Looking for 0% Fee Transaction Accounts with Debit Cards – Your Recommendations?

OneFootUp on 04/09/2024 - 13:11

Hi everyone,

I’m on the lookout for transaction accounts that come with a debit card and offer the following features:

0% Monthly Fees
0% Overseas Transaction Fees (for both online and in-person purchases abroad)
0% Foreign Currency Conversion Fees
0% ATM Withdrawal Fees (if possible)

I’m specifically interested in debit card accounts, not credit cards. Please share your recommendations in the following format so everyone can benefit:

  • Bank name:
  • Account name:
  • Internet banking or Mobile app only:
  • Any monthly hoops:
  • Direct link if possible:

Thanks for your help!

Financial Debit Card

Comments

  • c0lch3y on 04/09/2024 - 13:27
    +5

    wiki - https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

    0% ATM Withdrawal Fees (if possible) <- not possible in countries where the operator charges fees ever since ING withdrew benefit, unless you are american/have access to charles schwab.

    • OneFootUp on 04/09/2024 - 23:17

      Thanks for the link, very helpful!

    • Captain Musty on 05/09/2024 - 08:43
      +1

      The best bank, I know of, is Macquarie Bank.
      No fees on debit cards, great interest rate (5.35% for first 4 months, then 4.5%).

      Very easy to set-up online too.
      I joined them two weeks ago after I was shafted by ANZ (dropped interest rates by 0.9% to 1.5% on balance over $300k, without telling me).

      Then they took eight (8) days to transfer large amount to Macquarie.

      • steven107 on 05/09/2024 - 10:30

        I second this!

        I'd been with ANZ since getting my first job as a teenager, so long ago that my first card was a Bankcard! But I recently switched to Macquarie for the reasons listed above by @Captain Musty.

        One thing he forgot to mention: Can use your card at ANY Australian ATM and you get a rebate of the fee from Macquarie.

  • Dollar General on 04/09/2024 - 14:05
    -6

    0% Foreign Currency Conversion Fees means they give you are poorer rate.

    How else can they make money?

    • jv on 04/09/2024 - 14:17

      0% Foreign Currency Conversion Fees means they give you are poorer rate.

      that wasn't the case with Latitude, but later this month, they start charging monthly fees.

      How else can they make money?

      From the merchant

      • Dollar General on 04/09/2024 - 14:19

        It’s too small a revenue pool though and not worth it for them for a stand alone card product.

        Financial institutions will offer it when part of a home loan premier package for example as there are other revenue levers they can pull on

        • jv on 04/09/2024 - 14:20

          It’s too small a revenue pool

          No it's not… Especially when you are travelling…

          • Dollar General on 04/09/2024 - 14:25

            @jv: Charging merchant fees only is not enough, which is why these cards are changing.

            I spent almost 15 years working in credit cards for a large financial institution and for a card product to be viable now, you need multiple sources of revenue from either
            - annual fee
            - merchant fee/interchange fees
            - interest charges
            - late fees
            - FX spreads and fees
            - cash advances

            Churn is so high nowadays.

            • jv on 04/09/2024 - 14:26

              @Dollar General:

              Charging merchant fees only is not enough

              It's definitely enough.

              Churn is so high nowadays.

              That is the Financial Institution's fault.

              • Ade99 on 05/09/2024 - 07:38

                @jv: probably driven by the fess they charge and lack of features

            • mikekiwimike on 05/09/2024 - 08:25

              @Dollar General: I think you are being far to generous, I would add that to continue to provide increased returns to shareholders requires more "nickel and dim'ing" of customers, this is true through all large organisations.

              Features that used to be included are being spun out and charged for, because when you have gotten to the limits of the addressable market your growth must come from your existing customers.

              Banks (most large corps too) do not invest enough into R&D to stay on trend and maintain their relevance and are often too late when they pivot when not a bank which have 'special' government protections.

      • Ade99 on 05/09/2024 - 08:32

        I am sure that Lattitude are experiencing churn and expect that they really want to kill this card.

  • dbnewman89 on 04/09/2024 - 15:06
    +5

    Up bank… All of these things, MasterCard exchange rate

    • OneFootUp on 04/09/2024 - 18:22
      -1

      Internet banking or just an app? What’s their dispute resolution system like?

      • dbnewman89 on 04/09/2024 - 21:46

        App only but physical card, owned by Bendigo…

        Dispute resolution is mid, like all debit cards - They have live chat + phone available. If you want top tier you need to use a credit card with consumer protection built in.

  • Marcsie on 04/09/2024 - 16:45
    +1

    HSBC Everyday Global Visa Debit Card

    • OneFootUp on 04/09/2024 - 18:20
      +1

      I've found that HSBC's Global Account ticks all the boxes above. However, their dispute resolution system is a bit of a drawback. They tend to be unresponsive, and you will need to follow up multiple times to get any issues resolved. Keep this in mind if you're considering HSBC

    • HeWhoKnows on 04/09/2024 - 18:39
      +2

      HSBC Global Visa debit card is a good option.
      But it only comes with the HSBC Global Account.
      See here: https://www.hsbc.com.au/accounts/products/everyday-global/

      I have this HSBC Global Visa debit card for Euro expenditure as well as the HSBC Premier World Mastercard credit card which is one of the best FREE credit cards on the market!

      But taking into account that OP is looking for a Transaction account recommendation its hard to go past the Macquarie Transaction Acccount…

      The Platinum Debit card that comes with this account ticks every box requested by OP plus free platinum insurances and benefits.
      See here: https://www.macquarie.com.au/assets/bfs/documents/personal-d…

      And this account pays the highest interest rate (4.75%) for a transaction account without any conditions.
      No brainer!

      https://www.macquarie.com.au/everyday-banking/transaction-ac…

      • OneFootUp on 04/09/2024 - 19:00
        +1

        Thank you

  • Bredo on 04/09/2024 - 16:50
    +5

    Yeah look at the wiki provided above for details, of the top of my head:
    - Macquarie
    - UBank
    - Up
    - Bankwest

    All above have what you want, the standout it's Macquarie, for 2 reasons:
    - it will refund you ATM fees charged by ATM operators (within Australia only)
    - even though it's a fully fledged transaction account, it will pay you interest on any money you have in there

    The only cons on the Macquarie is that the debit card doesn't have EFTPOS. Personally I couldn't care less, but worth keeping it in mind in case you need that

    • askbargain on 04/09/2024 - 18:11

      Does Macquarie still allow you to open multiple transactional accounts?

      • Bredo on 04/09/2024 - 18:13

        No idea, never tried

      • HeWhoKnows on 04/09/2024 - 19:00

        Why not ask them?
        You can open multiple savings accounts.
        Same 4.75% (ongoing) interest rate. Just no debit card.

        You can start with one transaction account and one savings account.
        Then work up from there

        • askbargain on 05/09/2024 - 14:45

          I already have more than 1 transaction account because I opened it ages ago. Not sure if they still allow it.

    • HeWhoKnows on 04/09/2024 - 18:57
      +2

      Agreed
      Macquarie is by far the best transaction account in Australia
      Especially combined with thier Platinum Debit card.
      Current interest rate is 4.75% with absolutely NO CONDITIONS
      See my post for more details and links above

      Since Maq dont charge fees its not a problem not having EFTPOS.
      Its going out of popularity because you can't use EFTPOS overseas.

      • buyer-123 on 05/09/2024 - 14:00

        EFTPOS being the local network means some merchants don't change fees, while they do with Visa and Mastercard.

  • Baysew on 04/09/2024 - 18:01
    +3

    Best Australian Transaction (Day to Day) Account for 2024

    Spoiler Alert: Macquarie Bank

    • HeWhoKnows on 04/09/2024 - 19:05
      +1

      Yep. Thanks for that link.
      Fully agree with the poll.
      Nothing comes even close to Macquarie.
      Been using this transaction account as my main (transaction) account for a year now and very impressed!

      Spare money is parked in uBank's Save account (5.5% up to 100K then 5% any anything over $100K up to $250K

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