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- tidy up some information that was out of date.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.
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.