Bankwest Easy Transaction Account Exchange Rate

chansc on 27/10/2024 - 06:57
Last edited 27/10/2024 - 07:00

I am trying to get a debit card for getting cash from ATM when I travel to Japan. The Bankwest Easy Transaction Account has zero overseas ATM fee and foreign transaction fees. However, what is the exchange rate that they are using? Is it using the Mastercard exchange rate or their own rate (https://www.bankwest.com.au/personal/bank-and-save/travel-ba…) ?

I already have a Macquarie Bank account but I don't want to use it for travelling as it's the main account that I use in Australia.

The other alternative is UP Everyday account but it seems there overdrawn facility which I don't like.

I also considered Pre-Paid Debit Cards but it seems there will be fees when I withdraw over a certain amount (e.g. $350 for Wise) .

Are there other alternatives?

Thanks in advance.

Financial Exchange Rate

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Comments

  • steven107 on 27/10/2024 - 07:42

    Suggestions:
    1 Prob the easiest, open a second Macquarie transaction account. You can do that from the app and probably from the website too.
    2 If you're a Qantas Frequent Flyer, get a Qantas Pay card
    3 Westpac Worldwide Wallet.

    The latter 2 have no ATM or foreign transaction fees. Not sure whose exchange rate they use but both are similar and reasonable. Eg my partner is currently in China and it's costing us a bit under $20 for every ¥100 she takes out of an ATM.

    • chansc on 27/10/2024 - 11:51

      Thanks for the suggestions. Unfortunately I am not a Qantas Frequent Flyer. I think the Westpac Worldwide Wallet doesn't have a ATM network in Japan.

  • Baysew on 27/10/2024 - 11:29
    +1

    what is the exchange rate that they are using?

    Mastercard

    • chansc on 27/10/2024 - 11:50

      Thanks!

    • bobbieb on 27/10/2024 - 12:33
      +3

      Not sure how prevalent is it in Japan, but many ATMs will try to dupe foreigners into taking their own rate.

      If you're presented with a question asking whether you wish to transact in AUD or local currency, always take the latter. Choosing the AUD option takes the ATM owner's exchange rate, choosing the local rate lets the card network do its thing.

  • kolorijo on 27/10/2024 - 17:00
    +1

    These days most vendors in Japan will take credit cards.

    I went for 16 days and took $1000 cash, only exchanged $600, mainly to top up my icoca/suica card.

    I do have my bankwest atm with me for emergency but I mainly use my bankwest credit card for almost everything.

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