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UBank No Longer Charging Overseas ATM Withdrawal Fees or Foreign Exchange Conversion Fees

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UBank No Longer Charging Overseas ATM Withdrawal Fees or Foreign Exchange Conversion Fees
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bauser99 on 20/08/2018 - 10:53 ubank.com.au (4423 clicks)
Last edited 20/08/2018 - 11:21 by 1 other user

I just received this email from UBank today in regards to their USaver Ultra transaction account, this is now matching the Citibank Plus transaction account I normally use for overseas ATM withdrawals:

What’s changing?
Starting today we’ll no longer charge you a $4 withdrawal fee at ATMs overseas, or the 2% Foreign Exchange fee for Ultra card withdrawals and purchases. And while we’re talking about overseas transactions, just a reminder to always make sure you press Credit while making a purchase or withdrawing overseas. Great news if you travel or make purchases from overseas.

We’ve also updated the terms and conditions to:
- flag that merchants might charge you a fee when you use your card with them (these fees aren’t charged by us, but we wanted to ensure you knew);
- confirm that the eligibility criteria for your account (eg, having Australian mobile number) need to be met at all times while you hold your account;
- clarify how we treat information about joint accounts; and
- tidy up some information that was out of date.

When do these changes take effect?
- The new USaver Ultra terms and conditions, which incorporate these changes, apply to your account straight away.

Referral Links

Referral: random (909)

Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.

Financial Bank Account Transaction Account Usaver Ultra

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Comments

      • dazweeja on 20/08/2018 - 16:00

        True but the amount of money they reimburse for operator fees can be quite substantial ($100+), especially if you travel a lot. I think the qualifying criteria is very reasonable considering the benefits.

    • Ryk on 20/08/2018 - 15:25

      If going to Fiji, use ING. ATM fees there can be A$7-A$10 (F$10-F$15).

  • haboutnnah on 20/08/2018 - 13:20

    Is there any reason to not switch from Macquarie?

    • Ryk on 20/08/2018 - 15:26

      ING

      • haboutnnah on 20/08/2018 - 15:34
        +1

        Minimum deposit

        • dazweeja on 20/08/2018 - 15:56

          True but ING have PayID/Osko so if you have another account with PayID, it takes seconds to move $1000 back and forth once a month. Being reimbursed ATM operator fees is great if you do a lot of travel.

        • Love a bargain on 20/08/2018 - 16:49
          +6

          @dazweeja: I believe most people don't have problem with the minimum deposit. It's the minimum number of transactions that is the bother.

        • dazweeja on 20/08/2018 - 17:56
          +1

          @Love a bargain:

          Am I wrong or is it a bother because some people are super careful to get FF points for everything so the thought of doing a $5 transaction and not getting FF points on their credit card (worth about 5c) is too much to bear? I just use my ING card for any transaction under $10. When I used to buy a coffee every day, it was even easier.

        • CyberMurning on 20/08/2018 - 18:20
          +1

          @Love a bargain: agree i hate to remember each month to do those 5.
          at the end i bought a pack of $2.50 potato chips and did 5x tap $0.50 each in the self register.

        • bluesky on 20/08/2018 - 18:42
          +1

          @dragonindespair: This would certainly make life a lot easier - boiling down to 1 trans a month. Have you been successful in splitting the trans (they now all have same store and almost same time), and still getting the bonus consistently? Thanks.

        • petestrash on 21/08/2018 - 03:03
          +2

          @bluesky: I do this at the woolies and Coles self check using the mixed payment option for one weekly shop a month.

          Works fine and fees are refunded when the card is used the next month overseas.

        • CyberMurning on 21/08/2018 - 16:11
          +1

          @bluesky: yes of course. works for thousand of people in australia.
          i have also done $0.01 x 7 taps then $3 just for the fun of it.

        • illumination on 22/08/2018 - 21:08

          @Love a bargain: Beem It

        • linkii on 26/08/2018 - 01:03
          +1

          @dazweeja:

          The main issue is actually remembering to use the card, and having to keep track of the 5 transactions each month. One month under and lose the interest. I don't buy coffee and use egift cards at woolies. Cheap restaurants generally don't accept card for small meals and I don't eat out at gourmet cafes.

          If there was no alternatives then I might do it. But if the only benefit over other banks is potential refunds in overseas atm withdrawals then I'd rather not go through the hassle.

        • dazweeja on 26/08/2018 - 01:51

          @ko0l:

          The benefit is refunds at all ATMs, here and overseas. There's thousands of those third-party ATMs in Australia. If I'm at a pub and I need money, the ATM there is always a non-bank one. Near my local burger joint - who only take cash - the only ATM nearby is a non-bank one. The closest ATM to my house is a non-bank one at the local Foodworks. If I need cash, I don't want to journey to find a bank ATM, I want to use whichever is closest. Obviously it's a trade-off - if people find the conditions onerous, or don't find the value in being able to use any ATM, that's fine. It works great for me though.

        • illumination on 26/08/2018 - 14:18
          +1

          @ko0l:

          The easiest way to do it in your case is either to spend $0.05 on your ING card during your Woolworths shops by splitting your transaction into 5 $0.01 transactions and paying the rest on eGift Card to maximise/optimise the discount and reduce your expenditure on your ING Card, or by using Beem It to "send money" to a mate/family member which gets charged as a card transcation and getting them to send it back to you ensure you aren't incurring any real costs. The latter is easier in the sense that you don't have to go out and do it. An alternative to the latter is to pay the minimum payment for off your Private Health Insurance/Phone/Electricity Bill using your ING Card 5 times. For example, I used to do this with EnergyAustralia with a minimum payment of $0.10 5 times.

          @dazweeja:

          I think he's saying "if the only benefit relative to other cards like Macquarie/UBank is refunding ATM fees" - i.e. the pub situation doesn't apply to them because they're still using another card where they don't incur Australian ATM fees.

  • bassmaniac69 on 20/08/2018 - 13:31
    +1

    Would the U Saver ultra be a decent account to just chuck in a small starting balance ($2-3k) then top up the minimum monthly amount of $200? I would not be using it for transactions etc., just as a pure savings account.

    • yargnairod on 20/08/2018 - 14:16
      +5

      Yes. It is excellent for that purpose. You can even take out money after you've put in the $200 if you need to.

    • bluesky on 20/08/2018 - 15:52

      If you don't mind the top-up, many Ozbargainers consider it a great savings account, based on Poll: Best Australian Savings Accounts in 2018

    • FXD on 26/08/2018 - 09:39
      +2

      Technically, the Usaver Ultra is the transaction account, you want to put your savings in the USaver savings account, and keep $100 in the Ultra account. Then with your monthly minimum deposits into the savings account (not Ultra) you'll get the bonus interest to a total of 2.87%.

  • DaTa on 20/08/2018 - 13:38

    I was getting bored with ubanks offering so this isn't that bad actually

  • Jared17 on 20/08/2018 - 13:47
    -1

    Was excited to open a savings account after reading this but having to top up the account monthly is a no go for me.

    • CyberMurning on 20/08/2018 - 14:04
      +2

      not top up i believe you can recycle the fund ie transfer in then next day out

      • techboy on 20/08/2018 - 16:38
        +1

        Been doing this for years every month $200 goes in and then several days later it comes out again.

  • racheleg on 20/08/2018 - 14:58

    How long does it take to get the card in the mail?

    • CyberMurning on 20/08/2018 - 15:31
      +2

      more like question to australia post.. they are hopeless

  • G14Classified on 20/08/2018 - 15:35

    I keep my Citibank transaction card Just for the Citibank dining program, which gives you a free bottle of wine at select places https://www.citibankdining.com.au on top of all the overseas transaction benefits

  • haemolysis on 20/08/2018 - 16:39

    It's been said a few times but I think people really need to clearly understand the difference between bank fees and vendor (ATM) fees.

    "Fee free" means YOUR BANK is free free. It does not mean competitor ATMs will not charge fees to you.

    As far as I am aware, ING is the only exception. And technically speaking, you will still get charged vendor fees, however, they will rebate them within 5 days if you meet a minimum monthly deposit and minimum card transaction requirement.

    Do not mistakenly believe you will not be charged ATM fees. If the ATM says there is a fee, there WILL be a fee.

  • theknight27 on 20/08/2018 - 16:40

    Could I effectively use this Ubank debit card instead of having a travel card?

    • Ryk on 20/08/2018 - 17:11
      +4

      Yes, and avoid travel cards like the plague. Nobody on ozbargain should be using travel cards, and should be warning friends and relatives off them too…

    • haemolysis on 20/08/2018 - 17:16

      Yes and no? Technically speaking, you can use almost any bank card as a "travel card." However, not all cards are accepted everywhere universally - and unfortunately, that actually includes travel cards. You should always take some cash with you in case you aren't able to find an ATM that will accept your card right away.

      The other consideration is, if you use a travel card, you will be able to prepay for currency when the rates might be better. I don't see much value in that myself because the currency could fluctuate against you but it could just as easily get cheaper. It's up to you when to buy currency. If you use a bank card, you will buy the currency in "real time" so to speak. If it's good value, poor value, is anyone's guess.

      Overall I wouldn't recommend travel cards. Their exchange rates/fees are often dodgy.

      • Snorky on 21/08/2018 - 21:05

        even if you time the market perfectly with a travel card you almost always end up worse off than if you had used a bank card with no international fees because of the fees travel cards charge

  • Bystander on 20/08/2018 - 20:12

    Why "always make sure you press Credit while making a purchase or withdrawing overseas"?

    Does it not work if you select savings?

    • douglasac10 on 20/08/2018 - 21:46
      +2

      Cheque and Savings are the local eftpos network, which doesn't exist anywhere else in the world, so you won't have that option.

      If you are in the US you will have the options of Debit or Credit, I imagine if you hit Debit instead of Credit it won't work and decline.

      • illumination on 22/08/2018 - 21:10

        I'm pretty sure I've hit Savings in countries overseas when withdrawing with my Citibank/Macquarie/ING.

        Examples:

        • Taiwan
        • Malaysia
        • Hong Kong
        • Singapore
  • amsaini15 on 20/08/2018 - 20:48

    What option - Credit or Saving need to be selected when using ING card at overseas ATM?

    • Ryk on 20/08/2018 - 22:10
      +2

      credit is the most reliable option everywhere.

  • coolsteps on 21/08/2018 - 00:02
    +1

    so which card is best for atm withdrawals in Thailand all charge about $6 . will it ing direct who claim to reimburse the fee or ubank now?

    • petestrash on 21/08/2018 - 03:05
      +2

      ING: fee refunded if conditions are met ($1000+ deposit, and 5 tap and go transactions the month before travel).
      uBank: no refund.

  • paulaus on 21/08/2018 - 09:07
    -2

    Can you withdraw fee free from any atm overseas never seen a Ubank.

  • starski304 on 21/08/2018 - 09:31

    So this sounds great.

    Though I've been with Citibank for years and has been fine, good to know their are other options out there esp using any ATM.

    Going to US so know there's plenty of Citi ATMs around.

    I cancelled my 28 Degrees card and now use ANZ travel adventures credit card, used to annnoy me spending on holidays and not gain any points.

    • kulprit on 21/08/2018 - 12:39

      Surely the crappy exchange rate on the ANZ card outweighs the benefit of the points?

      • illumination on 22/08/2018 - 21:11

        What crappy exchange rate?

        It's one of the cards that waive foreign transaction fees, so they probably just use the Visa rate.

        • kulprit on 23/08/2018 - 07:06

          Those 2 things are not connected to each other.

        • illumination on 23/08/2018 - 12:07

          @kulprit: What 2 things?

          • The points you earn?
          • The crappy exchange rate?

          I'm pointing out that the exchange rate used by the ANZ card is most likely the Visa rate, given that ANZ do not charge foreign transaction fees or currency conversion fees. Any "fee" you would incur would be a "Visa" charge, which is no different to using an ING/Ubank.

  • FuRyZ on 21/08/2018 - 12:39

    Quick question for those who know. The 2.87% bonus interest, what are the hidden conditions.

    I can see $200 minimum monthly deposit and $200k limit, what else? Is there a monthly withdrawal limit etc?

    • Yola on 21/08/2018 - 12:52
      +5

      This is why it's great. No other conditions. But if you exceed the $200k you loose the bonus interest on the whole amount should be just the amount over but not a problem for most.

      • FuRyZ on 21/08/2018 - 13:05
        +1

        Excellent, thanks for that.

  • pandadude on 21/08/2018 - 13:55

    ubank and Macquarie bank doesn't have payid.
    Citi and ING support Payid.

    • bluesky on 21/08/2018 - 16:20

      Just a heads-up about Citibank Osko/PayID. Only recently, I tried to send funds over to Citibank via Osko and it did not work.

      Saw your comment, checked again and found the info where Citibank said it supports NPP/Payid/Osko here. So tried again to send payment to the Citi Plus account, and the sender side still said "the institution you are sending money to is unable to process these payments instantly".

      • Not sure if the trouble lies with the specific sender institution.
      • Not sure if Citibank supports sending instantly to others but not processing incoming payments instantly.

      Please share if you have a difference experience.

      • askbargain on 21/08/2018 - 19:22
        +1

        Implementation of NPP is part of Citi's global faster payments strategy, and roll out will commence in 2019.

        • bluesky on 21/08/2018 - 19:46

          Thank you. My bad, skimming instead of reading the whole article :-)

        • illumination on 22/08/2018 - 21:12

          i.e. pandadude's comment is only part accurate?

      • pandadude on 03/09/2018 - 23:45

        I do apologies for this one. I did a quick comparison and went to the payid website to check. The link is below. I would have noticed a difference if clicked on the citi link.
        https://www.nppa.com.au/consumers/find-my-institution/

        I have noticed institution on this website offers different services for Payid.

        An example is Bankwest.

        Bankwest accepts Payid payments to Bankwest Customers but does not allow customers to pay other people using Payid.

        • bluesky on 04/09/2018 - 20:55
          +1

          Nah, apologies unnecessary. Nobody knows everything, and we are all learning.
          Yes, the rollout is at different stages for different banks. Surprisingly, the credit unions seem to be ahead in this area, you can even send/receive fast payments without registering a PayID.

          Bankwest accepts Payid payments to Bankwest Customers but does not allow customers to pay other people using Payid.

          According to their wording, it will be available soon :

          PayID is smarter, faster AND Simpler way to pay and you will soon be able to make payments with PayID in the near future.

  • ycon on 21/08/2018 - 17:00

    They still charge local atm fees- right?

    • bauser99 on 21/08/2018 - 17:09
      +1

      No fees widhrawals from CBA NAB ANZ Westpac RediATM in Australia

  • Robin2012 on 23/08/2018 - 19:24

    great

  • gamma on 25/08/2018 - 00:24

    As ING is forcing its customers to use bank card ATM withdrawals/payments for bonus interest, was looking for another bank to switch to. I very rarely use ATMs or pay using bank cards..

    Good timing and thanks OP

  • EarlyBird on 27/08/2018 - 01:30

    Do you automatically receive a Visa Debit card with the Ultra transaction account or do you have to call them to apply for it? I upgraded my account to Ultra years ago and I don't recall receiving one.

    • bauser99 on 27/08/2018 - 06:47
      +1

      You get a Visa debitt card automatically wihen you open an Ultra account.

  • capslock on 01/09/2018 - 17:13

    I just made an online purchase in USD. The exchange rate UBank used is the official rate plus 3%. Either they are lying about not charging a foreign exchange fee or the exchange rate they are using already takes into account their profits.

    • CyberMurning on 01/09/2018 - 17:59

      My understanding is no exchange fee for withdrawing from overseas ATM, not for online purchases….

      • Yola on 02/09/2018 - 12:19

        But above it states
        "What’s changing?
        Starting today we’ll no longer charge you a $4 withdrawal fee at ATMs overseas, or the 2% Foreign Exchange fee for Ultra card withdrawals and purchases. And while we’re talking about overseas transactions, just a reminder to always make sure you press Credit while making a purchase or withdrawing overseas. Great news if you travel or make purchases from overseas."
        capslock did you use Ultra?
        I would call them and query.

    • capslock on 06/09/2018 - 06:45
      +1

      After 5 days UBank refunded the 3% fee that they charged. So it does work for online purchases after all. Too bad they charge the fee first and refund it 5 days later. I'd remove the neg vote if I could.

  • Naigrabzo on 06/09/2018 - 10:55

    This seems to be better than 28 degrees. Worth the switch??

    • illumination on 10/09/2018 - 23:58

      Why's it better? I'd say it's different. And don't switch. Just keep both.

      If you want to "switch" out of the 28 Degrees, the logical upgrade would be the Bankwest Zero Platinum Mastercard.

      • CyberMurning on 11/09/2018 - 10:07

        yeah those people just dont understand one is debit one is credit card.
        just ignore them illumi

        • illumination on 11/09/2018 - 10:50

          Lol why ignore? I'm trying to help..

        • CyberMurning on 11/09/2018 - 11:04

          @illumination: i believe that has been asked before

          Dwil06 on 20/08/2018 - 11:22
          Have applied for a 28 Degrees card as we are heading to the US for 3 weeks. Is this a better option? Would we load cash on this and pay with credit and also use it to withdraw cash as needed? Thanks in advance.

          +2 votes
          dragonindespair on 20/08/2018 - 11:24
          28 degrees are CREDIT CARD this is for taking local currency from ATM.
          different purposes just like apple and android.

          +3 votes
          AncientWisdom on 21/08/2018 - 03:43
          Apple and Android have the same purpose…

          +4 votes
          dragonindespair on 21/08/2018 - 07:52
          To empty our wallets….

  • islandgirl123 on 11/10/2018 - 19:43
    +1

    “ATM transactions at rediATMs will no longer be free for UBank customers. However, you'll still be able to use over 10,000 ATMs fee free across Australia.” This starts 01/01/2019 :(

  • bluesky on 11/10/2018 - 20:09
    +1

    Effective 10 November 2018, we are making changes to how Sweep functionality works. If you do not have available funds in USaver Ultra when making Online purchases, direct debit payments via UBank VISA Debit Card or making in-store purchases selecting ‘Credit’, Sweep will automatically transfer the necessary amount from your USaver into your USaver Ultra so that the transaction can proceed

    I don't quite like this change … If there is any security compromise, fraudster can go on a spending binge, and the sweep system will just allow money to be swept over from the savings account. As it stands, the live sweep is only for things like direct debit, bpay, but not for online purchases, and using card for purchases.

    Even if the bank will reimburse, where the hack/compromise is not due to our negligence, I would prefer if the opportunity/amounts are minimised and contained. Which this change will not help.

    • SomeGuyOnOzB on 12/10/2018 - 07:44
      +1

      I'd also prefer they reverse the change. More security etc
      Otherwise, there's no point in having 2 accounts. They could just pay us interest on the full amount etc

  • danielh on 12/10/2018 - 16:11
    +2

    After all this discussion I decided to go and reactivate my ING card. Now I just need to do five transactions and I'll be ok to start using it as my CBA Amex replacement from next month onwards for my overseas online spend (plus the benefit of taking cash out of ATMs overseas for no additional cost).

    • danielh on 16/03/2019 - 10:26

      5 months now and I must say that I’m very impressed with ING and with my Amex cards winding up their yearly fee free period I’m going to be relying more and more on the VISA component of my ING card for my purchases.

      I like how it integrates with my Apple Watch as well. Hopefully the uBank product does the same. Either way, I have saved literally over $1000 in banking fees due to this and so I’m very happy to recommend this as an alternative.

  • bluesky on 16/11/2018 - 20:20
    +3

    Ubank no longer going ahead with sweep changes announced on 11 October. Happy with this.

    On 11 October we announced some changes to your USaver Ultra Terms and Conditions including the Sweep functionality and how it works. Since the change was announced a number of our customers shared feedback that they preferred to keep the Sweep functionality the way it was. This means our changes are going to be short lived!

    Based on your feedback, we're going back to how sweeps worked before the change became effective on 10 November; i.e. if you don't have sufficient funds in your USaver Ultra to complete a transaction, Sweep functionality will only transfer funds from your USaver to your USaver Ultra when selecting “Savings” for in-store purchases or when a Direct Debit request is received on your USaver Ultra BSB and account number.

  • password on 15/03/2019 - 13:08

    Does applying for this cause a lookup on your credit rating?

    • CyberMurning on 15/03/2019 - 14:22
      +1

      of course no. this is nothing to do with credit. come on………….

  • crazyboy on 30/09/2019 - 13:58

    I just opened an account. Also did my verification at AusPost.
    How long will they take to confirm identity?

    Asking coz I need to open Ultra Saver account once its confirmed as system is not allowing me to open Ultra Saver as ID is not confirmed yet.

    • Yola on 02/10/2019 - 20:34

      You have nearly a whole month to sort it out. If you are opening it for saving remember you will not get the bonus rate till next month if you deposit $200 this month. If you are opening it for travel ING is much better.

  • spozbargain on 03/01/2024 - 15:24

    No way in hell should anyone join these “neo” banks, spent 3 hrs trying to join and being on call due to them having an issue with onboarding

    Was it an issue with credit check? Nope - Equifax report was fine
    Was it an issue with my cultural names (two surnames; one used for financial services)? Nope
    Was it an issue with my career? Nope
    Police check? Nope

    After multiple attempts I tried to see whether I could escalate to have my account onboarded manually by a human - nope. So effectively 3 hrs later I know some random issue happened with onboarding, and despite having all the information to have on onboarding, they cannot do anything

    If they are stuck behind robots/AI with no option for onboarding, imagine trusting them with your money!! Big no from me

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