UBank scraps overseas ATM and transaction fees
Just in time for your spring and summer travel plans, UBank has zapped overseas ATM and transaction fees on their USaver Ultra Transaction Account, joining the ranks of debit card providers out to offer something the big banks don’t.
UBank will no longer be charging Aussies a $4 withdrawal fee at ATMs overseas, or the previous 2% foreign exchange fee for Ultra card withdrawals and purchases.
Mozo Data Manager Peter Marshall said that while fees being scrapped is always good to see, you need to keep in mind that it’s not just your bank that can sting you.
“Some overseas ATM merchants may charge you a withdrawal fee independent of your bank, so doing your research and finding those that won’t will save you money on your holiday,” he said.
RELATED: Aussie banks move away from ATMs
UBank is one of a series of banks that have removed their fees in the last two years, and Marshall suggests this is to distinguish its transaction account from those offered by the big banks.
“With the big banks still charging ATM and foreign transaction fees internationally, cutting these from their USaver Ultra Transaction Account has been a good way for UBank to distinguish itself from the crowd.”
Some other transaction accounts that are offering minimal overseas ATM fees and no overseas transaction fees are:
- UBank USaver Ultra Transaction Account: $0 overseas ATM fee; no overseas transaction fee.
- Citi Global Currency Account $0 overseas ATM fee; no overseas transaction fee.
- Macquarie Bank Platinum Transaction Account: $0 overseas ATM fee; no overseas transaction fee.
- HSBC Everyday Global Account: $0 overseas ATM fee; no overseas transaction fee.
- NAB Classic Banking Account (with Platinum Debit Card): $5 overseas ATM fee; no overseas transaction fee.
- ING Orange Everyday: $0 overseas ATM fee; no overseas transaction fee.
- Endeavour Mutual Bank Transaction Account: $4 overseas ATM fee; no overseas transaction fee.
- RAMS Action Account: $0 overseas ATM fee; no overseas transaction fee.
- Citi Plus Transaction Account: $0 overseas ATM fee; no overseas transaction fee.
If you’re looking to compare transaction accounts and find a debit card you can take with you on your next big adventure, you can’t look past Mozo’s travel debit card comparison hub.
Today's travel debit card deals - rates updated daily
Everyday Global Account
overseas atm feeoverseas purchase feeforeign 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). Mozo's Experts Choice 2021 winner for Exceptional Everyday Account.
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). Mozo's Experts Choice 2021 winner for Exceptional Everyday Account.
- 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
- Featured Product
Global Currency Account
overseas atm feeoverseas purchase feeforeign 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. 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. 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
Orange Everyday
overseas atm feeoverseas purchase feeforeign 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
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