ING Bank Dropping 5 Free Overseas ATM Withdraw Benefit

Lchiwi on 15/04/2023 - 20:24
Last edited 17/04/2023 - 14:37 by 1 other user

Beware for those wishing to use this benefit for free overseas ATM withdraw using your ING ATM card. I’ve just been advise by ING that they are dropping this benefit from 17th April.

I am flabbergasted by this news since I have yet to see any formal announcement from the bank! According to the rep on the phone tonight she said it is coming. I’m like but that is 2 days away!

Mod: 17/4 - Updated information.

"Effective 1 August 2023" that "There are no rebates available for international ATM operator fees."

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Comments

  • deme on 15/04/2023 - 20:33
    +1

    This is huge if true. Perhaps the rep meant they will announce it in 2 days

    https://www.ing.com.au/everyday-banking.html still says it

  • ddhar on 15/04/2023 - 20:38
    +3

    That's going to ruin my plan for June. What would be the next best alternative to ING?

    • aidenh37 on 15/04/2023 - 20:45
      +5

      Westpac Group Worldwide Wallet - available from Westpac, St George, Bank of Melbourne and BankSA, it is a prepaid currency card however you can use it just with AUD to avoid paying international transaction fees. Use at Global ATM Alliance ATMs to avoid international ATM fees (as compared to debit cards).

      Macquarie, Bankwest, Up, ubank, countless others all have zero international transaction fees, many also have zero international ATM fees.

      ANZ Plus is an odd one where there is a 3% international transaction fee, however I have confirmed with a Coach before that there is no fee for using international ANZ-branded ATMs (eg. New Zealand, Fiji).

      • BigBoy47 on 16/04/2023 - 00:49
        +13

        That Westpac card uses their own exchange rates with a commission about 3%, so just as bad as cards with int'l transaction fees. I can vouch for Up and ubank though, as well as Wise (some fees but lower rates) and Revolut

        • aidenh37 on 16/04/2023 - 14:38

          Is that exchange rate used when the only currency loaded is AUD?

          • SeaWolf au on 17/04/2023 - 14:39

            @aidenh37: No, in that situation the Mastercard rate would be used.
            https://www.westpac.com.au/content/dam/public/wbc/documents/…
            See page 22 which outlines what happens when you haven't got enough of a particular currency to do the transaction.
            So as long as you only ever load and hold AUD on the card then the Mastercard exchange rate will always be the one that gets used. The Westpac rate is only used if you want to convert currencies that are then held as a balance on the card itself. E.g. You have an AUD balance on the card and want a EUR balance on the card.

      • Loopholio on 16/04/2023 - 11:25
        +1

        Do Citibank still offer free cash withdrawals from Seven Eleven ATMS in the USA? They did eight years ago when I went over seas.

      • Fx180 on 17/04/2023 - 11:33

        Great suggestions. Gonna look into that Westpac card.

        So are we shit out of luck now? Are there no other Aussie banks that offer a rebate for international ATM operator fees?

        • Castcore on 17/04/2023 - 12:55
          +2

          I'd look into "up" or "ubank", those are the two I have used for overseas stuff and they use the mastercard mid-market exchange rate or the visa mid-market exchange rate respectively. Neither haves fees for international transactions or fees for atm withdrawals unless the atm itself charges a fee.

          The Westpac card will use Westpacs exchange rates which will have the fees from the "no fees" built into it. For eg (as of me checking right now). $1000 of AUD gets you $645 USD with Westpac and $681 USD with the other two (save like $53 AUD).

          • SeaWolf au on 17/04/2023 - 14:49
            +3

            @Castcore: Note that the Westpac exchange rate is only used when converting balances on the card (e.g. you have an AUD balance and you convert it to a EUR balance) otherwise, if you don't have a balance in the applicable currency, it uses the Mastercard exchange rate. So if you only ever have AUD on the card it will always use the Mastercard rate.
            https://www.westpac.com.au/content/dam/public/wbc/documents/…
            See page 22 of the PDS, which outlines which rate is used and when.

            • Castcore on 17/04/2023 - 15:22

              @SeaWolf au: Oh that's good to know thanks! Why would anyone ever use the card to convert the currencies then?

              • SeaWolf au on 17/04/2023 - 15:27

                @Castcore: @Castcore The only reason I can think of is if you wanted to 'lock in' the exchange rate, like if you thought it was going to change for the worse or if you were on a tight budget and wanted to be sure exactly how much spending money you're going to have.

            • iceteacake on 18/04/2023 - 12:28

              @SeaWolf au: If I use AUD on the card to purchase goods tap & pay etc. will I be charged fees/commission despite it is in AUD?
              Will I be charged commission/fees to withdraw cash from an international partnered ATM if the currency is in AUD and not the converted currency?

          • wannagrababargain on 24/04/2023 - 17:10

            @Castcore: This is the problem, where the ATM charges an "Operator Fee". ING would also refund that fee. I have been refunded 5USD ATM fees on top of the rebate for the FX transaction, it was sweet while it lasted.

      • bdl on 17/04/2023 - 17:52

        Thanks for heads up re Westpac - opened an account today online, was pretty much instant because I had an account set up in the past. Used a few Shopback birthday/Westpac gift card deals to make it worth my while!

    • DrScavenger on 17/04/2023 - 12:16
      +2

      Revolut

    • currentfad on 17/04/2023 - 12:22

      You're fine, seems to be in action from August

    • KanTakahashi on 17/04/2023 - 16:15
      -1

      Citibank, Up, HSBC

  • iNeed2Pee on 15/04/2023 - 20:48
    -3

    Where did you get this information from?

    • askbargain on 15/04/2023 - 20:54
      +2

      second last sentence

    • deme on 15/04/2023 - 20:54

      I’ve just been advise by ING that they are dropping this benefit from 17th April.

      • iNeed2Pee on 15/04/2023 - 20:55
        +2

        You can still apply for a card right now with that feature allowed. I will take this seriously when a link specifically comes from the bank itself. For now, hard to believe they would scrap something from Monday when the website is still showing otherwise.

  • HardQuiz on 15/04/2023 - 20:56
    +6

    If true, this is a big deal.

    I enjoy withdrawing cash from any ATM overseas without having to worry about fees at all.

  • prisonmike on 15/04/2023 - 21:01
    +2

    Next option is ubank then.

    • idonotknowwhy on 16/04/2023 - 22:21

      Is that 0 atm fees o/s?

      • Tleyx on 04/05/2023 - 15:16

        Was charged fees in Europe last year

  • iNeed2Pee on 15/04/2023 - 21:18
    +3

    I just spoke to ING.
    Yes it is coming in, but it is not coming in from April 17th..The rep has stated to me that this information will be given shortly, and that the only thing that will not be rebated back into our accounts are that of the operator fees.

    • deme on 15/04/2023 - 21:20
      +3

      That sucks that's the whole point of it

      • iNeed2Pee on 15/04/2023 - 21:25
        +5

        I was also told it may be coming into affect in like August…(hopefully that is true, but cannot guarantee)

        I return from my trip 1st of July, so for the love of god be after that date 😂

        • currentfad on 17/04/2023 - 12:25

          What the rep told you seems correct per the updated Schedules

  • deme on 15/04/2023 - 21:22
    +16

    Someone should post this on /r/australia so the lazy people at news.com.au will write about it

  • chiwi on 15/04/2023 - 22:08

    I literally just called them tonight. Reason being is we are travelling overseas in June. I am hoping she is wrong about the info as I couldn't see anything on the website either.

  • plmko on 15/04/2023 - 23:18
    -1

    Very little benefits in using them. Sure they have high interest rates but it's only for a small balance.

    • idonotknowwhy on 16/04/2023 - 22:25
      +6

      Yep, they used to be great, but slowly adding more hoops and removing features.

  • jizmo on 15/04/2023 - 23:18

    if there was some truth it would be end of month cut off

  • TheMindsetTraveller on 16/04/2023 - 00:23

    Wow, this was a very useful benefit in our situation. Sad to see it go :(

  • bdl on 16/04/2023 - 01:10

    One alternative is to hunt down HSBC ATMs with a HSBC Everyday Global Account? https://www.hsbc.com.au/accounts/products/everyday-global/ and page 37 of https://www.hsbc.com.au/content/dam/hsbc/au/docs/accounts/tr…

    (Hopefully there's more HSBC ATMs than Citibank ones!)

    • aidenh37 on 16/04/2023 - 14:41

      Not sure why you're being downvoted - similar to Westpac's Global ATM Alliance access, this is pretty handy.

      • bdl on 16/04/2023 - 15:54

        Me either, I was just trying to suggest an alternative if ING takes it away. HSBC ATMs seem to be only in UK and South East Asia, but still better than nothing.

        Thanks for the heads up - will take a look at the Westpac ATMs (https://www.westpac.com.au/international-travel/access-money…) - this and Westpacshopback deals may lead me to opening an account.

  • stwongy on 16/04/2023 - 03:41
    +2

    bruh this is honestly upsetting…ING fee free withdrawal has been so helpful when travelling overseas

  • double_J on 16/04/2023 - 09:03

    Is it only for ATM withdrawal? What about being used to pay/tap while overseas?

    • chiwi on 16/04/2023 - 09:54

      I didn’t check. I use 28 Degrees for overseas purchase to avoid transaction fees.

      • bdl on 16/04/2023 - 13:21
        +1

        I've had times in Thailand where the 28 deg won't work but the ING will (for tap/pay).

        • od810 on 17/04/2023 - 14:19

          I use CBA ultimate, get 1.2 qff points or 3 reward points and no fees. Not bad at all.

    • Mugsy on 16/04/2023 - 16:27

      That would be international transaction fees. We'll have to see if they still don't charge these. If they start charging them, ING will literally be a 'make 5x transactions at the start of the month and then put in top draw until next month' type of card… just to maintain the high interest rate.

      May as well ME Bank for 100% rebated domestic ATMs or Macquarie Bank.

  • Lunarboogie on 16/04/2023 - 09:41
    +6

    This is crushing news. I've lived overseas on various assignments for 6 of the last 14 years and this feature saved me a shedload. RIP ING.

    • Sidor on 16/04/2023 - 11:24

      After using ING card overseas for 6 month for both ATM withdrawals and purchases, ING closed my account with no explanation provided.

      • YesPleaseThankYou on 16/04/2023 - 12:32
        +4

        ING Bank is despicable for debanking people without providing an explanation or ability to appeal its decision.

      • Lunarboogie on 16/04/2023 - 16:12

        That's terrible. I used the card regularly for three years in Malaysia and never had a problem.

  • mitty on 16/04/2023 - 13:11
    +4

    Will they also add another critieria to get the Savings Maximiser interest rate, eg "make at least five cups of tea during the month as well as dancing the heal and toe polka with a person of indeterminate gender"?

    • idonotknowwhy on 16/04/2023 - 22:22
      +1

      This is why I moved to Ubank after they had that ^ during stage 4 lockdowns and screwed me out of the bonus interest.

  • bobbified on 16/04/2023 - 13:29
    -7

    I don't have this ING account and I don't recall the overseas transaction fees being anything significant in the whole scheme of things (in some cases in asia, I was paying $2 or $5 per transaction on a regular CBA account, excluding the shitty exchange rate).

    But some of the comments here make it seem like it's going to be the end of the world.. am I missing something? how much are people saving in fees per transaction?

    • askbargain on 16/04/2023 - 13:42
      +3

      Depends which countries you go to. 3-5% of 1000 is $30. Up to you to value if $30 is much to you

      • bobbified on 16/04/2023 - 13:58

        That does sound like quite a bit. I usually only use my aussie cards if I run out of the physical cash I've brought over, so it hasn't been too bad in that situation, I guess.

        • askbargain on 16/04/2023 - 15:08
          +2

          Free atm withdrawal rates are much better than currency exchange

    • bdl on 16/04/2023 - 15:51
      +1

      It's the ATM fee (which gets charged in addition to the transaction fee) which can be brutal (eg. in Thailand) - this is what ING used to refund (but may not be in future)

    • Lunarboogie on 16/04/2023 - 16:15

      It also depends on how frequent you travel abroad. For me, it's monthly so the savings are in the hundreds of dollars each year. Between you and me, I'd rather that cash in my pocket than theirs.

      • bobbified on 16/04/2023 - 16:46

        Is (or Was) it 5 free each trip? Each month or each year?

        • techlead on 16/04/2023 - 16:48
          +1

          I think it still is, 5 free withdrawal per month. I used it on an overseas trip earlier this year. Its great they not only not charge you fees, but also refund the operator fees too. Must have been costing them a pretty penny and they did a cost benefit analysis.

        • Davelovesdealz on 16/04/2023 - 22:02

          Used to be unlimited. Some of the vegas casino atm fees are 15USD….

    • lonewolf on 17/04/2023 - 10:00

      Thailand Banks charge $10AUD for any foreign ATM withdrawal using their ATMs. (Not including currency exchange rates etc). Its an absolute joke. All the banks get together and increase the rate around the same time.

  • Emli on 16/04/2023 - 13:44

    Currently in Egypt using ING. The atm fees have been $5 which were refunded by ING.

    • hasher22 on 16/04/2023 - 16:48

      Allegedly it dropping the benefit in 2 days, well, tomorrow the 17th.

      See if you get refunded after that date if you're still overseas

  • md333 on 16/04/2023 - 14:48

    I managed to use it once before they've closed it off. Actually turned out I didn't need it, could have done the whole trip on the 30 Euro I had left from previous European trip as almost everywhere in Greece took credit cards.

  • techlead on 16/04/2023 - 16:46
    +2

    I knew this was going to happen eventually, use and abuse these privileges before they are gone.

    ING has been debanking people for no reason, rumour is that it is due to compliance issues when those customers first signed up. So instead of remediating it, they are just wholesale debanking any customer which has such compliance issues, eg not capturing enough ID at the time of sign up for KYC. Problem solved lmao!

    • CacheHunter on 17/04/2023 - 18:15
      +2

      I wish that they had debanked me while i had my mortgage with them.

      • YesPleaseThankYou on 17/04/2023 - 18:16

        Hahaha

      • techlead on 18/04/2023 - 11:04

        A bank will only debank you if they owe you money lmao. They will never debank anyone who owes them money.

  • Bluto Mindpretzel on 16/04/2023 - 19:18
    +1

    Far out ING have been boiling the frog for a long while now (eg. introducing new hoops to jump through to get advertised saving rates, their local support team shrunken so much that you need to wait 1hr to speak to anyone, etc), so sadly it's not surprising.

    Who will be the new travel darling I wonder. Gone are those withdraws of credit on the 28 degrees card (said goodbye to them after their data leak), now ING… T_T

    • Mugsy on 16/04/2023 - 19:57

      As far as Debit Cards go, ING is pretty much it.

      You could try Citi or HSBC as they have their own ATMs that are fee free in certain counties but I'd me more inclined to just make sure my domestic transaction accounts are set up optimally… no account keeping fees, rebated ATM withdrawal fees, no international transaction fees… and just use them for travel and stomach the fees. Maybe Macquarie's transaction account which earns interest will help offset the fees.

  • jaimex2 on 16/04/2023 - 22:35
    -3

    You can still just load up a 28 Degrees card I believe.

    • bdl on 16/04/2023 - 23:36
      +3

      I thought they treated it as a cash advance now so you need to pay interest…

  • greater mimic on 17/04/2023 - 00:14
    +1

    If this happens then ING is suddenly no longer competitive, will have to look at other transaction accounts

  • Drifta on 17/04/2023 - 01:46

    I'm sure this is a reaction to citibank (NAB) removing the free withdrawals option. ING no longer need to offer it as the competition is gone.

    • rlf on 17/04/2023 - 02:42

      Ummm that's not how it works. That would be a reason to keep it.

      • Richfield on 17/04/2023 - 12:37

        If only interest rates worked like that.

      • Igaf on 17/04/2023 - 20:21

        That's exactly how it works, which is why the ACCC had to intervene on fees which had no relationship to costs, and is now investigating savings interest rates.

    • richmond12 on 17/04/2023 - 10:18

      Whaat? Citibank plus has fees now? Dam i got a trip planned in july havent used the card for a while

  • jimbobaus on 17/04/2023 - 02:08
    -2

    This is why I switched to Macquarie.
    Used it In Thailand all week and the refunded all the atm fees and no hoops to jump through to get unlimited local or international atm withdrawals for free.

    • movieman on 17/04/2023 - 03:13

      Perfect.

      Does Macquarie have a monthly limit of transactions that are refunded?

      Are the local operator fees refunded in full, or just Maquarie's fees?

    • Autonomic on 17/04/2023 - 03:23
      +3

      Used it In Thailand all week and the refunded all the atm fees and no hoops to jump through to get unlimited local or international atm withdrawals for free.

      Are you sure about this? I always thought Macquarie doesn't refund operator fees. If you can confirm that would be great. Their website even says:

      We don’t charge fees to use ATMs overseas. You may be charged a fee by international ATM operators.

      • jimbobaus on 18/04/2023 - 03:22

        100% sure.
        They refunded both their $5 fee and the $2 (roughly) fee charged by the atm itself.

      • jimbobaus on 18/04/2023 - 03:25
        +3

        Before I left they indicated they cant refund fees where they fee is not clear.
        Some countries atms apparently roll the fee into the the total withdrawl amount.
        So if the atm requests $100 + $2 fee they refund the $2 but if the atm simply requests $102 they can’t identify that it’s a fee so they won’t be able to refund it.

        • Ryk on 19/04/2023 - 22:07

          Visa has specifications for formatting transaction requests.

    • HardQuiz on 17/04/2023 - 05:56

      So it cost you nothing at all to withdraw cash from ATMs?

      Macquarie refunded you all fees?

      • jimbobaus on 18/04/2023 - 03:22

        Correct.
        All fees were refunded.

    • YesPleaseThankYou on 17/04/2023 - 16:21
      +1

      Macquarie did not refund the ATM Operator Fee. Macquarie does not offer this for international ATMs.

      • jimbobaus on 18/04/2023 - 03:23
        +2

        They did for me.
        Literally got home to australia yesterday and all my atm fees have been refunded as well as the Mac bank fees for using an overseas atm

        Withdrawal At Unknown Phuket -$220.11
        Tha- 5000 THB

        ATM international withdrawal fee -$9.68

        ATM international withdrawal fee refund $9.68

        • noelhoi on 04/05/2023 - 13:00

          If this is true, then your factual comment NEEDS to be heard much more over at the other thread

          Also thanks for sharing useful info! 🙏

          • gooner90 on 09/05/2023 - 14:07

            @noelhoi: @jimbobaus have you used the card anywhere else overseas and had the atm fees refunded? almost sounds too good to be true given that Macquarie state that the overseas bank may charge their own fee which isn't refunded.

        • gadgetguy on 09/05/2023 - 21:41

          I use Mac 2 weeks ago in Cambodia (after I used up my 5 ING withdrawals) and got no refund on the $9 operator fee.

  • E5TOQUE on 17/04/2023 - 06:23
    +4

    Remember OzBargain has a Wiki that contains all the banks in Australia that have zero international fees.

    https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

    If you find more banks, or see information that’s not correct, keep it updated

    • watwatwat on 17/04/2023 - 10:47
      -1

      So, soon there will be no banks at all that refund ATM fees.

      • E5TOQUE on 17/04/2023 - 11:14

        ING was the only bank that rebated the operator fees on international ATM’s.

        Due to Citibank and HSBC being large international banks they had some operate fee waivers if you use their ATM’s.

        No one else did it, or current does it to my knowledge?

  • champ23 on 17/04/2023 - 08:28

    Hmmm…I have ING i want to switch to Macquarie but the admin of changing my 5-10 direct debits . Also there app on android phones has major issues. Im literally accesing it in a phone browser as a workaround

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