• long running

Macquarie Bank Transaction Account - No Fees for Everything - Access to Platinum Benefits - 0.35% p.a. Interest on Full Balance

1520

Macquarie Bank used to offer two types of transaction accounts, the (no frills) Transaction Account and the Platinum Transaction Account. From 2 April 2020 there will only be one type (to be called Transaction Account), all accounts will have access to Platinum benefits, and the $4,000 monthly deposit requirement for Platinum benefits will be waived.

Platinum benefits include:

All fees have been removed from Macquarie Bank Transaction and Savings Accounts since 23 March 2020. Previous paid services are now free. These include:

  • international cash withdrawal, international funds transfer and Real Time Gross Settlement (RTGS) fees
  • voucher request, special clearance and bank cheque fees
  • chargebacks, investigation fees and requests for historical or reprint of statements
  • (other financial institutions, such as the banks of international merchants and international ATM operators, may charge you fees)

The Transaction Account pays 0.35% p.a. interest from 23 March 2020 on full balance. Previously it paid no interest for balance below $5,000.

Don't forget:

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Comments

  • +3 votes

    The grey looks so nice though :(

  • +18 votes

    I don't use it as my main account but I love using Macquarie overseas, it's very nearly as good as Citibank and if you can find fee-free ATMs to use it with, it's better (gives you real-time updates on the app when you withdraw money, telling you the exchange rate etc).

    Used it in Japan (using 7-Eleven ATMs) and Vietnam (mainly using VPBank ATMs) and withdrawals were all fee-free.

    • +5 votes

      I've been using Macquarie over Citibank for this as the push notifications are really helpful.
      I also find that transactions take a while to appear for Citibank, which is unhelpful for verification transactions.

    • +1 vote

      Thought the fees got embedded into the withdraw when using ATM overseas.

  • +2 votes

    just wondering… what do "concierge services" do?

  • +15 votes

    Wish they would hurry up and let you make real-time payments to other banks. Currently you can receive but not send payments over the NPP… Slow as a wet week to get it properly finished.

    Tempted to move back to ING, wouldn't be too much effort, only thing is ING has crappy notifications.

    • -2 votes

      If you like the account and don't want to get rid of it, you could sign up to Beem It, have instant payments. Best of both worlds. Obvious downside is that the other party needs to also have Beem It.

      • +1 vote

        That seems like a pointless/redundant service as the whole point of NPP is it is bank-neutral and you can just send to mobile numbers without having to sign up for a third-party service.

    •  

      You can do it the old way if really needed via RTGS since it's now free.

    • +1 vote

      Raised this with someone on the phone from Macquarie and they joked that maybe they just want you to move money in but not out!

  • +6 votes

    It is worth getting this for the cost free access to discounted gift cards for those who don't get Suncorp benefits. (I think)

  •  

    Cards MasterCard or visa?

  • +3 votes

    Is this now the best Debit Travel card? Seems to be slightly better than citibank.

    • +3 votes

      Can highly recommend. The push alerts and the low fees make it hard to beat.

      In fact, it's the only reason I keep a Mac account.

    • +9 votes

      ING is better if you meet the criteria ($1000 deposit, 5 transactions) because it rebates the international ATM operator fees too.

      •  

        Would agree if you need ATM withdrawals overseas ING wins but if you don't Macquarie is pretty good.

      • +2 votes

        Anyone travelling (when that is allowed/ a good idea again) should have at least two accounts, at least two cards to guard against loss/theft, possibly three. ING and Macquarie are a good pairing.
        It might be a good opportunity during this downtime to set-up arrangements/planning for future adventures.

        • +1 vote

          The big banks have known for a long time the average person can not be stuffed changing.

        •  

          Make that three. I have ING and Citibank, and had one of them not working in at least a few countries. I'm applying for this now.

  • +1 vote

    Do Macquarie also rebate/waive international ATM fees like ING?

    • +4 votes

      Macquarie doesn't charge, but it doesn't refund international ATM operator fee, only domestic. ING refunds domestic and international.

      Fees summary

    • +2 votes

      ING is the only one reimbursing international ATM operator fees.

      •  

        ING aren’t the only ones reimbursing international ATM fees, CUA do this as well.

        • +3 votes

          Every time someone brings this up nope find print clearly states it's only the fee they would've charged not the foreign operator fee. Trust me it's only ING.

          *A CUA fee rebate will be applied to your Everyday Snap Account on the first day of the next calendar month for all CUA Visa Debit International Transaction Fees, CUA Overseas ATM Cash Withdrawal Fees and CUA Overdrawn Fees debited during the current calendar month only if the following criteria are met: A. there is a deposit of at least $2,000 from a non-CUA bank account to your Everyday Snap Account prior to the last day of the current calendar month, and B. at least 5 Visa Debit card purchase transactions (card present and non-card present transactions but excluding ATM withdrawals, balance enquiries, [email protected] transaction, cash advances and EFTPOS cash out only transactions) are made on your Everyday Snap Account and are processed and not at pending status prior to the last day of the current calendar month. International non-CUA fees may apply.

          I've got all the relevant bits in bold.

          •  

            @Kyle-K: Oh you’re right.

            Dang, talk about misleading.

            • +1 vote

              @Wuffybrother:

              Dang, talk about misleading.

              Given it pretty much comes up all the time now it's definitely pretty misleading in my opinion. Not to mention I can definitely see the way they have written it plus marketing is definitely misleading in my opinion as well.

              It also helps if you're well aware of ING's offering. I much prefer people hear about it from me then sign up and go overseas and find out the hard way. Not too much of an issue at the moment though.

              Regardless given what they offer there's much better accounts that don't make you jump through hurdles to do so like the Macquarie account.

              You definitely want to make sure you meet your monthly requirements over at ING too or they will start charging you fees as well some of which Macquarie don't make you jump through hurdles to receive.

              The ING account only has one benefit that no other account offers which is the ATM international fee reimbursement on operator fees hence why I only warm ING up for travel.

    • -1 vote

      not sure what everyone's on about, I've never been charged ATM fees when withdrawing overseas on their local bank ATMs. great exchange rates too.

      • +5 votes

        It varies by country. I think Thailand is the worst? They charge a local fee of $10 (200 baht) to use an ATM with a foreign card. Even if you have a card with no international ATM fees, it's a local charge so our banks can't avoid it. The only bank currently providing a refund on this type of fee is ING. On my last visit to Thailand ING refunded around $200 in ATM fees (I was there for 28 days).

        •  

          Most of the ATMs now charge 220 baht ($11), and ING is the only one refunding the fees, although I think their exchange rates are a little bit worse than Citibank. If you need large amount of money, you can try Citibank directly in person in a bank branch, I used it to get money at a Krungthai branch in Ko Samui without any fees. BTW you need 5 transactions the previous months for ING, and the supermarket transactions in Thailand at places like Tesco or bigC are OK for this.

  • +2 votes

    If you already have a transaction account with them will it receive platinum benefits now?

  •  

    2.65% p.a. for saving account in the first 4 months. overall good offer.

  • -2 votes

    Could someone please explain the point of a transaction account?

  •  

    Used in my last travel and no international ATM fees, guess currently best for overseas.
    Now on top of that platinum benefits.

    • +7 votes

      Depends on the country. I've been to plenty where ATM operator fees are common and those don't get rebated like with ING.

      •  

        How can you tell the difference between no overseas ATM fees and operator fees?

        • +2 votes

          One is the fee charged by your bank for using an overseas ATM and the other is the fee charged by the overseas bank for using their ATM. They are usually levied as a separate fee that you have to agree to when making the withdrawal, just like those no-name ATMs here in Australia. Sometimes there will be fee-free ATMs if you know where to look but the US, Thailand, Germany, UK, etc, usually have operator fees. So with ING, you'll see this charge on your statement and then a rebate for that amount. They are the only ones that rebate this fee which is great when you're travelling as you don't have to use any specific bank ATM (assuming that there is even a fee-free one), you can just use any of them.

          • +1 vote

            @dazweeja: This is huge. It's usually the international bank slugging you that sucks. And turns out I already have an Orange Everyday from a past life when I have been rate tarting.

            I won't use it as my everyday but if I have an overseas trip coming up (I'm sure we'll have international travel back sometime this decade) then I'll use my card five times before then. Page says "Offer will apply for the next calendar month when you perform the following during the current calendar month" https://www.ing.com.au/everyday-banking.html?pid=vis:blueban...

            I love OzBargain!

  •  

    Why not take their 2.56% account? Money from heaven!

  • +2 votes

    Bank is so slow to process transactions and credits. Not worth it.
    Waiting an extra day for my wages vs everyone else made me switch back to my old bank pretty damn fast.

    •  

      Mine arrive same day (from NAB) and before others banking with some of the big names.

  •  

    Macquarie or Ubank? Which one is better?

  •  

    There’s been good deals on macquarie bank stock this last few weeks.

  •  

    They don't support outgoing PayID.

  •  

    Would a platinum debit card get sent after the upgrade?

    •  

      See the product page for Transaction Account for a photo of the card. The Platinum branding is retired.

  •  

    international cash withdrawal, international funds transfer and Real Time Gross Settlement (RTGS) fees

    Wait, I thought macquarie don't have any international transfer feature. In the internet banking it simply points to OFX.

  •  

    Does this work with Google pay? I have been switching between Samsung and Google pay, I like Google better as you don't need to use fingerprint. but Citibank doesn't work with gpay so looking to switch when I cancel AMEX.

  •  

    what do you need to do to activate the travel insurance?

    • +8 votes

      Uhh, be careful, I don’t think it is travel insurance in the usual sense, it is assistance. They won’t cover medical expenses. It’s basically “we’ll help you find a doctor and arrange some transport in some circumstances.” You won’t be covered for hospital expenses. It’s really just like a concierge hotline who will google the local clinic for you.

  •  

    so should we wait until 2nd april to sing up?
    or 8th ma?

    •  

      Feel free to sing anytime. We need more joy during this troubled time.

      There is nothing you can do about the forthcoming changes, so sign up whenever you wish.

  •  

    bravo macquarie!

    they also recently increased the interest rates they pay on transaction & savings accounts:

    Your new interest rates

    Savings Accounts:

    We’ll pay 1.35% p.a. on all balances up to $1,000,000. Previously on balances below $25,000 we paid 0.35% p.a. – that’s an increase of 1.00%.

    On balances $1,000,000 and above, we’ll now pay 1.05% p.a. Previously we paid 0.35% p.a. – that’s an increase of 0.70%.

    Transaction Accounts:

    We’ll pay 0.35% p.a. on all balances. Previously on balances below $5,000 we paid 0% p.a. – that’s an increase of 0.35%.

  •  

    I have to revoke my + vote.

    I opened an acount with this clowns, and it was closed next day without any notice or explanation. I have already transferred my savings, WTF Macquarie Bank!
    Called them, the solution team was offline. Now need to chase my money.

    • +2 votes

      Wow that sucks big time. I can understand your disappointment and anger. Luckily tomorrow is still a workday to let you resolve the problem. Do keep us informed when you found out the reason they closed your account, so we won't make the same mistake.

    •  

      That sux. I opened two accounts, myself and one for the wife and it was seamless. Also debit card was in the physical mail the next day!
      Notification on their platform is quick. i.e. I linked the account in Paypal and they put two deposits for verification. Other banks took at laest 12 hours for it to show up. MQB account showed up in 10 seconds.

      •  

        I actually got access to account with in 10 mins of opening and then linked my PAYID as well.

        The next day, the app notification said PAYID is removed. I tried to login and it didn't allow. Password resest didn't do anything either; only to find out by rep that account is closed.

    •  

      Holy crap. Let us know what happens please.

    •  

      Called the bank today, I was put on hold for 15 mins and told it was a business review decision• I call that bullsh**t. They must have some other sh*t in their system that automatically close the account based on certain criteria.

      I have excellent credit rating (no debt, no default), never had any major dispute with any organisation that would flag me, no international transfer that could make me any potential business risk.

      I wonder what their system is basing their decision on. They just shoved me off with 3 words "business review decision". Couldn't say any further than that even when I pressed for it. I was also informed they have not received my money and that it will get refunded within 2 business days if bank received it.

      I checked some reviews and few other people had reported the same issue with MQ.

  •  

    what are the actual benefits of opening this account??

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