Noticed that NAB have new ads on TV for "pay no ATM fees" at over 50,000 foreign ATMs.
however, I noticed at the end of the ad the small print at the bottom of the screen (and it was small on a 32" TV) that they charge their own fee of 3% of AUD value of the withdrawal.
sneaky and crappy NAB
Aren't they normally separate, the international transaction fee and ATM fees?
if you have a citibank card (or previously 28degrees) then no fees.
They are separate charges though, just the NAB looks to do conversion fees and the Citibank card is free of both.
NAB used to have no ATM or currency conversion fees for the NAB gold account when OS. Then they stripped those from the benefits about 2 years back and pretty much everyone who traveled when to Citibank's 0-fee card (no monthly, ATM or conversion fees). The Citibank card I believe doesn't have travel insurance (if spending x amount on card before leaving) on it like the NAB had though.
Get yourself a Citibank card for travelling, it's pretty much a staple these days.
3% is pretty much in line with those money exchanger fees, e.g. travelex.
There are cheaper options if you are willing to search.
3% isn't too bad on the actual market rate….
I was trying to recently purchase some Thai Baht here in Australia and the money exchanges and banks (ANZ/Commbank/NAB etc) I tried were exchanging at 4.5% up to 17% lower rates then the market rates.
Market rate was 30.6THB to $1AUD. Best I found was 28.6THB to $1AUD.