Aussies going abroad have a new travel money match after ING today announced it will be scrapping overseas fees on its Orange Everyday Account.
The Mozo People’s Choice winner joins a select few debit card providers that don’t charge fees for using your card, making ATM withdrawals, or online purchases overseas - meaning consumers have another option to fund their next overseas odyssey or online shopping splurge.
Mozo’s Head of Product Data Peter Marshall said that ING is looking for another way to set itself apart from the competition.
“After the big four scrapped ATM fees for all consumers, ING’s national fee-free ATM feature hasn’t looked so special. But by extending this feature abroad, it has really tried to distinguish itself from its peers,” said Marshall.
Old face, new features
The Orange Everyday Account has been a fan-favourite over recent years winning countless People’s Choice awards, but what can you expect from its newest features?
Basically, you won’t be charged any overseas ATM fees (previously $2.50) and you can also say goodbye to that pesky overseas transaction fee (previously $2.50), meaning more money in your pocket when you head abroad.
The catch is you need to deposit at least $1,000 into the account and from March 1 2018, you must make five card transactions per month to access the new features.
“We want to reward our customers for making ING their main bank so today we’re announcing that eligible Orange Everyday account holders will pay no fees for domestic or global ATM withdrawals,” said ING Australia’s head of retail banking, Melanie Evans
“We’re also dropping our fees for transactions made overseas or on international websites.”
The Orange Everyday Account also made headlines last month after ING launched its Everyday Roundup Tool - giving Aussies the ability to put their digital loose change to work by sweeping it into an attached Savings Maximiser Account.
The two new updates, when combined, provide Aussies with a means to build their travel kitty before heading abroad and then make the most of it with a fee free banking experience.
Meet the competition
By scrapping these fees, ING has joined an elite couple of Aussie bank accounts to give their debit cardholders the ability to access and use their money overseas at no additional cost.
A Mozo Experts Choice winner, Citi’s Plus Transaction Account offers fee free foreign purchases and ATM withdrawals but without any ongoing balance requirements, while the Macquarie Transaction Account also offers fee free access to your own money abroad.
“Not only is this great new for customers who want an uncomplicated and cheap way to spend their money overseas, it is a great option if you often shop online at overseas sites,” said Marshall.
If you’re preparing for Black Friday sales online check out a range of other travel debit cards that could be an option for you, or to find out how best to fund your next overseas adventure, head to our Travel Money 101 guide.