$0 account keeping fee+ $0 ATM FEE Nationally with ANY ATM+ $0 International transaction or ATM Fee + Apple Pay & Android pay ready + earn interest with Macquarie Bank transaction account.
To me it is a fantastic deal and has been around since a while but I don’t think may of us know ahout it, so thought I should share. I Am banking with them and haven’t experienced any dramas.
Delete this post if this is a duplicate deal or if there is no value in it.
Enjoy
Why would you want to do this?
Interest on the transaction account only accumulates on amounts over $5,000 - so the simple thing here would be to not have more than $5,000 in the account.
Muslim?
By far the best user experience of all banking apps I have used.
What’s the go with depositing cash when there is no branch nearby?
Australia Post
Macquarie Bank does not participate in Bank@Post
Source: https://auspost.com.au/money-insurance/transfer-money/bank-a…
deal breaker for me! B@P is so good! Fastest (instant) way of transferring money between different banks!
You're right they don't
Cash deposits can be made in person at the following Macquarie offices:
Brisbane: Level 16A, Central Plaza One, 345 Queen Street, Brisbane, QLD 4000
Melbourne: Level 24, 101 Collins Street, Melbourne, VIC 3000, and
Sydney: 1 Shelley Street, Sydney, NSW 2000.
i was wrong :(
Looking through the fees, the chargeback fee is $8 compared to Citibank Plus chargeback fee of $0. If your transactions are less than $8, it seems like there's no point of disputing it.
*Edit
Also, there is a $30/$60 'investigation fee' when you want a particular transaction to be investigated. Unsure how though this applies however as there's no mention of it in the terms and conditions.
Source: https://www.macquarie.com/au/personal/important-information/…
While valid, it isn't right to compare it to Citibank, since citibank does not provide all ATMs for free in Australia.
Would be interesting to see what ING fees for chargebacks/investigations are, since if it is $0 then I don't see the benefit of Macquarie over ING.
Either way, these fees are hardly everyday fees.
Personally I think it is a fair comparison as they all fall into the transaction accounts category. Seeing now the exchange rate on ING/Macquarie/Citibank is largely the same (except for maybe Citibank USD rate in the US), no international transaction fees are charged, no monthly account keeping fees, etc. The offers boil down to the following requirements and advantages:
ING: Minimum deposit requirement, minimum transactions/month requirement, Advantage: Rebates for domestic and international ATM fees (which come in handy when they are unavoidable), Bank@Post
Macquarie Bank: Higher chargeback fee, high investigation fee, no Bank@Post, Advantage: Rebates for only domestic ATM fees
Citibank: No requirements, Advantage: Bank@Post
ING are awesome when it comes to chargebacks. I had a $500 Consumer Affairs dispute regarding a faulty product and the manufacturer wouldn't come to the table on a refund… With appropriate evidence of the fault, ING/Visa did a chargeback for the full amount.
$0 chargeback or investigation fee.
this is the thing that nobody talking about beside international transaction fees….get charge for investigation and a chargeback might be 1 negative for Macquarie over other banks.
Citibank has free ATM withdraw with at least all big four banks. Unless you prefer ATMs from small banks, I don't see why that gets Citibank out of the competition.
What’s exchange rates do they use? Citi Plus and 28 Degrees use interbank/wholesale spot rates (no buy-sell spread) and no forex transaction fees. I’ll switch to Macquarie if they’re same.
Macquarie (in fact, most big banks) do they same thing. They use the mastercard rates.
Citi Plus and 28 Degrees use interbank/wholesale spot rates (no buy-sell spread)
No they don't. They use MasterCard daily rates, because the currency conversion is performed by MasterCard not the bank.
That’s what i meant.
So they charge a straight MasterCard rate without any buy-sell spread? A “MasterCard rate” is a vague description.
And is the mastercard rate better or worse than visa? Reason for asking: I have a visa debit card with a building society. And I get charged a currency conversion fee. Getting rid of that fee is good. But if the mastercard rate is worse than the visa rate, may as well stay with the visa debit card.
From what I've heard it's usually slightly better.
I'm trying to decide where to put my bit of savings to earn the best interest w/the least fees. ANZ is now a joke.
I only need a debit card & don't mind if it's all online—- except I get a lot of cash payments.
Where is best to put 40-50k?
I thought ME looked all right…honestly, it's getting so ridiculously confusing.
Either ME or ING
RAMS might be worth checking out if you are NOT planning to withdraw and planning to add $200 every month.
also check out UBANK
I'm looking at getting a new savings account and transaction account, i have been with CBA for too long for no good reason and need a change. Here are my details so let me know what are my best options please:
Student only earning 800 month working part time while studying full time while living at home. Do a lot of online shopping so would need no international transaction fee's, don't mind having to use a specific atm but would be better to use any atm. Obviously $0 fees too.
For the savings account i have 15k saved and would just like the best savings account i can get with no monthly minimum deposit amounts and can transfer between the transaction account with ease.
Cheers.
Try ME bank
looking and reviewing between mebank, Macquarie Bank, ING and citibank, i think you are right with Mebank just because i dont earn over 1000 a month for ing. When i do though i will be switching to ING and citibank for overseas use. Thanks.
Surely you can shuffle some of your savings out, then back in, to reach the $1k min?
Slight inconvenience - but if you really wanna go with that combo, it may be worth 30 seconds of your life each month :P
What kind of advantages does Me Bank have over Macquarie? I just read Me Bank has an international fee of 1.5% and an international withdrawal fee of $4.
saving account with i think off the top of my head 2.87% which is not just for the first few months like macquarie. saves just the little bit more a month. plus refunds atm fee's that the atm charges rather then just wave their own fee.
I've moved my savings and transaction accounts across to Macquarie from HSBC. Macquarie is so much better. Like many have mentioned, their app and online platform are so intuitive. Best move I've made in terms of switching banks. Highly recommended. The perks with $0 ATM fees and $0 foreign transaction fees are also handy.
Already have a citibank account and ING, is there an incentive for me to switch? I don't see it?
2nd card for when you travel OS, so when Citi lock your card or their app messes up (stupid authentication locked to the phone) and you cant contact them you can still spend $'s while it gets sorted. Last trip to NZ it took City 2 weeks to sort their stuff out - told them I was going but the App locked due to change of SIM/timezone.
oh wow, guess a back up isnt a bad idea! must have been lucky because I used in NZ and europe with citibank with no dramas!
I've never had a problem with sim or time zone change. I remember they say somewhere on their website that when you travel, your setting for timezone must be automatically. for an authentication code, you can use a pin code or something like that so you don't need your registered Australian number. I used Citibank for my last 5 overseas trips. I even lost it in Hongkong, it took 2 minutes to lock it over the phone. No drama at all
Don't use the app. I deleted it.
When going overseas, we pay our 28 Degree Mastercard into credit and use that for local purchases and ATMs. No transaction fees and only ever charged at the official exchange rate with no transaction fees. How does that compare?
keep in mind that 28 degrees charges a $5 cash advance fee even on your own cash when they never used to.
This looks great- there's been a bit of chat here but can it realistically replace both my Citibank (for international account to account transfers) and my ING (free ATMs) accounts?
$5 per withdrawal for International
New Macquarie Bank Transaction Account is great for Online and offline oversea travel?
how fast transaction moving money from other banks like NAB/Commonwealth to Macquarie bank account? considering using Macquarie Bank for transaction like online and offline purchases.
+100001 for both Google Pay and Apple Pay supported at the moment,
Internet Banking and mobile app are hella good too, fingerprint login, advanced searching, push notification.. i got Westpac, Citibank and just wanna throw my phone away every single time using their app (Citibank OTP is ridiculously dumb, Westpac is bloooodyyy slowwwwwww, ANZ please choke).
I'm using Macquarie to do int'l transaction and the exchange is quite good, Citibank for int'l travel (No fee @ Citibank BKK).
Wish they will implement Samsung Pay, atm deposit, and cardless cash soon…
Do you instantly see the pending transactions from Pay Pass on the Macquarie app? This is a feature that is missing on the citibank one.
almost instantly in-app and push notification too, unlike Citibank only appear after awhile with an unclear description
Easiest bank sign up I've ever done. But why did I receive two account numbers? An email arrived with a 'savings account' number, and a second 'transaction account' number!?
one saving and one net banking
Thanks. I don't get it but that's ok. Reading about Citibank, dealing with UBank and their silly savings/sweep linked foolishness, seeing how St George handles banking, etc. has proven banks are run by morons. i.e. Why not just make the two accounts - one account, LOL.
So when buying something overseas, do you have to transfer money from the savings into the transaction account first? (Which one is/works like a Visa debit card? Or both do?)
I've emailed Macquarie and asked them. But the 'online' bank with the 'online' account has replied saying to phone them. I have no need for a phone so I only have internet. Why have a 'contact us via online form' if they're only going to tell people to phone for a simple question.
i'm trying to figure it out myself. if it likes other banks then saving will be the one you want to transfer money to when you want to use it
I suspect it's the other way around … Transaction account is every day use … Savings you put your money there to save it and have to transfer it to the other account to use it (same as CitiBank).
Sign up process was painless, not even any ID reference checks (which is weird) and I only applied for a transaction account so just got 1 account number.
@Wolfy: It's just… odd. Because the interest rate only applies for a few months. May as well toss out the savings account once that happens. The email said 'your card' too - singular. So I really hope they don't want money in the savings account, then make you transfer to the debit card to buy stuff.
I would fully expect that is how it works.
Savings account is for holding your money and the interest rate (however minimal, which is why I didn't bother with one).
Transaction account is where you spend money from via the Debit Card.
Exactly the same as Citi.
@Wolfy: I probably won't use it yet, but this will be good when the new instant BPAY comes out: http://www.bpay.com.au/Member-Financial-Institutions/Osko-by…
(I want it to buy crypto without international fees. But if it works that way then atm it's too many steps and delays.)
i.e. Transfer from UBank (slightly higher - and permanent - interest) to Macquarie, two days to arrive, buy crypto on overseas exchange using Macquarie visa debit card. By the time those two days have passed you've probably missed many buying opportunities. Not so bad while the interest is up, but when it drops - meh.
how's the foreign exchange rate compare to Citibank? I've been using Citibank for traveling and pretty happy with their exchange rate
$0 ATM FEE Nationally with ANY ATM
That is incorrect - they only ensure for redi ones. https://www.macquarie.com/au/personal/important-information/…
https://www.macquarie.com/au/personal/bank-accounts/transact…
Say goodbye to ATM charges
Free access to any rediATM and enjoy a refund on fees incurred at all other ATMs in Australia.
Then why is that information left out in the official terms and conditions fee section page?
https://www.macquarie.com/au/personal/important-information/…
From time-to-time, we may offer special promotions in connection with ATM fees - check macquarie.com/personal for details of any current offers.
Apparently, it's a long-running offer.
International transfer is free?
Does this mean there is no longer a Macquarie "Platinum" Transaction Account? I signed up for that a little while ago and have it sitting around with a few hundred dollars in it.
It's still available
Holy moly, I just logged into my and wife's accounts which we haven't used since 2016 and found $1160 in credit from referrals! I suggest everyone to do the same.
how did you put your code in referrals?
I don't even remember there being a referral program!
Looks amazing. Do they have an "auto sweep" feature?
With Ubank, if my transaction account doesn't have enough money for a deposit- it will take form my savings account (I'm pretty sure).
No Auto sweep
ty
Looks like they have a $5 fee for overseas ATM withdrawal now.. Or was this always the case?
that fee is on hold, they're not charging it.
Are you sure about this?
https://www.macquarie.com/au/personal/important-information/…
It says they charge A$5 *although from time-to-time they might have promotion :S
This is confusing. Anyone know where can I confirm this? Thanks!
NO NPP until 2019
Can I ask where you've heard this? As of about a week ago they were saying 'slightly later' in 2018.
i really like Mac mobile apps but only 1 negative thing is it doesn't have Tap & Pay but go through 3rd party like Android Pay for few reason like data collect from google.
Can we disable interest earning on this account?
Everything else looks good but mandatory interest is let off. Currently with ING but looking to move before March 2018 because of the requirement of 5 transactions per month on the ING card.