Overseas friends are visiting. Any idea which banks' ATM has low or zero fees for cash withdrawal using a overseas issued Visa Debit card across the VISA/Plus network?
I understanding there're many fees involved. I understand the issuing bank of card may charge a fee, also understand forex fees that may be baked into the forex rates. Those I'm not concerned. It's the direct withdrawal fees from incurred from Australia banks due to usage of ATMs that I'm concerned about.
Thanks
That's correct. Although it would be probably wise to avoid ATMs which charge their own fee in addition to any bank fees, as these can be usually avoided by just using bank ATMs. These non-bank ATMs which charge extra fees are usually found in casinos, pubs, etc.
It is to do with their bank. If they have an account that offers free overseas ATM withdrawals + zero FX loading.
The way I understand it, the issuing overseas card bank, can charge fees and markup on the FX. However, the local bank ATM can charge another fee, probably to recover their costs.
If the overseas bank offer free overseas cash withdrawal, they will usually follow through with a disclaimer that says "The overseas ATM bank may charge another additional fee though".
Like ATMs at the pub / convenience store, either it should be displayed or will tell you when you insert the card.
Previous question Fee Free ATM in Australia for UK Card
That OP stated -
Thanks for the replies. CBA are still going to charge for overseas cards. I'll try ANZ and report back.
But didn't bother
Thanks. I just went to a nearby mall and tried a trial withdrawal of $50 AUD using a foreign card at all the Big 4 local banks. At the final confirmation screen, a message will say "There is a charge of $X.XX. AUD. And also another disclaimer that says your bank (overseas) may charge additional fees on top of it." I'll then cancel the transaction.
Here're the results:
1) CBA $3
2) NAB $3
3) ANZ $2
4) Westpac $4
There's not much you can do to avoid the local ATM fee imposed by many foreign banks… it's basically the foreign bank cashing in on the tourist trade.
From memory, there were one or two banks with products that refund the fee after the fact, but none spring to mind right now.
Can you get them to go into a wollies or coles and withdraw cash from on of the self service terminals? If they have to purchases something before the system will allow them to "cash out" then tell them to buy a pack of gum or something.
I think the "cash out" uses the EFTPOS network, which is not accessible by foreign cards.
In some cases, the ATM is free (it won't charge a surcharge), but your bank will charge you for using that “foreign” ATM. To avoid foreign ATM charges, look for banks that allow you to withdraw anywhere, fee-free (some online bank accounts, including Capital One 360, don't charge foreign ATM fees).
Generally isn’t it more about the customer’s own card and bank than the ATM itself?