FF is going to put their spending on a points earning credit card and wouldnt be bothered with it. Citibank Plus is the single best product for using overseas atms, so why even bother meeting ING's meagre requiremements. Most of us will have better things to do.

 

[Mattg]

The removal of international ATM and Forex fees is definitely a positive development and provides another option for fee-free overseas cash withdrawals that isn't Citibank.

I can understand the requirement to deposit $1,000 a month and make 5 transactions. It's part of ING's strategy to attract new customers and no Forex fees is the carrot. Personally I'm happy to stick with Citibank for now (which doesn't have these conditions).

The one benefit of the ING Orange Everyday account over Citibank Plus is that ING will refund the overseas ATM operator's fee as well. Citibank passes this on for non-Citibank ATM withdrawals, although I've rarely actually needed to pay this (and it's usually only ~$2).

 

[Strategic Aviation]

This is a very annoying change. Not to mention the fact that it's snuck in at the bottom of the email, that's pretty underhanded.

Agree, I didn't spot it but fortunately OzBargain mentioned it and I did a "what-now?" double take. Definitely leaves a sour taste.

There's no minimum purchase for the 5x transactions, so I guess go to Coles/WW and buy 5 pieces of fruit, in 5 separate transactions? Seems like hard work.

The self-checkout machines allow you to split payments, so you could put $0.01 on Orange Everyday and the rest on your points-earning card. (I'm not aware of any restrictions/minimums when splitting payments.)

so why even bother meeting ING's meagre requiremements. Most of us will have better things to do.

The one benefit of the ING Orange Everyday account over Citibank Plus is that ING will refund the overseas ATM operator's fee as well. Citibank passes this on for non-Citibank ATM withdrawals, although I've rarely actually needed to pay this (and it's usually only ~$2).

Upwards of $8 for Thai ATMs, so it could potentially be very useful there. Also in some countries (including Thailand), there are precious few Citibank ATMs, so again there might be good use for the Orange Everyday.

If the self-checkout split payment method works then I don't consider it an onerous requirement and will go along with it to get the benefit.

 

[oz_mark]

I have been using ING as my backup card O/S anyway (I have had my Citi card detained by a machine in the past!)

In most cases, I will know the month before that I am heading O/S so will just need to remember to do the 5tx.

Anyway, the 5tx requirements is a few months away - the fee changes are now, so all good for christmas holidays....

 

[scwappy]

UBank has a better interest rate at present , so just move if this doesn’t work. May buy 5 coffees myself using ing applepay and keep my options open.

 

[ramboflyer]

Up until these changes I've been a huge ING fan. I love the zero ATM fees, no account fees and competitive interest rate. I'm a credit card points junkie so I wouldn't even consider using the ING credit card or my debit card for purchases when no points are on offer. I dont think I've ever used the debit card for anything other than ATM withdrawals so ING may lose me if I don't want to mess about every month worrying about making 5 purchases.

 

[rock86]

I really don't understand some of the uproar here and over at OzBargain (even though all that seems to happen over there is sooking regarding something) about the changes, apart from they should have made it clearer rather then placing it at the bottom of the material.

Notwithstanding ING's PR departments lack in judgement about where to place the requirements in the promotional material; ING have now decided to refund overseas ATM fee's, which in some countries can be considerable sums and will invariably cost ING money. So for them to ask people to show a little loyalty by depositing $1,000 a month and make 5 transactions to receive the refund benefit is pretty fair IMO.

 

[levelnine]

I really don't understand some of the uproar here and over at OzBargain (even though all that seems to happen over there is sooking regarding something) about the changes, apart from they should have made it clearer rather then placing it at the bottom of the material.

The reason for the uproar is simple.

ING used to be one of the best value banks. This change confirms their descent into mediocrity.

ING previously was the best account for savings and cash withdrawals. Combined with a points earning credit card, it was perfect.

From March 2018, to get the bonus interest rate, a person has to remember to use the ING card 5 times per month. When combined with the fact that they no longer have the 2% cash back and that they no longer have the best interest rate, they are now a mediocre bank.

You are now better off going with RAMS for savings, any bank for Australian cash withdrawals and Citibank/28 Degrees for overseas purchases.

 

[rock86]

The reason for the uproar is simple.

From March 2018, to get the bonus interest rate, a person has to remember to use the ING card 5 times per month. When combined with the fact that they no longer have the 2% cash back and that they no longer have the best interest rate, they are now a mediocre bank.

So they want some loyalty to be shown by the customer in order to receive the bonus interest rate and refund of all international ATM fee's, heaven forbid a company ask a customer to show loyalty to receive benfits............

 

[jbman]

I have filled out countless surveys for them about credit cards before they brought out their current offering. Each time I made it clear points and overseas transactions with no fee were key for my business. Instead they kept asking if a low credit card interest rate would be something I would like.

As others have said, I feel the 5 transactions via the card per month is a hassle. I do all my banking through ING so there is no loyalty issue. It's more of an issue that I don't bank the way they want me to after March next year.

Simple, offer a card with flexible points and you will get all my non AMEX spend.

 

[levelnine]

So they want some loyalty to be shown by the customer in order to receive the bonus interest rate and refund of all international ATM fee's, heaven forbid a company ask a customer to show loyalty to receive benfits............

What a strange response. ING is not a spouse or a friend.

They are a corporation. They have significantly diminished the value of their offering to many of their customers. The customers have complained, as is their right to do so.

 

[rock86]

What a strange response. ING is not a spouse or a friend.

They are a corporation. They have significantly diminished the value of their offering to many of their customers. The customers have complained, as is their right to do so.

Strange response, how so. Loyalty is not specific to just living beings.

Yes, they are a corporation, whom provides value to customers who show loyalty to the corporation, a fairly simple business concept. They are changing the conditions where by to receive the benefits of their offerings, you need to show a little loyalty to their brand and meet the imposed criteria. The offerings cost money, and by having people receive benefits without meeting criteria, they are then at risk of loosing money.

 

[burmans]

You are now better off going with RAMS for savings, any bank for Australian cash withdrawals and Citibank/28 Degrees for overseas purchases.

You do know that some people prefer to have their accounts at one bank. Fair go for you for being prepared to shop around but banks are not charities. I agree with Rock86 on this, this makes solid commercial sense and I totally understand why they did it. Will some people prefer their previous less commercial stance, well sure but in itself not a great reason for ING to keep giving value for nothing.

And. yes you have the right to elsewhere. I suspect, as rational people would think, that ING will also be of the view that if your relationship offers you benefits but not them that they wont be that sad to see you go.

 

[jbman]

There is no loyalty when it comes to banking.

 

[AisleSeat]

Can someone explain why 5 transactions is so important? What's the benefit to ING of me using their card to make purchases?
If it was just to receive the benefit of getting fee-free ATM withdrawals overseas, fine, but to link it to savings interest rate is BS.

 

[ramboflyer]

If you have only 1 bank the $1000 deposit every month is easy. If you want to earn points with every purchase then ING is useless and I don't want to waste my time thinking about making trivial purchases just to satisfy the 5 transactions criteria. If ING introduced a rewards card linked to QFF points the problem is solved.

I called today to point out these changes dont suit everyone and the person I spoke was sympathetic and said she would pass my comments on. I suspected they are receiving a number of such calls.