ING Orange Everyday FX Rate Overseas Vs Wise/OFX (to relative local account)

WillKillfor5Cents on 09/07/2022 - 01:14
Last edited 09/07/2022 - 01:14

Hey guys, tried to search around the forum but not having any luck on the relevant subjects due to my particular circumstances.

I am about to travel to overseas and I have relatives whom I can trust to transfer money to (to their local bank account and withdraw from their local ATM free of charge).

The only thing that I'm trying to figure out is: Will I be able to get better rates overall by using my ING Orange Everyday to withdraw from overseas ATM myself? Or will I get much better rates doing Wise/OFX transfer to a relative account and withdraw there?

I tried to find FX rates applicable for ING Orange Everyday ATM withdrawal, but not having luck anywhere! I was wondering if anyone had done some comparisons before?

Thanks heaps!

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Comments

  • [Deactivated] on 09/07/2022 - 04:18
    +1

    ING offers ATM rebates which could be quite significant depending where you go, I once seen 10EUR per withdrawal in Austria and it was the only ATM within 50km radius. So you might lose some percentage point or two on exchange rate but win on ATM withdrawals.

  • ddhar on 09/07/2022 - 10:53
    +2

    Stick with ING. Their FX rate has always been good and the convenience of withdrawing exact amounts from an ATM (for no fees!) cannot be underestimated.

    On my recent trip to Fiji, I was short FJD$20 for my taxi ride to the airport. I told the driver to wait while I ran into the terminal to withdraw the small amount of notes. Ridiculously easy!

  • WillKillfor5Cents on 09/07/2022 - 12:10

    Thanks guys for the input. Just wondering, since this is a VISA debit card, is the below the correct rate applicable if I use the Orange Everyday account?

    https://www.visa.com.au/travel-with-visa/exchange-rate-calcu…

    • ddhar on 09/07/2022 - 19:54
      +1

      It's hard to know exactly when your transaction clears (and hence the spot rate). The effective rate should be close to the published rates though.

      How much money are you looking to exchange? For amounts under $10K, it's doubtful any movements in FX rate will see any meaningful FX gain/loss.

      • WillKillfor5Cents on 10/07/2022 - 10:45

        Around $15k. Wanting to pay for parents vacation too. That's why I thought I better maximise the situation haha

        • Autonomic on 10/08/2022 - 16:13

          Are you going to withdraw $15k in cash or pay via the credit option? I'm fairly sure both just use the visa exchange rate either way.

    • WookieMonster on 10/07/2022 - 00:17
      +1

      Yep, that’s the calculator used by ING.

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