NAB acquires Citibank Australia

[anat0l]

I think ING stopped rebating for the 5 a couple of months ago

I thought they stopped rebating the owner's ATM fee, but their international ATM withdrawals are still fee free, but you can only have 5 of them a month (if you meet the conditions).

i.e. Other banks charge: Fee by owner of ATM + interchange margin + international transaction fee (usu. 3%) + international ATM withdrawal fee
ING and Citibank charges: Fee by owner of ATM + interchange margin (and ING charges international ATM withdrawal fee after 5 in a month, currently $5 each)

 

[asterix]

Second the thank you - am about to take off tomorrow and just pulled out old Citibank Debit. Good to hear things will be normal for now.

I also have ING Everyday Orange with the 5 fee free transactions (sans the owner's ATM fee, which can't be waived with Citibank anyway), so that's a second option.

I guess it may come down to who uses a better interchange rate to calculate the AUD cost?

Yeah I received my new NAB debit card and am keeping my Citi debit card until it is decommissioned next year. I also have Up, uBank and Suncorp debit cards which are also fee free as well as my Coles Platinum Rewards Mastercard and 28 Degrees Mastercard. I have a Wise debit card too, but don't see any advantage in using it when the last few times I've used it I would have been better off with the Mastercard rate of the day on the Coles Platinum Rewards card.

 

[SYD]

I think ING stopped rebating for the 5 a couple of months ago

They’re still rebating domestic Oz ATM owner’s fees. Which is a bit academic - most are fee free anyway these days, unless you find yourself desperate for cash at the Pub one night.

As mentioned above, if you meet the criteria you can have 5x international ATM withdrawals free of INGs fee ($5 per transaction after that). But no international owner’s fee rebates anymore .

I guess it may come down to who uses a better interchange rate to calculate the AUD cost?

SYD+1 and I both have Citi (MC) plus ING and UBank VISA debit cards and 28° MC for use OS. They‘re usually pretty similar across the different cards, but the way VISA and MC work, you can see some wide fluctuation if the AUD is roller coaster mode.

 

[serfty]

Happy to be pointed to a decent summary post! The run to Christmas this year has been manic….

See discussion following the link I posted earlier ... (ignore the thread title)

@kpc , more here:

NAB Greed kills a great product.

NAB Greed kills off Citibank plus. With the takeover of Citibank accounts, NAB couldn't help themselves. Their Greed to charge for overseas cash withdrawals means the salad days are over. While NAB won't charge the typical 4% on credit transactions, their GREED conversion rates kills any...

www.australianfrequentflyer.com.au

 

[SYD]

See discussion following the link I posted earlier ... (ignore the thread title)

Ah, I’d forgotten about that yet another Citi going away thread. Not to mention the misinformation… But your summary is what my understanding is of the replacement product.

 

[Cynicor]

That thread needs the misinformation deleted to be useful.

 

[Jacques Vert]

For now, I'll be keeping the Citi/NAB card for cash/ATM withdrawals and using my Coles credit card for everything else. My Coles card gives points on o/s transactions with no foreign exchange fees.

 

[Cynicor]

For now, I'll be keeping the Citi/NAB card for cash/ATM withdrawals and using my Coles credit card for everything else. My Coles card gives points on o/s transactions with no foreign exchange fees.

Same system as I.
UBank and Bankwest as backups for cash.
Bankwest credit as backup for credit.

 

[exceladdict]

It isn’t. There is no benefit to closing this account, only nab winning.
I’m not sure why so many people are taking pleasure in closing it; it’s an account that is impossible to obtain any other way, pays some tiny interest and is completely free.
Keeping it open would spite NAB more

I’d expect the account to be shut down after a period of no activity anyway given I have no desire to keep it open, might as well drop it now.

I used to use citi as my primary o/s atm card as there weren’t as many competing products and occasionally you’d get the a free withdrawal from a citi atm. ING then became the primary travel atm card until the fee free rebates stopped and tbh I’m even thinking of closing that as I can’t be bothered doing the 5 monthly transactions to “earn” the benefits for the next month, when I get those benefits from macquarie with no effort (and more interest).

The only thing NAB offers which my current banking setup otherwise doesn’t would be the ability to deposit cash at NAB locations or ATMs. Could arguably be more convenient than bank@post. But also a rare occurrence.

 

[SYD]

I’d expect the account to be shut down after a period of no activity anyway given I have no desire to keep it open, might as well drop it now.

I‘m a “wait and see”. I don’t expect it to offer me anything better than I have but will see how others go and/or my own experiences post final changeover.

I used to use citi as my primary o/s atm card as there weren’t as many competing products and occasionally you’d get the a free withdrawal from a citi atm. ING then became the primary travel atm card until the fee free rebates stopped and tbh I’m even thinking of closing that as I can’t be bothered doing the 5 monthly transactions to “earn” the benefits for the next month, when I get those benefits from macquarie with no effort (and more interest).

ING is still market leader for online savings interest rate AFAIK. MacBank has an introductory offer but it drops below ING after X months.

Is there something else?

The only thing NAB offers which my current banking setup otherwise doesn’t would be the ability to deposit cash at NAB locations or ATMs. Could arguably be more convenient than bank@post. But also a rare occurrence.

The only cash I’ve deposited in what must be over a decade was a bunch of coins I found. Fortunately my local NAB branch had a coin deposit machine that you just slide all the shrapnel in and it counts it, deposits directly into your account. I recall what seemed like a tonne of silver was about $10.80….

 

[exceladdict]

ING is still market leader for online savings interest rate AFAIK. MacBank has an introductory offer but it drops below ING after X months.

Is there something else?

The Macquarie transaction account itself pays interest, while it's a bit below the leading online savers, for an alt account at a secondary bank (I keep most of my cash elsewhere) this is a pretty convenient feature.

The only cash I’ve deposited in what must be over a decade was a bunch of coins I found. Fortunately my local NAB branch had a coin deposit machine that you just slide all the shrapnel in and it counts it, deposits directly into your account. I recall what seemed like a tonne of silver was about $10.80….

Yeah, those machines make this easy! It's just the occasional gumtree sale, I really like not needing cash very often but it does happen from time to time.

 

[SYD]

The Macquarie transaction account itself pays interest, while it's a bit below the leading online savers, for an alt account at a secondary bank (I keep most of my cash elsewhere) this is a pretty convenient feature.

My ING and UBank “spend” accounts usually have zero $ balance. It takes seconds to transfer funds. If I’m travelling and there’s a risk I don’t have access to data/internet, I transfer enough $$ beforehand.

 

[mokuni]

Just got the NAB debit card in the mail and set it up. Is it just me or doesn't feel as special anymore strongly thinking about the HSBC one.

 

[Flashback]

Just got the NAB debit card in the mail and set it up. Is it just me or doesn't feel as special anymore strongly thinking about the HSBC one.

Bad rates on HSBC.

 

[Cynicor]

Yeah; go mac bank, Bankwest, up or UBank but not hsbc

 

[theblank]

It isn’t. There is no benefit to closing this account, only nab winning.
I’m not sure why so many people are taking pleasure in closing it; it’s an account that is impossible to obtain any other way, pays some tiny interest and is completely free.
Keeping it open would spite NAB more

Bank bashing is an Australian Sport. People that proudly post that they will close their NAB account seem to be looking for likes.

 

[nightelves]

Yeah; go mac bank, Bankwest, up or UBank but not hsbc

The overseas HSBC atm withdraw rates are ok?

 

[Flashback]

The overseas HSBC atm withdraw rates are ok?

Negative.

 

[bobbinbrisco]

Negative.

unless the HSBC/partner ATM fee free withdrawal makes up for it?

 

[nightelves]

Negative.

I mean when you’re withdrawing from their own atm.