Fees fading for international banking

Some of Australia’s major financial institutions are taking steps towards improving their international services for travellers, eliminating or reducing some of the fees that typically apply to overseas transactions, or for sending money overseas.

Macquarie has announced the removal of its transaction fees on international ATM withdrawals, while ANZ has announced the reduction of international money transfer fees from Australia to foreign countries, as well as a reduction in exchange rates for all ANZ-offered currencies.

As well as benefiting from the recent elimination of fees charged on overseas ATM withdrawals, Macquarie bank account holders are already charged no fees on overseas purchases, no monthly fees, and no fees at any ATM in Australia.

The new changes are set to apply to all Macquarie bank account holders, including home loan holders with offset accounts.

ANZ’s changes have reduced the fee for international transfers smaller than $10,000 from $18 to $12, and for larger international transfers, eliminated the fee entirely (though terms and conditions apply).

ANZ Australia group executive, Fred Ohlsson, described Australia as one of the most digitally active nations in the world, adding that ANZ customers are using electronic payment methods more than ever before.

Another financial institution to make changes to its international banking is ING, who in November 2017 scrapped all international ATM, credit and debit card charges for active Orange Advantage Account customers, and confirmed they will only apply the wholesale exchange rate when converting currency.

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