Aussies 'spend $53m a month withdrawing cash'

Thursday 31 March 2011

Article by Mozo

Australians are paying as much as $53 million each month simply to withdraw cash using their debit cards, recent figures suggest. 

Aussies 'are paying $53m a month to withdraw cash'

Data from the Reserve Bank of Australia shows that banks make more money on transaction account fees than with any other product.

According to the research, less than 40 per cent of withdrawals in the first month of 2011 were from overseas ATMs.

The figures showed that up to $636 million is wasted every year by Aussies trying to access their funds through banks that were not their own.

Areas that are relatively remote were found to be paying the highest amount for withdrawing money with their debit cards, with the average cost 0.13c higher than in cities.

Aussies may want to consider going online to compare debit cards to look for one with a bank that has numerous ATMs that offer free access to their funds.

Earlier this month, consumer group Choice launched a campaign urging banks to get rid of "unfair fees".

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