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Macquarie Transaction Account No International ATM or Purchase Fees


Hey guys,
Just got an email from Macquarie about some changes on the Macquarie Transaction Account.
They are no longer be charging the AUD$5 fee for withdrawing cash from an ATM overseas. With the addition of zero international purchase fee which they had for a while. This make the account quite good. And their app is way better than Citibank as well!

Here’s the email.
“International ATM fee: a $5 fee applies to international cash withdrawals made over the counter or at an ATM but we are waiving this fee from 8 December 2017 until further notice.”
Edit: still got the ATM operator fee :(

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  • Do they take a margin on the currency exchange?

    • who doesn't take margin on the currency exchange? even if they don't say they do, they will earn money off you in different way

      • Well I know that ANZ charge a foreign currency fee, a currency conversion fee AND they give a terrible exchange rate (other than on their Travel Rewards Card).

        Every bank/card I've seen offering fee-free withdrawals/payments so far have been using the published VISA or MasterCard rates, which is obviously much better for us.

      • +4 votes

        "who doesn't take margin on the currency exchange?"
        Citibank Plus !!

        • Pretty sure they used the visa rates, now Mastercard. As good as it gets though.

        • @tunzafun001: I don't know, but I use it overseas about 16 transactions every year, and, until I gave up checking, it was always about the same as XE rate, and sometimes even marginally better. Even in poor Asian countries where the local money changers are very good, I always get at least 2% better than what they are offering for cash in their BEST money changers.

      • 28 Degrees Mastercard gives me very very close to the google rate for purchases in OS countries.

    • They use the Mastercard cross rate of the day

      • In their T&Cs:
        "An international transaction in a currency other than Australian dollars will be converted by MasterCard to Australian dollars. Unless the foreign currency transaction is in United States dollars, the foreign currency may be converted to United States dollars before being converted to Australian dollars. The exchange rate used for conversion is either a government mandated exchange rate or a wholesale exchange rate selected by MasterCard for the applicable currency on the day the transaction is processed. That rate may differ from the rate on the date the transaction occurred, or the date when the transaction is posted to your Account."

    • they charge you $8 each time you wish to request a charge back, obviously its Macquarie, but no decent bank charges the ridiculous fees they do

      I was charged $5 per withdrawal recently overseas plus $8 each time for the ATM operator fees in Philippines, so I'm already up to $13 just for sticking my card in the machine. Then they calculate the rate based on their exchange rate + 3% fees to them

      needless to say I have gone back to using Citibank exclusively

      • I would argue that you should've checked whether there was an international ATM withdrawal fee before doing the withdrawal and then being unhappy about it.

        $8 chargeback fee sounds steep though. Do banks even normally charge for chargebacks? But even then, surely you would've been advised at the time you lodged this chargeback?

        • I thought generally chargebacks were free unless you were found to have misused the service (like you did the erroneous transaction) and charges you $20 for it or something.

      • That $5 fee is gone now. So you would've paid the the same on Citibank and Macquarie. The only bank that rebates international ATM fees is ING.

        Macquarie use the Mastercard rate directly (no 3% fee), Citibank use their own rate, and ING use the Visa rate directly.

        • I always thought Citibank uses the Mastercard rate too?

        • @robhung: Correct, Citi use MC rates. It's impossible for a card to not, unless they are issued by a random company. There's only Visa Amex and MC in AU really (and 7 Diner's card holders of course)

        • @robhung: Mastercard does not require the issuer to use the Mastercard rate for foreign transactions.

          Note this message - https://www.mastercard.us/en-us/consumers/get-support/conver...

          The foreign exchange rate and the converted FX amount are indicative only and inclusive of the bank fee you entered. Your bank may or may not use Mastercard foreign exchange rates to bill you and may impose additional fees in connection with foreign currency transactions.

          Specifically, Maestro allows transactions to be done at the home banks rate, and when pulling money out at an ATM via SAV / CHQ, it uses Maestro.

          When I have made the same purchase using two my Macquarie Mastercard and my Citibank Mastercard Debit, they have settled at different amounts, even auth'd at different amounts, this is despite both having 0% fees.

          We're only talking about 1-2c, but Citibank rates were worse despite going through Mastercard.

        • @cynicor: Mastercard does not require a bank to use Mastercard's foreign transaction service. Most do because it is by far more competitive, but Citibank opt not to use it for USD.

        • @DogGunn:

          Macquarie's email seems to outline that when pulling money out internationally, you should press "CREDIT" rather than SAV / CHQ - I assume this guarantees you go through Mastercard rather than Maestro.

          Would it be this simple to guarantee the same rate for Citibank?

        • @robhung:
          This a was mentioned by ing as well, I have not tried both yet to see if there is a difference .

      • The name Macquarie Bank reminds me they're ruthless with fees etc in the past. Maybe they've changed their behaviour but reading your post, maybe not. I use Citibank when travelling overseas and some ATM's warn you of a fee at the beginning of your transaction, but when I check my statement later, don't see any fee at all, and the exchange rates been good.

    • I find their conversion rates are very close to the spot rate.

    • No, they don't.

  • This is good!

  • FANTASTIC news… I don't need my Citibank account now.

  • They have not updated their full T & Cs. In the fees section it still has:
    "$5 per withdrawal
    The ATM operator or service provider may also charge you a fee."

    I just want to understand whether it's:
    a) Just the $5 fee by Macquarie that is no longer charged with the ATM operator still able to charge a fee; or
    b) Total ATM fees are waived

    I have used Citibank in the past just because of the good rate and fee free at Citi atms globally.


      It’s the 5 dollar fee that Macquarie charges.
      Well I guess the down side is the ATM operator fee

      • ING are also refunding any operator fee as well as abolishing the other overseas fees.

        However they do require you to deposit $1000 per month and (from next March) use their debit card at least 5 times per month. Not an issue for me as its my main bank account.


        in the fees section.

        • Australian ATM Fee Rebate
        • International ATM withdrawal fee rebate
        • International transaction fee waiver

        Oh and they have a decent app and Australian call centres too.

    • The atm charge would still stand; someone has to pay them for the use of it, and it's not going to be Macquarie. That's why citi is good, its still their atm

  • With no international transaction or withdrawal fees, plus a significantly better website/app, Macquarie now appears to be a better choice than citibank, at least in countries where citibank ATMs are uncommon.

  • "No zero international fees" would actually make this a worse deal, since you will actually get charged international fees. ;)

  • This make the account quite good. And their app is way better than Citibank as well!

    Correct on both.

    However, for overseas use, ING's account may be better as it's the only account in Australia that will rebate the ATM operator fee on overseas ATMs.

    However, in order to get this you will need to meet their qualification criteria which will require some work in the month prior to your trip if ING is not your main bank account and/or you don't deposit your income to it. Basically, you will need to shuffle money and do a certain number of Paywave purchases.

    None of these accounts will give you the same rates you will find on XE.com. These are wholesale spot rates that you cannot get as an individual.

    Each bank uses their respective card scheme's exchange rates. They are pretty close to spot but still have a small mark-up.

    As Citibank have now switched their debit cards to MC, the exchange rates on both the Citibank & MacBank accounts should be identical.

    ING uses Visa so rates are likely to be different (not sure by how much or whether they are better or worse).

    Another important to point to remember (which is also mentioned in that email):

    When making a purchase overseas NEVER agree to have the purchase amount in the local currency to be converted to AUD. Always insist on the merchant charging you in the local currency.

    Many Aussies fall for this little trap and get charged atrocious conversion rates as a result (even worse than PayPal's).

  • For anyone interested in switching to Macquarie, if your income is greater than $4,000 per month, the Platinum is account is the one to go for. Its a bit hidden on their website for some reason, but it is there;

  • Nice.

    No need for Citibank (fee-free overseas ATM withdrawals), ING (free ATMs worldwide with qualifying pre-requisite), Mebank (fee-free ATMs nationwide with no qualifying pre-requisite) as this pretty much replaces all of them now.

    Differences I can now think of are..

    • ING waives all ATM withdrawals, including those charged by ATMs overseas. Citibank (and I assume, Macquarie) simply doesn't charge you their own fees for overseas withdrawals. However, you may still cop an ATM specific charge if the operator of the ATM charges.
    • Citibank offer fee-free international money transfers. I don't think any other bank has this.

    edit: beaten, sort of. lol.

    • LOL

      I've added the details of the ING requirements

    • The upside for Citibank for me still is it's completely fee free for their international ATM network (although sucks in Japan as they sold their operations there).

      • You're referring to Citibank branded ATMs right? I believe these would still be free with ING and Macquarie, because I don't think these Citibank ATMs charge a fee to anyone.

        Oh, here's another advantage I can recall of them though.

        Using a Citibank card with a Citibank ATM shows you the exact rate that you'll be charged, as well as the exact AUD amount to be deducted from your account.

      • You don't have to use Citibank ATMs. Any ATM without an operator charge will do. There's plenty of those in Japan - at 7-11s and Japan Post for a start.

    • Citibank's intl transfer rates can definitely be hit or miss sometimes.
      Got a better rate with OFX quite a few times instead of using Citibank.

      Right now, the rates are pretty spot on.

      • Sort of agree. Advantage is Citibank can be transferred directly from their bank account as opposed to OFX which (I believe?) requires you to transfer the money in before you can transfer. That plus I recall OFX still charge you a (small) fee. Of course if the rate is better and the fee is small, it's possible that OFX may still be the better option.

  • For anyone considering macquarie:
    Inter account transfers take up to 48 hours.
    Transfers to their own credit card take up to 48hours.

    They are fun to have when you’ve had other banks that transfer money instantly.

    Within 6 months - it’ll be 2 years too long with them and time to leave me thinks.

    • Are you sure about this? I have the Macquarie platinum transaction, credit card and home loan account and I can move funds between each account pretty much instantly. Inter-bank accounts depends, usually 24hrs I find.

      • They are always 24-48 hours.
        Friday afternoon 1pm BNE time - transfer Savings to CCard - arrival Tuesday 12am. - WHAT THE FURK??

        Scenario #2:
        If I transfer Monday afternoon savings account to line of credit payment - it gets there Wednesday morning 12am. ANZ never took that long.

        Ok - if I pay 6am monday - its there 12am Tuesday thats within 24 hours - but how many times you run out of money on an account/ccard before you get to the shops.

        This happens EVERYTIME I TRANSFER.

        Ok then - so what is different about your accounts to mine?
        Ive got 2x mortgages, a Platinum CCard and a line of credit.

        EDIT: I just checked - 2x of my accounts are "Basic Flyer" accounts with a Platinum CCard. Apparently even with the basic account I get charged at rediATM $2.50 per transaction.


        • Dunno naphman, but that sounds sucky if it's not going straight away within Macquarie. Works instantly for me via a browser and the app.

          I have the following products:
          Macquarie Platinum Transaction Account
          Hilton Macquarie Platinum
          Basic Home Loan

          Have you tried contacting Macquarie about it?

        • @Penro:

          Not lately - I gave up a year ago when it cheezed me off. (Also back when their app was REALLY bad - I do agree with the comments here that the App ROCKS now)

          I'll have to call them…yea….



    • I've been with them for about the same duration. I've never had transfers take 2 days. They are as quick (if not quicker) then ING are for me.

      No banks transfer money instantly to other Banks. Not until the NPP comes on January 26th 2018. Which Macquarie are apart of.

      Overall for a transaction account, they are the best I've come across. Brilliant apps and online banking. 24x7 customer service. Good looking cards available. Hard to fault.

      Their savings account could definitly be better, but it's not terrible.

    • Huh? This is not true. I have my mortgage, platinum account and credit card with Macquarie.

      All transfers internally are instant.

  • Their app is really great. Can recommend.

  • Can anyone comment on the sexxyness of the actual card? Citibanks is quite nice…

  • +16 votes

    I still recommend Citi. For those who have Citi accounts, try to use Citi ATMs abroad for 2 reasons:
    - Citi withdrawals from a Citi ATM seems to be processed internally, the FX rates are extremely good
    - All Citi ATMs waive the operator fee

    I know ING refunds the operator fees, which is good, but you need to meet the conditions and the FX rate would not be as good as Citi withdrawal from Citi ATM. A Citi and ING strategy would work quite well though I would think.

    To illustrate:
    - I am in Singapore now. I just withdrew S$3,000 this morning, costing me A$2,905.31. This is a FX rate of 1.0326 - simultaneously I checked Google and it was showing the FX rate as 1.0320, which would be a mid-market rate (the rate in between the buy/sell rates). No one is going to give you a 0.06% spread on the mid-market rate.
    - Earlier this year, again when I was in Singapore, I withdrew from a DBS ATM when the rate was a bit better - from DBS I got about 1.06. I did a Citi ATM withdrawal 10min later, I got 1.07. I presume the difference is that DBS would have processed it through the Visa network, and while Citi (or any other bank) would not add their own fee on top of the Visa/MC FX rate, Visa/MC themselves would have incorporated a small spread on their rates.
    - Someone mentioned being in the Philippines and hacing to pay operator fees. All Philippines ATMs cahrge foreign cards a P700 fee (it is the same for all ATMs, I am unclear if this is just a bank thing or a regualted thing). The only exception I have heard about is Citi withdrawals from Citi ATMs.

    Hope that helps

  • ING does this as well. Plus, if you deposit $1000 per month, you will not have international ATM fees as well (first month is excluded, this applies after the second month).
    I used this on a recent trip to NZ and it worked very well (I did not pull out cash though) and i got close to market rates on the exchange

    • I'm going to Fiji on the 11th next month. So can I deposit $1000 now and withdraw the next day, then deposit again on 1 Jan, would this qualify me?

      • Yup, this should do fine. Use the referral system when you open an account - you'll make some money off it too (upto $100)

  • +1 vote

    I've got a number of bank accounts trying to take advantage of deals, wish it were as simple to close them as it is to open them

  • Wait so when I withdraw from an international ATM is there a $5 fee or not?

  • Doesn’t this belong in the forums?

  • Macq faster than Citibank to process transfers in from other banks too.

  • I used this Macquarie on my recent overseas trip to 5 countries. And I am very satisfied with the facilities. It was in October that I have to withdraw cash in Vietnam and they didnt charge the withdrawal fee.

  • Citibank has been great in Japan, it works at ATMs in 7 eleven, the rate is also petty good.

  • +3 votes

    The proof of the pudding is in the eating. I will stick with Citibank Plus until this has been tested over a long period of time, and also until someone can show me the advantage of this over the Citibank Plus.

  • Macquarie Platinum has extra benefits of Purchase Security Cover – Theft or Damage of Eligible Items for ninety (90) days after purchase. Will this be applicable to mobile phone bought via 24 months phone plans since full payment for the phone set is not made initially?

  • Will switch back from ing when they start supporting aus post cash deposits.

  • I've used Citibank Plus in 5 or 6 different countries with no issues, most of the time no operator fee, what is the benefit of the MQ card over the Citibank?
    Faster deposits is a plus but not enough for me to want to switch.

    • +1 vote

      Significantly better app is the real seller, being able to lock the card or even having apple pay or android pay is already a plus, and as mention above, there are a few free ATMs in various countries for example as mention above in Japan, Japan post and 7-11 in Japan are free to use for all. And apparently citibank ATMs don't charge a fee to ING or Macquarie. I have yet to personally try this my self. Btw the app also provides notifications for credits and debits in the account which I really enjoy. Maybe this can be a backup card?

  • Edit: still got the ATM operator fee :(

    Please edit the title

    • +1 vote

      I don't see an issue with the title?
      As nearly all cards get charged ATM operator fees, Same with Citibank if you don't use their ATM, however, in various nations there are some ATM operator that don't charge a fee like in Japan 7-11 for an example. That edit was to inform people that all ATM are not entirely free to use. the title is correct as it informs people that there will be no bank fee from Macquarie for international ATM withdrawal in which nearly all banks charges ($2-$5) and no currency conversion fee which nearly all bank charges(2%-5%).

      • ok got it, sorry! I read the post thinking you later found out there is still an ATM fee and edited in. Forgot the distinction between bank fee and the ATM's own fee.