UBank scraps overseas ATM and transaction fees

Monday 27 August 2018

Article by Monika Gudova

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.