Up joins exclusive club by ditching debit card fees for international travellers
Flights, accommodation, food and sightseeing - the list of expenses for an international trip can really add up, so the last thing travellers will want to see on their bank statements is a list of fees for using their debit card abroad.
Well in good news for Up Bank customers, the neobank has become the latest in a growing number of Australian banks to ditch pesky, travel-associated fees altogether.
While the Up EveryDay Account and linked Mastercard Debit card already featured a 0% foreign exchange commission, Up has now removed the $5 international ATM withdrawal fee that’s been in place since the account was launched.
RELATED: Neobanks 86 400 and Up top charts amid savings rates crash
That means Aussie travellers using an Up debit card won’t be hit with a fee from Up when withdrawing money from an overseas ATM, though it’s worth noting that ATM providers themselves may still charge a fee.
“It’s encouraging to see more and more banks, including Up, making it easier and cheaper for Australian travellers to spend their own money abroad without being penalised,” said Mozo Director, Kirsty Lamont.
“After all, as anyone who’s travelled overseas will know, the fees for regularly using a debit card to make purchases or withdraw cash can quickly start to add up over time.”
The fee-free travellers club
As Lamont stated though, Up are just the latest Australian bank to offer 0% foreign exchange commission as well as free international ATM withdrawals for Aussie travellers on select debit cards. It still remains a relatively exclusive club.
Of the 178 bank accounts currently being tracked in the Mozo database, just ten (including the Up Everyday Account) offer both of these travel-friendly features. The current list includes:
| Bank | Account |
|---|---|
| Citi | Global Currency Account |
| Citi | Plus Transaction Account |
| HSBC | Everyday Global Account |
| ING | Orange Everyday |
| ING | Orange Everyday Youth |
| Macquarie | Platinum Transaction Account |
| Macquarie | Transaction Account |
| UBank | USaver Ultra Transaction Account |
| Up | Everyday Account |
| Xinja | Bank Account |
To put that into perspective, the average foreign exchange commission in the Mozo database (for bank accounts) is 2.71% while the average fee for a withdrawal using an international ATM is $3.37.
Meanwhile, Australia’s Big Four banks all fare worse than the Mozo average.
Australian travellers using a debit card linked with an ANZ Access Advantage Account, Commonwealth Bank Smart Access Account, NAB Classic Banking Account or Westpac Choice Account can expect to fork out a 3.00% foreign exchange commission and a $5 international ATM withdrawal fee.
RELATED: Digital banking and neobanks
Ready to make a fresh start to 2020 with a new debit card and bank account? Get started today by checking out some of the hot offers in the table below, or check out our Up Everyday Account review for even more information about Up’s account features and fees.
Compare debit cards
-
Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
Visa Debit
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). 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.
-
Everyday Global Account
$0.00
Apple Pay, Google Wallet
Visa Debit
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
-
Everyday Options Account
$0.00
Apple Pay, Google Wallet, PayID
Visa Debit
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareEveryday Options Account
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
-
Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
Visa Debit
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free internet transactions.
Your selected debit cards
Your selected debit cards
Your selected debit cards
Your selected debit cards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.