Just received an email from 86400 saying that they've removed international transaction fees. Is there any reason left to stay with ING?
86400 allows up to 3 save accounts of 100k each, does not have the 5 card transactions a month requirement, and allows direct debit into their savings account.
Only case left for ING is that it will refund you international ATM fees that the machine may charge.
Safe to say I will be completely switching from ING.
Thoughts?
Both banks are guaranteed up to 250K by the Government.
But privatised transaction banking is bullshit, the Commonwealth Bank should never have been privatised and every Australian should have had access to fee free banking in a bank backed all the way by the Government since 1984.
+1 While Not perfect, they're Aussie, Good &
Resilient, mostly… ;~)
In years gone by, we've enjoyed perks, from
5% (later 2%) bonuses for using their card's
"Pay Wave" shortly after being introduced,
to a free book (not of my choice), etc.
One can argue, that it's Not so good, that
they Refund fees for International payments,
as it encourages us to help pull-down AU's
economy by buying from outside AU, but it's
certainly contributed to their "Customers'
economies" to encourage us to do that, as
we've saved heaps buying overseas.
I'd want to compare the 2 banks' apps, ie,
before leaving. ING have got a pretty
good app, IMO. Again, Not perfect, but good.
And… they've even gone so far as to
make changes to it, per our suggestions,
more than once!
(Still NO Graphics, showing our rates of
saving, spending, etc. Others show these
on a chart, & I miss that convenience.)
I'm still regretting even -trying- silly
RAMS' bank! Identifying oneself is -way-
more time-consuming, than at ING.
ING seems to apply more "Practical Wisdom"
that any other bank I've used in AU. YMMV
This Review may change, in favor of a non-
bank, as I've already been (partly) im-
pressed by "Transfer Wise's" app…
(In a weird way, it reminds me of Tik Tok)
Actually they're Dutch, with headquarters of ING Group in Amsterdam. They do have local HO and call centre though.
Thanks for pointing out, good to know about other options.
Imagine refund of ATM fees trumps the advantages mentioned for most. Fees can be significant in some countries and saves time looking for cheaper ATMs while away.
Put your travel funds into ING and take it to the pub one night in the prior month, not difficult.
ATM fee refunds is what sets ING apart from the pack of no international fee cards. No reason to change yet.
it will refund you international ATM fees that the machine may charge
international ATM fees
Make that ALL ATM fees - the servo ATM's that charge $3 a transaction included
this… 86400 does not refund any ATM operator fees
Eftpos is the only way around this and a lot of supermarkets have limits on withdrawals.
Other Negatives for 86400 vs ING
They charge $7 to express post you a new card (ING does it free)
No PayID
A lot of external banks do not recognise the 86400 BSB (this might be an issue if you get paid and your employer is with one of these banks)
They allow activation of your debit card while it is in transit (so you can add it to Apple Pay/Google pay etc) which means the card sitting in your letter box is active and as such useable by anyone who might get their hands on it.
Username checks out
Is there any reason left to stay with ING?
no desktop banking. a major impediment to me
IF you mean Windows PC website-based access,
ING has that. (What's "desktop banking"..??
walk-in branches? If so, that's what's good
about ING: Their business model is more
cost-effective, with far fewer branch rents +
staff to pay).
YMMV
yeah, i meant 86400 is mobile phone only banking. i like to use a pc.
They have a stupid name.
The number of seconds in a day.
Looks like someone from the dev team came up with the company name.
I bet they all high-fived when they came up with that.
I'm seeing more 'goofy laughs'.
Huk Huk Huk.
"so what would be a really clever name for a bank..?"
"how about the number of seconds in a day"
".. ok but what does that have to do wi-.. you know what yep f-it lets go with that, good meeting everyone"
I think we've both been in "that" meeting.
ATM Fee refunds…..
Yeah i still have bit of money just for ATM fee refunds now when i need
One case for ING is the time saved in explaining what 86400 is.
And it appears you can't have more than $300k total. Makes me wondering if the total amount is guaranteed…
What are you talking about? The 300K total is max amount you can earn their savings rate by having 100K in 3 savings accounts.
$0.01 has been deposited to your 86400 advertising account.
Do people actually throw away their unused cards they still consider have advantages in some circumstances? The only reason I do is for pointless cards I signed up with to get a bonus, just in case I can claim another $50 sign up bonus in a few years time.
But I still keep my Citibank card on me for when I go travelling in case I lose my ING card or an ATM swallows it. Just had to shift money out of it too because they were suspending it for inactivity. Keep in mind I don't own credit cards.
But hey, 200 baht an ATM pop is more than $10! You'd have to buy 4 jars of Mayver's peanut butter at half price just to claw that money back.
86400 does not offer home loan and credit card. I feel my money is safer in ING than 86400.
that is not their home loan, they refer you to a broker.
The loan is with 86 400. Sure you have to go through a broker to get the loan but its with 86 400.
https://www.businessinsider.com.au/86400-home-loans-digital-…
86 400 has become the first Australian digital bank to offer home loans, launching into the market
despite being digital, customers will still be required to go through a mortgage broker to get a home loan with the bank
i have a home loan with ING so i don't need to do the 5 transactions to unlock the features
Cool Story Bro!
I will not be switching from ING
Their customer service and assistance over the past few years has been second to none.
Free express post of replacement cards etc
I have no issues with the requirements and i would rather a bank backed by a reliable source rather than some random private equity company.
These new banks can not sustain these offers (ING was the same when it started) and there has been a lot of questions around their viability long term in the media and from financial experts.