If I had to choose between Up Banking and Macquarie Bank, which one would you choose.
The main thing I care about is fees, overseas transaction/withdrawal and transfer speed.
Thank You
Up Bank Vs Macquarie Transaction Account
sandy180 on 12/05/2021 - 18:43
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Perfect, thank you
Macquarie does support Osko
It doesn’t: https://osko.com.au/osko-your-bank
They have PayID, but not Osko. The fast payments only work with a very limited amount of other banks without OskoApologies, I thought that all banks with payID also used Osko fast payments
@Timbo94: That’s how it should be, it really shouldn’t be this difficult for them all to implement it so I don’t know why banks like macquarie just basically refuse to
Macquarie supports SCT fast payments. You can see which other banks support SCT - you will be able to fast payment between these banks.
https://www.notion.so/7d612d9c52d4479785d4237cb8bd772a?v=8f0…
Yeh but Macquarie has no ATM fees for all ATMs in Australia. Beat that !
Just so people reading this thread in the future are aware, Macquarie does now support Osko.
Neither. Get ING Direct and thank me later. If you clear 5 transactions a month and deposit $1000 (can withdraw it later if you want), it gives you:
- No overseas transaction fees
- No account fee
- All ATMs are free, anywhere in the world with all charges refunded
- Excellent Web banking and mobile app
- Apple Pay and Google Pay
- Osko with PayID
But places like Ubank, Macquarie and Up Bank does not need to deposit any sort of amount to waive the overseas transaction fees. Which I feel is a big disadvantage from ING.
Sure but I feel it's a minor inconvenience. I just have my pay deposited there. To each their own I guess.
- No overseas transaction fees
- No account fee
- All ATMs are free, anywhere in the world with all charges refunded
- Excellent Web banking and mobile app
- Apple Pay and Google Pay
- Osko with PayID
Up bank has all these, they also don't charge for ATM withdrawals (overseas included), however, they don't refund international ATM fees. Not that anyone will be using overseas ATMs for a while. You also don't need to jump through a bunch of hoops to get all this.
let say if I was to go overseas in the near future and was to focus on atm withdrawals fees. Would you consider Ubank as an option or still stick to Up Bank.
I think you meant ING?
I would still stick to Up, but the month before I go on holidays, I'll meet the criteria required on my ING account (which sits dormant in case I need it) and then use it for ATM withdraws and only ATM withdraws while overseas. Any other transactions go on my 28 degrees.
@[Deactivated]: Sorry, just been looking at Ubank account as well. So just wanted to get your idea about whether joining either Ubank or Up Bank, would help with the atm withdraws. Or is ING that best for overseas usage.
Fair enough. I got my ING account before Up existed and am used to it now.
Does Macquarie not offer all these as well?
You forgot the new ing requirement…
Is this about the savings account's need to have a increasing balance month to month? That's only for savings, not transaction accounts.
Macquarie has a great Marketplace for discounted gift cards - not as good as Suncorp, but better than nothing
Macquarie one seems to have daily limit of $1500 but you can do this everyday and funded with money in account, suncorp has this annoying diffent limits depending on the card. Daily, weekly , monthly, yearly limit exist in some gift cards.
Macquarie locked my account all of sudden lol, was trying to get some fuel in the middle of the highway just to found out my main account got locked completely without any notice from them. Called customer service and been told that they need to ask account management team about this issue and they still saying that my account got ~flagged~ for some reasons and it will took about 3 business days to recover.
Up supports Osko while Macquarie doesn't. End of thread.