Overseas ATM trap: ING reveals the countries where Aussie travellers are being charged the most
Summer holiday travel season is fast approaching, but while you may be fixated on getting the best price on your flights and accommodation for that trip to Europe or South America, have you ever seriously thought about the fees you’re likely to fork out while overseas?
According to a recent study by ING, one in three Australian travellers aren’t sure what credit and debit card fees and charges they’re actually paying for while holidaying abroad.
And it’s a mentality which could be costing them, with ING reporting that Australians lost around $442 million in 2017 alone to overseas card fees and charges - roughly $155 per person, per trip.
RELATED: Aussies plan their travel while at work, says KAYAK.com.au
“$155 is an awful lot to lose out to international bank card fees and charges. That same amount could cover the costs of a bungy jump in New Zealand or a photo safari in New York,” said ING Australia’s Head of Retail Banking, Melanie Evans.
“This study brings to light just how important it is to understand all the fees and charges that can come with using your Australian bank card overseas.”
Overseas withdrawal woe
Following a move by all four major Australian banks to remove ATM fees last year, many Australians will have become accustomed to a fee-free life when it comes to making cash withdrawals. At the very most, Aussies may have to cop a $2.50 fee for using an ATM at the local pub.
Given that ING’s study found that 53% of travellers used an ATM at least once during their last overseas trip, it makes sense for Australians to be aware of the foreign fees they’re likely to be charged - especially when ATM fees in some countries can come with a real sting.
While ING customer data revealed that travellers in China, Croatia, Sweden, Malaysia and Egypt (to name a few) often paid no or relatively low fees for ATM withdrawals, the same wasn’t so for others.
Most expensive countries (by average ING ATM rebate)
- Chile ($10.44)
- Vanuatu ($9.67)
- Argentina ($8.93)
- Fiji ($8.48)
- Thailand ($8.47)
- United Arab Emirates ($7.84)
- Czech Republic ($7.63)
- Papua New Guinea ($7.03)
- Guatemala ($6.94)
- Peru ($6.81)
Fee-free card options
Relying on a debit or credit card is certainly the go-to payment option for many travellers, but depending on where you are in the world, cash can still be a necessity.
So how can Australians abroad avoid getting stung by high ATM fees?
Thankfully for consumers, there has been a growing trend among Australian banks to introduce features like fee-free foreign ATM withdrawals and international transactions on select travel cards and accounts. Some of the banks with these features include ING, UBank, HSBC and Citi amongst others.
For example, ING customers with an Orange Everyday account will have ATM fees in Australia and the rest of the world reimbursed to their accounts (almost instantly), plus they won’t pay any international transaction fees on purchases made either overseas or through a foreign website.
Most of these accounts, including the ING Orange Everyday account, do come with minimum requirements which need to be met in order to access features like free ATM withdrawals, so it could be worthwhile weighing them up beforehand.
RELATED: UBank scraps overseas ATM and transaction fees
Want to say goodbye to overseas ATM fees for good? Check out our full review of the ING Orange Everyday account with all its feature and requirements, or compare a larger range of options on the Mozo debit card comparison tables.
Today's travel debit card deals - last updated February 27, 2021
Everyday Global Account
overseas atm fee
overseas purchase fee
foreign exchange fee
$0.00$0.000%No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)
Everyday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)
- account fee
- $0.00
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $9,000: 0.00% p.a.
- fee-free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, Bank@Post, BPAY and direct debits
Read our Mozo Review to learn more about the Everyday Global Account
Global Currency Account
overseas atm fee
overseas purchase fee
foreign exchange fee
$0.00$0.000%Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Currently offering special exchange rate on New Zealand Dollar. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.
Global Currency Account
Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Currently offering special exchange rate on New Zealand Dollar. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.
- account fee
- $0.00
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $25,000: 0.75% p.a.
- fee-free transactions
- Unlimited free transactions from network ATM, EFTPOS, cheque, phone, internet and linked Debit MasterCard purchases.
Read our Mozo Review to learn more about the Global Currency Account
- Featured Product
Orange Everyday
overseas atm fee
overseas purchase fee
foreign exchange fee
$0.00$0.000%Fee-free ATM use anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2020 for Exceptional Everyday Account.^
Orange Everyday
Fee-free ATM use anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2020 for Exceptional Everyday Account.^
- account fee
- $0.00
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Free ATM use in Australia and overseas and free international transactions when you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read our Mozo Review to learn more about the Orange Everyday
USpend Transaction Account
overseas atm fee
overseas purchase fee
foreign exchange fee
$0.00$0.000%This account works hand in hand with the USave account. Receive a generous ongoing bonus rate when you deposit at least $200 into either account each month. No international fees.
USpend Transaction Account
This account works hand in hand with the USave account. Receive a generous ongoing bonus rate when you deposit at least $200 into either account each month. No international fees.
- account fee
- $0.00
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, internet, Visa debit and international purchases.
Read our Mozo Review to learn more about the USpend Transaction Account
Classic Banking Account
with Platinum Visa Debit Card
overseas atm fee
overseas purchase fee
foreign exchange fee
$5.00$0.000%$10 cashback when you spend $1000 on contactless purchases, no foreign fee and complimentary travel insurance.
Classic Banking Account
$10 cashback when you spend $1000 on contactless purchases, no foreign fee and complimentary travel insurance.
- account fee
- $10.00
- interest rate
- Balances from $0: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, EFTPOS, counter withdrawals, counter deposits, phone, internet and Visa debit purchases
Read our Mozo Review to learn more about the Classic Banking Account
^See information about the Mozo Experts Choice Travel Debit Cards Awards
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