Using ING Everyday Physical Card Overseas w/o Fees

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• 

  freefall101 on 11/08/2023 - 08:11

  -4

  No, there's no way of avoiding it - you'll simply incur the 3% ING charges.

  What's the issue with signing up a Wise account then getting rid of it if you really don't want it?

  • 

    dazweeja on 11/08/2023 - 11:10

    +1

    There are no charges if you meet the criteria, aside from any fees charged by the operator of overseas ATMs.

    • 

      freefall101 on 11/08/2023 - 12:18

      Cheers, I should have done more than just read the basic ING fees page.

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  foxmulder on 11/08/2023 - 08:16

  I used Ubank debit card overseas and I thought they don't have fees, but the currency they use is about 0.4% higher than spot rate, pretty similar with Wise. Still a lot better than 3%. If you happen to need to transfer money to local bank, use Wise

  • 

    Ocker on 11/08/2023 - 09:36

    +1

    Cannot comment on the Ubank card specifically but you need to recognise is that all of the card that offer fee free conversion source their exchange rate from either Visa or Mastercard.
    Very clever (cunning) is the way they set their conversion rate for the day, basically they make their money on the spread. That is, if you are converting from foreign currency to AUD they convert at the worst rate for you. Reverse applies if you are converting from AUD to foreign currency.
    For example, if the days range for AUD/USD was 0.6515/0.6595 then if you are buying USD then 0.6515 applies, if selling 0.6595.
    The rate you see as the current rate has no bearing on what rate will be applied to the transaction.

    • 

      lgacb08 on 11/08/2023 - 12:12

      Fee free or not all the banks do it mate, try look at the big 4 rate and come back here, don't forget the big 4 also add extra 3% fee on top of that.

      • 

        Ocker on 11/08/2023 - 13:01

        The big 4 each set their rate before branches open in the morning, based on the prevailing rate heavily weighted to the sell side.

      • 

        thomaswu07 on 13/10/2023 - 20:37

        do you have any other suggestions for spending money overseas? visa and mastercard rates look very similar to the wise rates.

  • 

    dazweeja on 11/08/2023 - 11:11

    ING is fee-free if you meet the criteria.

• 

  roonie on 11/08/2023 - 09:11

  +1

  I’m missing something. I thought it was only atm fees that were recently introduced. We were in Europe a couple of months ago and used ing (and 28 degrees) w/o fees

• 

  toniyellow on 11/08/2023 - 09:22

  +2

  As long as you meet their eligibility criteria (deposit $1k plus 5 transactions), there are no international transaction fees

  The 3% is only for people who didn't jump the hoops

  Read ' Orange Everyday Benefits Schedule '

  https://campaigns.ing.com.au/cards

  • 

    BrewerHaHa on 11/08/2023 - 09:27

    So I can go to physical vendors overseas regardless of currency used and face no additional fees right? It will just be the straight conversion?

    • 

      roonie on 11/08/2023 - 09:29

      +1

      You’ll buy say, a $10 item, get charged 30c fee, get reimbursed 30c fee

      • 

        BrewerHaHa on 11/08/2023 - 09:30

        Perfect, thank you. I was worried that this only applied to online stores and maybe not physical stores overseas but wasn't sure. Would there be any advantages of wise/revolut instead of using the ING method?

        • 

          roonie on 11/08/2023 - 09:40

          @BrewerHaHa: Like we do downunder, we’d buy coffees/lunches with ing, and dinners/accommodation with 28d. Sorry not familiar with Wise

    • 

      ddhar on 11/08/2023 - 09:30

      +1

      Assuming you've met the eligibility criteria in the previous month, yes.

      ING removed the ATM Withdrawal rebate this month but the conversion-free feature is still very much alive.

      • 

        ddhar on 11/08/2023 - 12:46

        Speaking of ATM fees, can someone quantify what the amount typically is per withdrawal? I might just keep on withdrawing from my ING if the amount is not too high.

        • 

          roonie on 11/08/2023 - 12:57

          @ddhar: I don’t think I’d use the word Typically. First time I took money out the atm,it offered me a rate and I accepted and got shafted. Next time i said no, and it said something like “who knows what rate you’ll get” and the fee was about a quarter!
          (Basically a variation of the old “would you like to pay in AUD or the local currency (at a POS terminal. Always choose the local currency)

          • 

            ddhar on 11/08/2023 - 14:15

            @roonie: I understand about local currency vs operator AUD conversion. However regardless of choice, there is an additional ATM operator fee which ING no longer rebates. I've been spoiled by ING so I never took note of the amount.

            Looking back to my Seoul trip in June, I withdrew 200,000 KRW (~AUD$235). There were two separate fees (that ING rebated), being:
            1) $5 'International ATM withdrawal fee' (lump sum), and
            2) $5.64 'International ATM fee' (~2.4% of withdrawn amount).

            I suppose these two fees are no longer covered by ING or is it just one of them? Would like to know if this ATM fee figure is consistent in other countries/ATM operators or otherwise.

            • 

              roonie on 11/08/2023 - 14:32

              @ddhar: Made me look :-). Italy and Malta were $5 to $7

            • 

              toomuchdogfur on 11/08/2023 - 16:52

              @ddhar: ING still don't charge any fees for withdrawing cash via an international ATM - they just no longer rebate the fee charged by the international ATM.

              So in your case, fee 1 would not be there on ING. But fee 2 (charged by the ATM provider) will still be charged.

              • 

                ddhar on 11/08/2023 - 17:31

                @toomuchdogfur: "So in your case, fee 1 would not be there on ING. But fee 2 (charged by the ATM provider) will still be charged."

                I understand the ATM operator, not ING, charges the fees. In my case, the above separate charges applied (and rebated by ING).
                Are you saying fee 1 will no longer apply post-August?

                • 

                  Acdc1001 on 12/08/2023 - 10:34

                  +1

                  @ddhar: Provided you met the criteria, there is no changes to ATM fee 1, albeit still limited to 5 fee rebates per month (ATM withdrawals).
                  From 1/8, ATM fee 2 won’t be rebated at all. This fee figure is varied from one brand of ATM to another.
                  The international transaction fee (currency conversion) rebates are unlimited.

                  • 

                    ddhar on 14/08/2023 - 14:28

                    @Acdc1001: Many thanks. So if I understand you right, I'm merely exposed to whatever the overseas ATM operator wishes to charge, which in my case is the ~2.4% fee. Very possible other operators charge a lump sum or both combined.

                    Is there any other bank that rebates overseas ATM fees like ING did?

• 

  toomuchdogfur on 11/08/2023 - 10:53

  +3

  I used both ING (Debit) and Wise on a recent trip to Japan.

  Benefits of ING is that you can withdraw as much cash as you have for no additional fee (other than the ATM fee itself), whereas Wise limits you to 350AUD or so per month before you get slugged with additional fees. And you can also use the card for in-store spending without additional fees.

  The advantage of Wise is that you can buy your currency in advance if you see favourable rates. For example if the rate hits 95JPY to the dollar, you could buy a few thousand AUD worth of JPY. If the rate goes down to 85JPY when you're actually on holiday, you'll win out as you already locked in your money at the better rate, whereas with the ING card you would have paid at the current 85JPY spot rate.

  The Wise app UI is also considerably better at showing you transaction history, with separate fields for currency spent & AUD equivalent spend as well as some attempt to identify where transactions come from (for example, it managed to identify and show the logo of convenience stores and major chain stores in Japan).

  • 

    Kouki on 11/08/2023 - 11:05

    Did you withdraw cash from ING? which ATM did you use and how much was the fee?

    I'm going next month and will need more than 2 withdrawals of $350ea as a few bookings made require cash pmt.

    • 

      dazweeja on 11/08/2023 - 11:20

      +1

      I think most ATMs in Japan charge 220 JPY. Sometimes 110 JPY during bank hours.

      The ATMs in 7-Eleven stores or Japan Post are usually your best bet for international cards.

    • 

      toomuchdogfur on 11/08/2023 - 16:49

      +1

      Yep always drew cash from ING. Always used the ATMs in convenience stores - I found that using other ATMs were hit and miss as to whether they would work.

      IIRC all of them charged 220 JPY for withdrawals of 40,000 JPY or above, and 110 JPY for withdrawals below that amount.

• 

  MITM on 13/08/2023 - 14:12

  What happened within the ING app where it listed if and when you met the monthly criteria for the fee free use the following month ? Seems to have disappeared.

  • 

    roonie on 13/08/2023 - 19:27

    Still there. Savings account, click on Interest tab

    • 

      MITM on 13/08/2023 - 21:19

      Right there under the Benefits and More tab.

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  PleasureMachine on 17/11/2023 - 13:46

  Ah I thought the international rebate was ceased in July this year.

  Going on first O/S trip since COVID to Cook Islands and was trying to figure out best way to manage the finances out of Oz.

  I might have to look at the fees still

  Is there any advantage to using WISE if I have ING? I don't care if I lose out slightly on international rate change. I'll be too busy drinking drinks with little umbrellas and fruit in the top.