ING Bank Dropping 5 Free Overseas ATM Withdraw Benefit

Lchiwi on 15/04/2023 - 20:24
Last edited 17/04/2023 - 14:37 by 1 other user

Beware for those wishing to use this benefit for free overseas ATM withdraw using your ING ATM card. I’ve just been advise by ING that they are dropping this benefit from 17th April.

I am flabbergasted by this news since I have yet to see any formal announcement from the bank! According to the rep on the phone tonight she said it is coming. I’m like but that is 2 days away!

Mod: 17/4 - Updated information.

"Effective 1 August 2023" that "There are no rebates available for international ATM operator fees."

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Comments

  • Brick50 on 17/04/2023 - 08:48
    +1

    You're kidding, I just signed my partner up and did the requirements for our trip next month

  • finbar on 17/04/2023 - 08:56

    Well no changes announced yet.

  • 69dollars on 17/04/2023 - 08:59
    +1

    Damn it, my trip is in June and I was just going to get this card! I might wait a few days to see if it is true!

  • watwatwat on 17/04/2023 - 10:49
    +2

    This is very sad news. ING cutting too heavily now. I think they could have reduced it instead of cut it completely.

    In Thailand the withdrawal fee charged by bank is $10 AUD and maximum per transaction is close to $1k aud.

    Also I hope those snakes give us a few months warning at least.

  • deme on 17/04/2023 - 11:40

    Any news?

    • finbar on 17/04/2023 - 12:06
      -2

      It appears the claims can't be substantiated yet.

  • currentfad on 17/04/2023 - 12:09
    +7

    The Benefits Schedule that says "Effective 1 August 2023" that "There are no rebates available for international ATM operator fees."

    Operator fees are charged in relation to transactions and enquiries carried out at the operator's ATMs. These fees apply to your account in addition to the ING International ATM withdrawal fee, even if ING does not charge a fee for that transaction or enquiry.

    Per the Benefits Schedule, ING will continue to rebate withdrawal fees in relation to the first 5 eligible fee incurring ATM withdrawal transactions made on the account in that month (whether domestic or international), assuming you have met the conditions in the prior month.

    "Once you have received rebates on 5 eligible fee incurring ATM withdrawals in a month, standard fees will apply for any subsequent withdrawals." The international withdrawal fee will be $5 each according to the Fees & Limits Schedule, effective 1 August 2023.

    https://www.ing.com.au/pdf/Orange_Everyday_Benefits_Schedule…

    https://www.ing.com.au/pdf/Orange_Everyday_Fees_and_Limits_S…

    Expect email comms to be sent out shortly.

    • gadgetguy on 17/04/2023 - 13:26
      -2

      Well that's it then, August confirmed.

      I noticed that they reduced the limit I could withdraw in a single transaction overseas too. I used to be able to get $1500 USD in a single withdrawal but now it's $500, so that $1500 eats up 3 of the 5 monthly free withdrawals.

      Kind of moot now though.

    • watwatwat on 17/04/2023 - 13:30

      Nice work.

      It's weird how much I appreciated this service, despite only using it sparingly during overseas travel. It was just one less thing to worry about when traveling.

  • PiperDan on 17/04/2023 - 14:47

    Was planning on switching to ING before my trip in September. I won't waste my time now. Thanks for the head up OP.

  • steveyyf on 17/04/2023 - 16:45
    +1

    oh bad news. no replacement product so far

  • chiwi on 17/04/2023 - 16:45
    +3

    Thanks for the update! I’m travelling in June so I’m good for one last trip!!!

    • bdl on 17/04/2023 - 17:05
      +2

      Can you bring some cash back for me please? :)

  • Ryk on 17/04/2023 - 20:27

    same day westpac announces free withdrawals coming to atmx. https://www.savings.com.au/news/westpac-armaguard-atm-partne…
    the benefits of ING have diminished significantly.

    • YesPleaseThankYou on 17/04/2023 - 20:34
      +1

      Yes, that's domestic only. We're talking international.

  • WhatTheDuck on 17/04/2023 - 22:51

    Any idea how this may affect paying for goods overseas using contactless payments?

    • bdl on 18/04/2023 - 00:44

      It doesn't, only affects cash monies withdrawal from ATMs

  • ilikeverycheapstuff on 18/04/2023 - 08:27
    -2

    Just use Macquarie Platinum Debt card. I found it way easier to use than ING without the requirement of depositing 2k every month. I have ING but never use it. Macquarie i use it every day in Syd and every time i travel

    • watwatwat on 18/04/2023 - 09:51

      So you've been paying international ATM operator fees all this time when you could have had them refunded with ING?

      • ilikeverycheapstuff on 18/04/2023 - 10:02
        -2

        taken from Macquarie Bank website: "Macquarie doesn’t charge any fees to withdraw cash at overseas ATMs using our debit card."

        • SydneySwan on 18/04/2023 - 10:06

          What about fees charged by the ATM operator?

          • ilikeverycheapstuff on 18/04/2023 - 10:13
            -2

            @SydneySwan: for domestic, its refunded. For overseas, I assume its per ATM.

            Just came back from Japan and 711 Bank doesnt charge fees

            • watwatwat on 18/04/2023 - 12:39
              +5

              @ilikeverycheapstuff: You don't have a great understanding of ATM operator fees, which is the basis of this entire post.

              You told everyone "Just use Macquarie Platinum Debt card". Instead it seems like you were telling everyone "Just use Macquarie Platinum Debt card when you are travelling to this one specific country and going to this one particular convenience store chain ATM".

  • Ozbargainasaurus on 18/04/2023 - 18:54

    How about revolut or transferwise as an alternative? Anyone tried?
    Load in local currency and use that in Arms. From what I understand it's free

    • gadgetguy on 18/04/2023 - 20:06
      +1

      They have a threshold above which you get charged for ATM withdrawals by them, let alone the operator. Not sure what it is but it's quite low I think.

  • Sylke on 18/04/2023 - 20:15
    +2

    Just got the email-
    http://l.e.ing.com.au/rts/go2.aspx?h=374491&tp=i-1NGB-8v-FTF…

  • Bystander on 21/04/2023 - 13:55

    Is there a list anywhere that shows which overseas ATM's either don't charge a fee or have a low fee?
    Something similar to this but for other cards as well, eg, Macquarie?

  • Sylke on 26/05/2023 - 03:22

    Just an update even though the threads getting old. In Florence, now ( the Italian one) withdrew from a Deutsche Bank Atm - no operator fee but a $5 International atm withdrawal fee - rebated immediately ( even before the account has cleared ie pending) exchange was a few cents short of the currency apps conversion rate. As I understand it, this fee rebate will continue with ING for 5 times a month, subject to the 5 settled use of the cards and the $1000 going into the account. It’s still pretty good value IMO

    • SydneySwan on 26/05/2023 - 08:14

      My understanding is that the $5 fee will not be rebated once the new enhancements are in operation.

      • gadgetguy on 26/05/2023 - 12:20

        It's the whole point of the thread!

      • ifuggedxyz on 26/05/2023 - 14:38

        The $5 was actually ING international ATM withdrawal fee, and not the overseas ATM operator fee (Sylke mentioned "no operator fee"). And Sylke was correct that this fee would stay, with up to 5 rebates per month subject to meeting the monthly requirements.

  • double_J on 26/05/2023 - 11:41

    We're going to transit in Singapore airport for few hours next month. Would it be better (in term of currencies & fees if any) to pay with the ING debit card or withdraw SGD with the ING Card? Or would it be the same either way? Thank you

    • SydneySwan on 26/05/2023 - 12:02
      +2

      Always pay with the card rather than withdraw cash.

      • double_J on 26/05/2023 - 13:37

        Thank you for the suggestion.

        Is there any limit as in how many taps within a month?

  • bunkr on 14/07/2023 - 01:57
    Merged from ING Will Stop Providing Rebated for International ATM Operator Fees from 1st Aug 2023

    I got the following notice today:

    Effective 1 August 2023, we’re making changes to the Everyday Banking Fees and Limits Schedule and Orange
    Everyday Benefits Schedule because from this date:
    • we will no longer be providing rebates for International ATM operator fees; and
    • deposits to ING Personal Loans count towards the monthly deposit criteria for Orange Everyday Benefits.

    Looking at the first point, am I correct in understanding that International ATM withdrawals can still be made at the Visa international exchange rate. Just any ATM fee, which may be charged by private ATM operators or small financial institutions abroad will not be rebated?

    • HardQuiz on 14/07/2023 - 03:04
      +2

      I’m still not sure why this deal/PSA or whatever you want to call it was upvoted.

    • Arcayne on 14/07/2023 - 07:14
      +3

      I've just moved from ING to Macquarie. Sick of ING slowly removing their benefits or introducing more hoops to jump through to meet criteria.

      • doctordv8 on 14/07/2023 - 07:29

        Did I miss something. "….introducing more hoops to jump through to meet criteria". Which and when?

        • Caped Baldy on 14/07/2023 - 08:31
          +1

          ING used to provide really good benefits like cashback on paywave purchases (up to 5%), no ATM fees, 50c rebate on cash withdrawals. No BS with x amount of deposit, no increasing monthly balance, and no requirement for 5 transactions per month.

          • doctordv8 on 15/07/2023 - 20:25

            @Caped Baldy: Mmmm, ok. Did not miss those benefits.
            But given the exceptional Interest rate, who cares….not I.
            Simple as to get a great savings rate, which is what I use Ing for.

            So, you moved because Macquarie now have heaps better benefits and and the same or higher interest rate, or do they ?

    • Cohey on 26/07/2023 - 14:33

      I believe you are correct. Seems fine and not the biggest deal. If they were to ever get rid of the international transaction fee THEN it would be a different story imo.

  • a1234my on 26/07/2023 - 13:42

    This did not effect Malaysia and Singapore or any other country that operator did not charge operator fee. Can confirm ?

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