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Macquarie Bank Transaction Account No International Transaction Fees from 14 July 2016

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Macquarie Bank Transaction Account No International Transaction Fees from 14 July 2016
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iSamurai on 23/05/2016 - 20:03 macquarie.com (1402 clicks)
Last edited 23/05/2016 - 20:38 by 1 other user

Just got an email from Macquarie Bank and they indicated that they would no longer charge international currency conversion fees (2.5%) from 14 July 2016. This would be the second debit card (the first being Citibank Plus) that does not charge this fee.

Do note that the $5 overseas ATM and international transfer fees still apply. So Citibank still wins, though Macquarie's website is much easier to use. The platinum debit also includes concierge service and some insurance which requires a monthly deposit of $4k. No monthly account fees.

http://www.macquarie.com/au/personal/campaigns/cash/terms-an…

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  • ni28 on 23/05/2016 - 20:33

    I've received this email too as a Macquarie customer and can confirm the above.

    Interesting direction they've taken in terms of incentive. Guess they've listened to some of our feedback :)

  • thewalkabouter on 23/05/2016 - 20:41
    +2

    How are their exchange rates?

    I switched to Westpac last year due to their membership in the Global ATM alliance (free withdrawals at some ATM's). It made it ALOT cheaper for travel, but they do still make a bit of money off the 3% exchange charge.

    Basically as far as I am aware, the banks make money three ways:
    1. International ATM fee
    2. 3% charge on any international withdrawal
    3. Exchange rates

    • RockyRaccoon on 23/05/2016 - 22:14
      +38

      Unfortunately many dont understand these three charges.

      They wet their pants when a smart bank says "no transaction fees" when that can be only a part of the costs.

      This card doesnt do much at all 2.5% currency fee dropped.

      So you want to take out $100 while travelling

      It will cost you $5 + $2.5 = 7.5% As of July it will cost you $5 being 5%

      Other banks have lower or no ATM transfer fees. $2 or even $0

      Plus we have no idea what exchange rate loading that applies either. Do they charge the Visa/Mcard rate or some other rate.

      I wouldnt be too excited until this card has been operational for some time and we have some ozbargainers report back on its value.

      Given Citibank doesnt hit you with ANY fees why wouldnt you go that way?

      Also there are NO account keeping fees either, and no minimum balance, all additional benefits that Citibank offers

      NO comparison even though the OP tries to infer that they are similar and in the end says that Citibank is still cheaper. So where's the bargain here? If anything its just a news article.

      Other institutions also offer the same no transaction fee

      https://www.choice.com.au/travel/money/travel-money/articles…

      Macquarie bank is sometimes called the Millionare's Factory, and its not for the milions it makes FOR the average Joe Punter

      • grizz_li on 14/06/2016 - 11:53

        Thanks for the explanation.

      • qazwsx on 14/06/2016 - 20:36

        Because too much hassle to save small $ for some people particularly if you are already have existing banking relationship.
        When I used to do short trips to lots of different countries, I used Westpac (my normal bank) to punch out of the ATM where there were free global ATMs for small amounts of cash only so saving the 3% was meaningless - I would put everything possible on credit card. Sure there was 3% fee on card, but the points I got for it almost made it up (small gap, fine).

        I later got Citi account for another reason (interest rate was competitive at the time), but before that it wasnt worth the hassle of opening an account and moving money around to save $1 every time I went to an overseas ATM.

        I did get caught once in Switzerland, no free ATM for WBC there. Little tip for those in that position, preload your credit card with a positive balance. From memory WBC debit card intl ATM fee is $5 but if your credit card balance is positive, cash advance fee is $2.50.

  • mgf909 on 23/05/2016 - 20:41
    +11

    but whats the fx rates they apply?

    • gunnny on 24/05/2016 - 00:39

      If you were MQG, why would you tell everyone?

  • [Deactivated] on 23/05/2016 - 20:50

    What is the best international currency transaction card?

    I'm with CBA and have their Travel Money card.
    Any other recommendations?

    • littlecreatures87 on 23/05/2016 - 20:53
      +4

      Citibank as stated in original post.

      No $15 fee or crappy exchange rate or withdrawl fee by commbank (still may get charged from the ATM's bank like with the CBA Travel card.

      • [Deactivated] on 23/05/2016 - 20:56

        I am looking on the Citibank website now but wanted to know if any other ones were desired.
        I was actually at their office today too. Ironically.

        CBA waived the $15 cost.

        • littlecreatures87 on 23/05/2016 - 21:02
          +3

          I would use Citibank as no.1 card

          CBA as a backup

          and if you do online purches have a look at the 28 degrees credit card

        • [Deactivated] on 23/05/2016 - 21:20

          @nickyyboyy:

          Thanks!
          Already applied for the 28 degrees card. Awaiting their response.

          I will try and apply for the Citibank one tomorrow. Their phone customer service is so difficult. There is no option for new customers.

        • aec on 23/05/2016 - 22:02

          @nickyyboyy: i think bankwest's platinum has overtaken 28degrees as the No. 1 credit card for "those things" (oversea travelling, online shopping. etc. ) anyway i have both.

        • dazweeja on 23/05/2016 - 22:14
          +1

          @Beethoven:

          Citibank are truly woeful for customer service. I know in my case, and a lot of others, it can take 2-3 weeks to open an account. It's a very handy card though ;)

        • Make it so on 23/05/2016 - 23:21

          @alwayseric: I've had bankwest zero platinum for many years now, for free travel insurance and overseas transactions or transactions in overseas currency. For overseas ATM withdrawals I use a Citibank Debit card.

        • FutureTech on 23/05/2016 - 23:31

          @dazweeja: They are a pain in the ass to deal with. Overseas call centre, emails that go missing, promise to call you back but never do, crappy website and phone app.

        • piggyfund on 24/05/2016 - 10:01

          @dazweeja: Bit of a pain to open an account but sure glad I did. Enables me to pull out small amounts towards end of trip.

        • AnneFagit on 24/05/2016 - 10:14

          @dazweeja:

          Took me 3 business days to access my account details and activate my citibank card. Transfered funds within the week.

        • Brianqpr on 24/05/2016 - 15:43

          28 degrees is still very good for credit card purchases overseas. Its the old load it up with money and use it for ATM withdrawals that is no longer attractive. If you can do most of your transactions overseas by eftpos it still works very well.

        • Agret on 25/05/2016 - 07:33

          @Beethoven: why phone service? I just signed up online and was no issues.

        • [Deactivated] on 25/05/2016 - 08:14

          @Agret:

          I was hoping to do it in my free time. I opened an account yesterday in the branch (she said 2 weeks wait). Their service is really bad. Whatever if their card is the best.
          I also applied for the bankwest card.

        • [Deactivated] on 25/05/2016 - 08:18

          @nickyyboyy:

          I just hope i find European ATMs without fees. And my citibank account is approved before I leave.

        • Agret on 25/05/2016 - 23:25
          +1

          @Beethoven: you should have no problems if you can get approved, here's some withdrawal I did last yr

          http://i.imgur.com/w42bOsF.png

          http://i.imgur.com/6u6Or8t.png

          I actually didn't see any ATMs that had fees in all my travel there.

        • [Deactivated] on 26/05/2016 - 06:26
          +1

          @Agret:

          THANK YOU!
          I really appreciate it :)

        • Agret on 26/05/2016 - 22:57
          +1

          @Beethoven: Good luck on getting it approved before your trip, I applied roughly 3 weeks before I was to depart and got mine :)

        • [Deactivated] on 27/05/2016 - 16:05

          @Agret:

          APPROVED! My card should arrive next week :)
          Thank you so much for your kind words.

      • cisco on 23/05/2016 - 22:16

        Does Citi bank offers any bonus or promotion for opening an account with?

    • derk on 23/05/2016 - 20:57
      -2

      Order cash from Australia post before you go?

      • littlecreatures87 on 23/05/2016 - 20:59
        +1

        Why do you need foreign currency in Australia? Aus post rates are not that good.

      • [Deactivated] on 23/05/2016 - 21:00

        I need money access for some time.
        I can't open a bank account overseas without an address and I need to pay rent in the interim etc.

        • yaziyo on 24/05/2016 - 09:35
          +2

          Use your (Citibank or similar) card at the ATM in your destination country.

        • [Deactivated] on 25/05/2016 - 08:15

          @yaziyo:

          I only applied to open an account there yesterday. Hopefully it's all organised before i leave.

        • yaziyo on 25/05/2016 - 09:41
          +2

          @Beethoven: A good backup is ING as well. It's a great card domestically, but it's OK overseas as well.

          International ATMs are a flat $2.50 fee on top of what the ATM may charge you. The exchange rate is the Visa rate which should be the same as Citi. Other banks (e.g. your big 4) charge you a fee and also a 3% or exchange rate spread, so ING is good for international ATMs (but for purchases, you will get charged a similar amount to the Big 4 banks so you may as well use your normal card).

          But definitely if you can get it in time, Citibank is the best. I've travelled around Asia and North America with it and it's saved me heaps of money :)

        • [Deactivated] on 25/05/2016 - 09:42

          @yaziyo:

          Thanks! :)

    • y on 23/05/2016 - 21:37
      +5

      CBA Travel Money Card is a complete ripoff.

      The rates for loading currency are terrible and several % off the Visa or Mastercard exchange rates

      • [Deactivated] on 23/05/2016 - 21:44

        I do a bank transfer. No cost there.
        Are you a CBA customer? If you transfer between accounts isn't it free?

        • y on 23/05/2016 - 22:09
          +3

          When you load a Euro or other foreign currency balance onto your CBA Travel Money Card, they will charge you a certain exchange rate.

          That rate will be several % worse than what you would get using an ING Direct or Citibank card to simply make an ATM withdrawal overseas.

          CBA's profit is built into the conversion rate.

          Travel Money Card is marketed as a smart choice for overseas travel but it's actually a very bad deal.

        • cosmic on 23/05/2016 - 22:13

          They're talking about the exchange rate. Just because the mid-rate for, say, Japanese yen is 78.96, doesn't mean you'll get anywhere close to 78.96 at many places. They can give you 63 yen on the dollar and say "no fees!" You should be looking for 0.5% off mid or something like that. I don't know how the Travel Card rates are, but don't you also need to pay a fee for every single withdrawal overseas?

        • y on 23/05/2016 - 22:22
          +6

          Just look at the CBA Travel Money Card exchange rates: https://www.commbank.com.au/personal/international/foreign-e…

          If you want to load 1000 EUR onto your Travel Money Card they will charge you 1000/0.6075 = $1646

          They will also charge you 2.20 EUR fixed per ATM withdrawal (https://www.commbank.com.au/personal/international/travel-mo…)

          Using ING Direct, you'll pay $2.50 fixed ATM withdrawal fee and today's VISA rate 1 Euro = 1.554554 Australian Dollar (https://usa.visa.com/support/consumer/travel-support/exchang…)

          So if you're going to make 2x 500 EUR withdrawals overseas, it's going to cost you about $1653 with CBA Travel Money Card and $1559 with ING.

          You've just been ripped off by $94.

          On top of that, with TMC you have to convert any leftover currency balance back to AUD at the end of it, and will be charged a crap rate for a second time.

          Don't ever trust any offer or service that claims "commission free" or "no fee" on foreign currency. The profit is always built in to the conversion rate.

        • esosite on 23/05/2016 - 22:24
          +6

          @y: and with citibank you will be charged $1554 and can make as many withdrawals as you need! so your not walking around with 500 euros in your pocket/bag :)

        • txb on 24/05/2016 - 19:25

          @y:

          Is ING better than Citibank's visa debit?

        • RockyRaccoon on 24/05/2016 - 21:22
          +2

          @Jzxcv: ROFL - cant you read what esocite posted just above yours. Citibank is cheaper than ING they charge $2.50 per transaction whereas Citibank doesn't

        • [Deactivated] on 25/05/2016 - 08:15
          +2

          @y:

          THANKS FOR THIS!
          I cancelled my Commbank money card.

        • [Deactivated] on 25/05/2016 - 08:16
          +2

          @esosite:

          THANKS FOR THIS!
          I cancelled my Commbank money card.

      • aec on 23/05/2016 - 22:05
        +1

        whats the point to get a comm's travel money card or any other travel money cards? unless you want to hedge the forward exchange rate risk.

        one citibank plus + 28degrees/bankwest platinum suffice.

        • esosite on 23/05/2016 - 22:25
          +8

          the point is the banks prey on brand loyal people who have existing bank accounts and just assume their bank will be the easiest option for money while travelling. Banks make most their money from fools

        • y on 23/05/2016 - 22:27
          +4

          @esosite: Yep, people think they're being smart by getting Travel Money Card when they're actually being ripped off blind

  • chinezejew on 23/05/2016 - 20:56
    +1

    I need another credit card for travels.

    Just in case 28degrees start charging fees.

    Any1 know?

    • [Deactivated] on 23/05/2016 - 20:57
      -1

      I've applied for the CBA one just because of pre-approval.
      I'm interested in suggestions others have too.

    • Jonski on 23/05/2016 - 21:02
      +3

      bankwest

      • Bris123 on 23/05/2016 - 21:07
        +4

        +1 on Bankwest - no foreign exchange fee with the platinum card range

      • cashless on 23/05/2016 - 21:45
        +1

        That'll be the BW platinum, so minimum income applies.
        Great card though

        • aec on 23/05/2016 - 22:07
          +2

          platinum is the new silver. the minimum income is really minimum. if you have a fulltime job, its very easy to meet their minimum income requirement.

        • Make it so on 23/05/2016 - 23:23
          +1

          I believe just $35k.

    • T-man on 23/05/2016 - 21:15

      Coles Rewards MasterCard

      • aec on 23/05/2016 - 22:07

        why is it good for overseas travelling?????

        • T-man on 23/05/2016 - 22:12
          +1

          No international fee + earn FF points

        • aec on 23/05/2016 - 22:14

          @divious: really? coles rewards master card? i have a platinum one, but only use it as a flybuy :P

        • T-man on 23/05/2016 - 22:15

          @alwayseric:

          Coles Reward Mastercard not Coles Reloadable Mastercard

          https://financialservices.coles.com.au/credit-cards/rewards-…

        • aec on 23/05/2016 - 22:24
          +1

          @divious: thats the card i am talking about. i dont even need to pay the annual fee. no transaction fee on purchase is a new feature. thats why i didnt know about it. thanks for pointing it out.

        • T-man on 23/05/2016 - 22:35
          +1

          @alwayseric:

          How did you manage to get the annual fee waived? I remember the annual last year was $149 and they just lowered the fee down to $89 this year.

        • aec on 23/05/2016 - 22:41

          @divious: this is how they reward a loyal client who cant even remember when is the last time he used this credit card as a credit card :P

          i got this coles card when coles didnt even have a platinum. then when platinum came out, they upgraded my card and waive the annual fee for good.

        • T-man on 23/05/2016 - 22:48

          @alwayseric:

          maybe you have been charging annual fees for years, and you did not know? :PP

          I am using BankWest Platinum World Card, which is the best card for overseas transactions and travelling, but they are lowering the earning point rate this June to 0.66 points per $1 and I am thinking to apply for this Coles Reward Card, but it would be great if I can also manage to get $0 annual fee.

  • DrStinge on 23/05/2016 - 21:09
    +2

    Unsure if Macquarie has the same, but the CitiBank app has a One Time Pin functionality - this is really handy overseas so you can transfer money without needing phone reception.

    • [Deactivated] on 23/05/2016 - 21:15
      +1

      This one?

      https://itunes.apple.com/au/app/citibank-au/id394880260?mt=8

      • DrStinge on 23/05/2016 - 21:22
        +1

        Yeah - it's quite handy when travelling overseas.

        • [Deactivated] on 23/05/2016 - 21:34

          THANK YOU!

    • johnno07 on 23/05/2016 - 22:02
      +4

      The one time pin functionality in the app was completely broken when I tried to use it 18 months ago while overseas. Could not get it working even after spending 20 minutes on the phone with them. Not the best. Hopefully has improved now.

      • cbeard on 24/05/2016 - 01:18
        +1

        I've had problems with the Citibank app because it tries to connect to the internet when you open it. To solve that, I ALWAYS turn off wifi and data before opening the app to get a OTP. I don't use the app for anything else, and since I started doing this I've never had a problem generating an OTP. It does pop up a warning about no internet connection, but you can safely ignore it. After I finish with the app I turn wifi/data back on.

      • DrStinge on 24/05/2016 - 05:38

        That's frustrating. Worked great for me ~12 months ago but I can't speak for it currently

    • mrjames on 24/05/2016 - 11:57
      +1

      The citibank app is a POS. When I was overseas I was unable to use it since they forced me to update the application therefore losing access to the one time pin generator. I was unable to use the SMS confirmation since I was overseas.

      • AssociatedDingleman @ Macquarie Bank on 24/05/2016 - 20:40

        They've recently made big changes to the app!

  • y on 23/05/2016 - 21:30
    +5

    The ING Direct Visa Debit card you get with their Orange Everyday account charges a $2.50 fixed fee per ATM withdrawal and no conversion fees either (just the Visa network rate)

    This seems to be a little known fact - A much better deal than CBA, ME Bank or other major banks

    Upvoted but ING Direct is actually a better deal than this (half the ATM withdrawal fee).

    • belongsinforums on 23/05/2016 - 21:33

      I thought the $2.50 was only Australia wide

      • y on 23/05/2016 - 21:34

        No, $2.50 fixed fee for international ATM withdrawal, see http://www.ingdirect.com.au/rates-and-fees/orange-everyday-f…

        • belongsinforums on 23/05/2016 - 21:39
          -1

          So i should use ing orange every day card instead of citibank?

        • y on 23/05/2016 - 21:44
          -4

          I'm told that Citibank does not charge a fixed fee for any overseas ATM withdrawals so they're probably the best choice.

          ING is $2.50 fixed fee + Visa exchange rate with 0% fee

        • [Deactivated] on 23/05/2016 - 21:46

          @tomkun01: Citibank charge no fee for using overseas Citibank ATM, so if you traveling somewhere aboard and there is many Citibank ATM, then you are better off with Citibank. Plus, International Money Transfers are fee free with Citibank, too.

        • lgacb08 on 23/05/2016 - 21:47
          +1

          what about the 2.5% transaction fee on that link, is it included on top of the withdrawal or only apply to purchase transaction?

        • esosite on 23/05/2016 - 21:49
          +3

          @tomkun01: Definitely not, citibank never charges fees overseas for ATM withdrawals, i travelled all through Europe and South America and it saved me a lot of money!

          The only ATMs that charge you money are ones that charge an extra on top and they were rare in Europe/South America. In these cases you would pay ING $2.50 + whatever the owner of the ATM charges.

          ING is awesome in Australia however, 2% cash back on paypass transactions and free ATM withdrawals australia wide with $2k monthly deposit.

          Edit: $1k ty :)

        • expertreader on 23/05/2016 - 21:55
          +1

          @esosite: it's 1k monthly deposit not 2k

        • BoomTetrisForJeff on 23/05/2016 - 22:01
          +1

          @y: um incorrect was in bali for few weeks any atm there was free of any fees using citibank whereas my friend was using a MasterCard and was hit with $5 and $10 withdrawal fees

        • y on 23/05/2016 - 22:05

          @lgacb08: ING 2.5% fee only applies to purchases, not ATM withdrawals.

        • nerdinary on 23/05/2016 - 22:08
          +1

          @y: I've recently used my Citi card in Dublin and San Francisco and was NOT charged any atm withdrawal fee from non-citibank atms. Not sure if this is the new norm now, but I'm not complaining.

        • aec on 23/05/2016 - 22:12

          @expertreader: it looks like the time i need to reapply for an ing orange. so you deposit 1k every month and you dont have to KEEP that 1k in your ing account every month right?

        • esosite on 23/05/2016 - 22:14
          +1

          @alwayseric: yeah can transfer out straight away. until recently they had second best interest rates of 3%, ME is 3.35%

          Anyway the 2% cashback and the free ATM withdrawals make it worth it, plus no fees so nothing to lose

          Edit: ING 3% and ME 3.35%

        • aec on 23/05/2016 - 22:21

          @esosite: i dont care about interest rate, keeping all my cash on a full offset account with another bank. but 2% cashback means something to a full-time student :) its way better than better-than-nothing points from my black and signature cards. i will apply ing orange again. thanks.

        • dazweeja on 23/05/2016 - 22:22

          @y:

          Citibank is always cheaper. No fee from them at all. If there's a fee from the operator of the ATM - and obviously you'd want to avoid that - it would be applicable to either card. And it's any ATM, not just Citibank's.

        • esosite on 23/05/2016 - 22:27
          +1

          @alwayseric: Yeah but better-than-nothing points from black card is needed for non-paywave and >$100 transactions. In these cases you get better-than-nothing points + interest acruing on your offset account for up to 30/55 days

        • aec on 23/05/2016 - 22:30

          @esosite: i will only use the orange for anything less than 100 on paywave. thats for sure :) i usually only keep 100-200 in these accounts.

  • XoiThit on 23/05/2016 - 21:31
    +3

    +1 for Citibank

    Zero overseas ATM fee if you're withdrawing money from a Citibank ATM. Exchange rate slightly better than 28 Degrees.

    • [Deactivated] on 23/05/2016 - 21:45

      Which countries outside Asia have a Citibank ATM though?
      Europe specifically.

      EDIT - Does citibank have like the worst website ever? Their ATM locations show up as zero globally.

      • esosite on 23/05/2016 - 21:51
        +7

        Doesn't have to be citibank in europe, any bank that says Free Money or has no charge.

        Yes, citibank has worst website ever.

      • [Deactivated] on 23/05/2016 - 21:52
        +1

        This is true. I know only one Citibank ATM in UK, which is near St Paul's Cathedral.

      • XoiThit on 23/05/2016 - 22:50

        According to wiki ;) (https://en.wikipedia.org/wiki/Citibank#International_subsidi… ), in Europe Citibank has subsidiaries/ATM in Bulgaria, Czech, Hungary, Portugal, Romania, Russia, Slovakia, UK and Ukraine.

        I travel mostly around Asia, good enough for me.

      • bargainlurker on 23/05/2016 - 23:01

        There's two in Prague - one at the branch near namesti republiky (palladium shopping centre) and one at the airport.

        Saying that though didn't get charged all through Dublin or London on my recent holiday (or any ATMs in Prague) either. Nor Turkey, Dubai, Italy, Paris, London, Berlin, Budapest, Krakow, Barcelona or Madrid.

        Or at least as far as I can tell on my statements - money debited is = money withdrawn.

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