RAMS Action Account Now Offers Free International ATM Withdrawals (Plus 3% on RAMS Saver Account)

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Ljpgjeff1 on 14/11/2017 - 13:33 rams.com.au (331 clicks)
Last edited 14/11/2017 - 13:52 by 2 other users

I am not in any way associated with RAMS/ Westpac Group, just one pretty satisfied RAMS customer.

Not sure why this has not been published/ discussed before, but RAMS Action account now has no fee for international ATM or purchase transactions. The account is in fact a complete fee-free account (free bank cheque, free Australia Post deposits/ withdrawals, no overdrawn or dishonour fees) just like Citibank Plus and ING Orange Everyday accounts.

Coupled with its 3% pa RAMS Saver account, it's an attractive alternative to the ING Orange Everyday and Savings Maximiser combo, or Citibank Plus and Online Saver combo, depending on how one intends to use the accounts.

Granted that the 1.65% pa bonus interest only applies if a minimum $200 is deposited to and no withdrawal is made from the account, but even if those conditions are not met, RAMS Saver account still pays a pretty decent 1.35% pa interest that month, which is identical to ING Savings Maximiser's standard variable rate when their $1,000 minimum deposit from external accounts and 5+ card purchases per month conditions are not met. Citibank Online Saver also only pays 1.70% pa max post its 4-month introductory promotional period.

As each individual is allowed to hold 10 RAMS Saver accounts, one account can be opened for purely savings purposes and another opened for international travelling purposes (for transfers to RAMS Action account).

Yes, RAMS Debit Card is probably not as attractive as Citibank Debit MasterCard or ING Visa Debit, but the card can still be used at over 13 million locations around the world and at 1.9 million ATMs worldwide that accept MasterCard http://www.mastercard.com/sea/consumer/maestro.html (just like the good old Commonwealth Bank Keycard). Not meant to completely replace Citibank Debit MasterCard (Visa), but RAMS Debit Card is safer complementary/ back-up card, as it does not have the paypass/ payWave feature, so losing the card overseas would not be as nerve-racking as losing a Debit MasterCard/ Visa Debit Card.

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  CyberMurning on 14/11/2017 - 13:39

  +4

  The no withdrawal requirement isn't for me.

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  accessdenied on 14/11/2017 - 13:44

  Why would you withdraw from Aus post when you an withdraw from any of the Big4's ATMs

  • 

    jpgjeff1 on 14/11/2017 - 14:19

    Just as an alternative in case no Big 4's ATM is available, and it's more about making cash deposits at Australia Post outlets for instant balance update since RAMS has no physical (bank) branch.

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  xyron on 14/11/2017 - 13:45

  +2

  It's a good product, but it baffles me why RAMS issues a Maestro card instead of an ordinary MasterCard debit card product. The difference in fees can't be that significant, surely!

  • 

    jpgjeff1 on 14/11/2017 - 14:30

    I agree, I think it's probably because they are still testing the market. Dropping international transaction fees is a probably a start to them introducing Debit MasterCard soon like their parent company, Westpac. Who knows? Personally I won't use Debit MasterCard/ Visa Card to make purchases overseas for security reasons. Losing my own money from bank account linked to Visa/ MasterCard Debit due to fraud would really ruin my holiday!

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  accessdenied on 14/11/2017 - 13:47

  +1

  TBH I use Me bank. Gives me 2.95% interest, allows me to make unlimited withdrawals and no incremental deposits. All I have to do is do a Tap & go (no min spend. Even 1c is good) atleast once a week. That fits in with my weekly Coles Expres(80c)/7Eleven ($1) coffee.. And yeah the convenience of any time withdrawals at a cost of just 0.05% interest. Cant say its a bad deal..!!!

  • 

    squanchy on 14/11/2017 - 14:39

    +8

    Tap and go per week can be a downside if you're away overseas. Potentially the lower interest on say ING is overall better than losing a month of interest on ME.

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  Charlie Dont Surf on 14/11/2017 - 13:50

  Free international withdrawals has been a feature for some time?

  • 

    jpgjeff1 on 14/11/2017 - 14:21

    +1

    Looks like it, since last Christmas from their Deposit Rates and Fees brochure, that's why I was surprised that it had never been discussed before.

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  Mr BoMBAStiG on 14/11/2017 - 13:59

  ING will actually refund the fee that any Australian and international ATMs charge you. Big difference.

  What is the forex rate Rams use?

  • 

    jpgjeff1 on 14/11/2017 - 14:23

    I think they'll use MasterCard exchange rates, which should also be the case with Citibank Debit, BankWest Platinum, Latitude 28 Degrees and Coles Rewards MasterCards https://www.mastercard.us/en-us/consumers/get-support/conver…

    • 

      Mr BoMBAStiG on 14/11/2017 - 14:43

      They use Cirrus for ATM and Maestro for EFTPOS.
      What is the coverage of acceptance compared to MasterCard?

      • 

        jpgjeff1 on 14/11/2017 - 15:01

        Any ATM that takes MasterCard will accept Cirrus/ Maestro cards as well.

        As far as Maestro acceptance is concerned, acceptance varies country by country, but looks like it's pretty widely accepted in Europe and parts of Asia https://en.wikipedia.org/wiki/Maestro_(debit_card)

        According to MasterCard's Southeast Asia website: over 13 million (merchant) locations around the world and at 1.9 million ATMs worldwide that accept MasterCard http://www.mastercard.com/sea/consumer/maestro.html

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  Toph Beifong on 14/11/2017 - 14:06

  So this account can be 'linked' with the RAMS savings account?

  • 

    jpgjeff1 on 14/11/2017 - 14:24

    Yes, but it doesn't work like UBank Ultra and USaver combo with their automatic sweeps. You have to transfer funds manually.

    • 

      CVonC on 14/11/2017 - 17:06

      Does it appear instantly?

      • 

        jpgjeff1 on 14/11/2017 - 18:10

        +1

        Yup, it's instant between RAMS accounts under the same profile from my experience.

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  DaTa on 14/11/2017 - 15:15

  Taking out money internationally fee free is awesome

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  elease on 14/11/2017 - 17:21

  Do they have international transaction fees?

  • 

    jpgjeff1 on 14/11/2017 - 18:11

    None at all.

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  JJPS on 14/11/2017 - 20:32

  Called their customer service, the guy claimed there will be no fee on RAMS side. However, if overseas bank posts ATM charge then it won't be covered. Would this be different to ING? As ING claimed to refund all fees, i guess including overseas bank ATM charges if any. Also, the guy can't confirm link to exchange rate!?

  • 

    nadan on 14/11/2017 - 23:57

    ING used used to charge $2.50 flat fee regardless of foreign ATM operator charge. They have changed things as per their new policies.

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  poiuy1234 on 05/12/2017 - 16:26

  Just received an email saying that their bonus rate is decreasing by 0.20%. Are RAMS, ME Bank and ING still the top three savings accounts?

  We're writing to let you know that the RAMS Saver rate will change to the new rates below, effective Wednesday 6 December 2017. The bonus rate is decreasing by 0.20% p.a. There is no change to the base rate.

  • 

    CVonC on 06/12/2017 - 11:24

    RaboDirect is 3.05% for the first 4 months

    • 

      poiuy1234 on 06/12/2017 - 15:32

      Thank you.

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  OzyBe on 28/12/2017 - 10:04

  With the decrease of the interest rate, combined with the no withdrawal requirement, i think this account has lost much of the appeal that it used to have. I guess they make the assumption that most people will not move their savings elsewhere (but hopefully true Ozbargainers are smarter than that).

  IMO, the best 2 accounts at the moment are:

  ME bank 2.95% (with the weekly tap & go withdrawal - at first seems like a PITA, but when comparing this requirement to others, is very manageable). Hope they dont reduce their interest rate.

  ING bank 2.80% (with monthly 1K 'salary' deposit - shame they reduced their interest rate). Depending on who you speak to at ING, they do expect the 1k to be genuine salary, though I know of at least a few people who use other external funds to meet the requirement).