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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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      • djkelly69 on 23/05/2016 - 23:53

        Every 7-11 in the US, so a lot…

    • dazweeja on 23/05/2016 - 22:19
      +1

      It's not Citibank ATMs, it's any ATM. You won't be charged anything by Citibank but if the overseas operator has a charge, you'll have to pay that (the ATM should warn you though). I use the ATMs in 7-Eleven in Japan, or any ATM in Indonesia and have never been charged a fee.

    • retiredfeline on 23/05/2016 - 23:28

      As dazweeja says, doesn't have to be a Citibank ATM, most banks won't charge an ATM fee, although using Citibank ATMs will guarantee you no ATM fee. So far I have only encountered one country (well, one country and bank to be precise) that charged me a ATM fee: Sri Lanka's Commercial Bank. Charge was 300 LKR (< 3 AUD) per transaction, which didn't upset me much since I was taking out about $350, I couldn't get cash from other banks's ATMs and they might have charged too.

    • bylife on 24/05/2016 - 00:14

      +1 for Citibank as well.

    • Agret on 27/05/2016 - 16:10
      +1

      Zero international fee if the ATM does not charge its own fee. In Europe they must legally display a sign on the ATM if it will charge a fee. Here is my experience with travelling there:

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

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

      No worries :)

      • [Deactivated] on 27/05/2016 - 16:11

        like like like :)

  • Associatedap1 @ Macquarie Bank on 23/05/2016 - 21:35
    -2

    The app is pretty cool. The account is also free so worth trying it out. What's not mentioned is that you can earn interest on your transaction account.

  • parcus on 23/05/2016 - 21:45

    Good to see more forex fee-less cards, they're pretty commonplace in the US these days.

    14 July is a while away though :(

  • Johndemonic on 23/05/2016 - 21:45

    You can walk up to a foreign exchange booth in Chiang mai and do a "Cash Advance" and avoid ATM fee's. They take a scan of your passport and credit/debit card. I've checked my citibank account and exchange rate and found ZERO fees. Prior to that i calculated about $8/220baht per atm fee for a thailand atm which was horrendous.

    http://www.chiangmai-wandering.com/using-cash-advance-in-tha…

    • belongsinforums on 23/05/2016 - 21:49

      Yea Thailand atms are a rort. Nice find

    • y on 23/05/2016 - 22:33

      That sounds a bit dodgy. Have you compared the rate to the interbank rate as per XE.com?

      If they put it through as a Credit / Debit Card purchase they'll be charged a percentage that they'll have to recover somehow

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

      In Chiang Mai you can get good rates exchanging AU notes, no need for plastic.

  • [Deactivated] on 23/05/2016 - 21:50

    Subscribed! Thanks for this thread :)

  • esosite on 23/05/2016 - 21:57
    +1

    Very detailed existing thread on this topic along with many more already covered on international travel cards

    https://www.ozbargain.com.au/node/205837

  • as01 on 23/05/2016 - 22:46
    +4

    Citibank Plus Visa + 28degrees Mastercard is the perfect combination

  • chill on 23/05/2016 - 22:59
    +1

    Do note that the $5 overseas ATM and international transfer fees still apply.

    Joke Post?

    Citibank Plus is much better. No Fees for anything.

    Worked a treat all over Europe.

    • Johndemonic on 23/05/2016 - 23:54

      This is basically a 2nd card/safety card thread as having ONE citibank card is a really bad idea.

      • RockyRaccoon on 24/05/2016 - 03:44
        +1

        But there are better alternative backup accounts like ING see my post above for full list with CHOICE URL

      • chill on 24/05/2016 - 05:08
        +1

        Thanks but I also have ING + 28 Degrees + Some other cards as a worst case backup.

  • noise36 on 23/05/2016 - 23:33
    +4

    As others have said "Citibank Plus Visa + 28degrees Mastercard" is what Ive been using for years for transaction free traveling and buying stuff on the net.

  • asx100 on 24/05/2016 - 01:25

    Which is the best credit card (with no annual fee)for online purchase? I often use my Citibank signature card to buy online in A$ but still got hit with international transaction fee because seller is registered in overseas.

    • dazweeja on 24/05/2016 - 10:09

      Either Bankwest Zero Platinum or 28 Degrees. Pretty similar. I think 28 Degrees has better price protection features, Bankwest has complimentary travel insurance.

      • asx100 on 24/05/2016 - 17:32

        Thanks, I will go for Bankwest, complimentary travel insurance is important to me

  • FutureTech on 24/05/2016 - 01:41

    Any good about their concierge? Seems to be one of the few debit cards that offered this and seems to be independent of the MasterCard concierge.

  • [Deactivated] on 24/05/2016 - 05:19
    +3

    I didn't realise that Macquarie did personal banking

  • csi-lk on 24/05/2016 - 09:06
    +1

    I've been researching cards for international travel over the past few days and this seems to be one of the worst even after the change above

    Go with Citibank for a debit VISA & either Bankwest or 28 Degrees for credit cards

  • MITM on 24/05/2016 - 10:09
    -1

    OK - so OB'ers are BIG on ING accounts from past postings.
    How about collectively, we log into our ING Bank accounts and use the message service to get get this fee abolished. Do you think there is enough of us ??
    I've sent this message today - (feel free to copy and paste)

    Just a heads up, Macquarie Bank is abolishing the currency conversion fee of 2.5% as of 14 July 2016 on its transactional Visa Debit accounts. And that Citibank also has no currency conversion fee at all.
    Just a thought for ING to consider.

    Positive vote me ONLY if you do so.
    Dont NEG me if you dont have an ING account - thanks.

  • iSamurai on 24/05/2016 - 11:31

    Wow. I didn't know this would receive quite a bit of response. My main reason for thinking this being a good deal would be if you're looking to do online shopping from abroad. I should have mentioned that. Wouldn't be that great if you're actually travelling and withdrawing cash from an atm overseas. The main positives over the Citibank account would be the concierge service and insurance if you get the platinum debit and better website interface. It's also a debit MasterCard so you can use it to book Tigerair flights without cc fees.

    • chill on 24/05/2016 - 15:58
      +5

      I think the healthy discussion is appreciated by all OP so thanks for the post.

      Two points from my quick skim of the t&c

      My main reason for thinking this being a good deal would be if you're looking to do online shopping from abroad.

      Nope have to disagree with this. Why risk your own money when making a more risky (overseas) transaction.

      Chargeback

      You can dispute a payment made from your Card (please refer to section 7.10 of the Terms and Conditions)
      $8 per request

      They are going to charge you $8 to investigate the return of your money.

      Regarding the insurance they bury that away but check all the conditions
      Link

      (c) Exclusions under Purchase Security Cover and Wallet Guard

      Cover does not extend to any loss caused or contributed to by:

      Damage to Eligible Items physically abused by You.
      Lost or stolen Eligible Items not reported to the police within forty-eight (48) hours of discovery and a written report obtained.
      Eligible Items which are left unattended in a place accessible to the public.
      Normal wear and tear to Eligible Items.
      Damage to Eligible Items caused by product defects.
      Theft or damage to Eligible Items in an unattended vehicle.
      Theft, or damage to jewellery, watches, precious metals and gemstones in baggage unless carried by hand and under Your personal supervision or under the supervision of a travelling companion previously known to You.
      Theft, or damage to animals, living plants, perishable goods.
      Theft or damage to items from Your Home or office.
      Wallet Theft occurring inside Your Home.
      Wallet Theft not reported to the police or relevant authority having jurisdiction where the event occurred, immediately or within 24 hours.
      Wallet Theft where Your Wallet was not being carried by You and under Your personal supervision nor carried by and under the supervision of a travelling companion previously known to You.
      Any loss arising from any business pursuits or Theft of commercial identity.
      A deliberate, criminal or illegal act by You.
      Theft, or damage, to electronic items and equipment, including but not limited to, personal stereos, MP3 players, iPods or equivalents, computers/laptops or computer related equipment (and software), PDAs, mobile phones, smart phones, and their accessories.
      The taking of alcohol in combination with any drug or medication:
      if a doctor has advised against it or advised that it may cause impairment; or
      if the medication packaging includes a warning about the effects of mixing the drug or medication with alcohol; or
      if it is reasonably foreseeable that the drug or medication could adversely affect You when taken in combination with alcohol.
      Travel into hazardous work sites (e.g. underwater, mines, construction sites, oilrigs, etc.).
      Declared or undeclared war or any act thereof; however, any act committed by an agent of any government, party or faction engaged in war, hostilities or other warlike operations provided such agent is acting secretly and not in connection with any operation of armed forces (whether military, naval, or air forces) in the country where the injury occurs shall not be deemed an act of war.
      Service in the military, naval or air service of any country.
      Participation in any military, police or fire-fighting activity.
      Activities undertaken as an operator or crew member of any conveyance.
      Flying in military aircraft or any aircraft which requires special permits or waivers.
      Commission of or attempt to commit an illegal act by or on behalf of You or Your beneficiaries.
      Direct or indirect, actual, alleged or threatened discharge, dispersal, seepage, migration, escape, release of or exposure to any hazardous biological, chemical, nuclear or radioactive material, gas, matter or contamination.
      Any loss or expense with respect to Cuba or a specially designated person, entity, group or company on the Specially Designated List or which if reimbursed or paid by Us would result in Us being in breach of trade or economic sanctions or other such similar laws or regulations.
      Any act of Terrorism.

      It would basically be impossible to make a claim

  • [Deactivated] on 24/05/2016 - 15:25

    Extra cards are always useful when going overseas. This one doesn't exactly meet that requirement in full because of the ATM fees. Put an emergency stash of cash on it so that if one of your other cards stops working (e.g. ATM eats your card overseas), you can still pay for stuff.

  • [Deactivated] on 25/05/2016 - 08:07

    Ok I am quite confused now.

    Let's make a BEST card list:

    EUROPE ATM WITHDRAWALS
    1. ???
    ——-Citibank Plus if no ATM fees

    INTERNATIONAL ONLINE SHOPPING
    1. Bankwest Platinum
    2. Citibank Plus
    3. 28 Degrees

    • Agret on 25/05/2016 - 09:19

      WOLRDWIDE ATM WITHDRAWLS
      Citibank Plus (Yes there are no ATM fees!)

      • [Deactivated] on 25/05/2016 - 09:40

        Thanks.
        Assuming the atm itself has no fees I mean.

        What is option 2? My Citibank account may not be approved by the time I leave Australia

        • RockyRaccoon on 26/05/2016 - 00:48

          You keep saying that your citibank plus may not be approved,

          Its a debit card so

          Have you applied for the correct card, have you made the mistake of getting one of the citibank credit cards? (A credit card will need to be "approved" )

          or

          If its the Citibank Plus, it will already be opened and you really mean will the card be printed and arrive before you leave

          As for International online shopping the 3 cards are fine, but again BW and 28 degrees are both credit cards (you use their money then you pay it back) and the Citi card if truly the Citibank plus card its your money you use (debit card)

          If you really have applied for a Citibank Credit card, then these do not save you ATM fees etc, and you should avoid using Citibank Credit products as they will cost you

        • [Deactivated] on 26/05/2016 - 06:29

          @RockyRaccoon:

          Sorry language misuse on my part. I applied for the citibank plus debit account. But the lady kept saying the application takes 2 weeks of verification etc.
          They had a problem with my signature already. I hope they don't find anything else wrong…

          I already have the 28 degrees card and hopefully the Citibank Plus.
          I hope that is enough. Still awaiting on my CBA credit card which has the highest limit. In case i need to exceed the 28 degrees limit.

        • RockyRaccoon on 26/05/2016 - 09:54
          +1

          @Beethoven: Ok some tips

          If you are relying on 28 Degrees as your only credit card, then you can effectively increase the ability to use this, if as you spend you arrange for transfers from your savings to cover your spending every now and again.

          eg Limit $3k, you book up spending of $2K, so you make a BPay to 28 degrees of $2k. If a few days time your limit will be up to $3K again. (Yes you may spend more etc, but I think you can get the idea)

          Alternatively you can load up a few K's before you go. Eg $2K with a limit of $3K this gives you $5K

          28 degrees and every other card lets you do this. Its fine for purchases, but not for cash withdrawals as you pay a hefty fee if you use the 28 degrees for cash.

          Another travel tip, is if you are meeting with locals (Friends) etc for a meal, you can have them give you the cash for their part, and then you pick up the bill, effectively giving you the same as a local cash withdrawal

          Enjoy your adventure

        • [Deactivated] on 27/05/2016 - 16:07

          @RockyRaccoon:

          THANKS FOR THE TIPS!
          I am sooo excited for my trip. So excited! I have a countdown in my phone (and work calendar…).
          I used my 28 degrees card for the first time today. Exciting :)
          It's all coming to life.
          My CBA was approved and it arrives next week with my Citibank Plus. The CBA one is definitely a fall back. Insane international fees.

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