Best card to use to withdraw cash from ATMs overseas

[Ghostdunks]

I've already got a Wizard CC(or 28degrees card) which I've previously used for withdrawing money overseas and purchases, without incurring a lot of currency conversion fees. Always found it a minor pain to make sure I had it in credit before I pulled any cash from it so as to avoid the cash advance fee.

Looking for a card I can use to just put money in there and withdraw as needed, and keep it separate from my credit card purchases. From my research, I think I've found the 2 accounts which do this: The NAB Gold debit card or the ING Orange Everyday account.

I'm sure that the NAB gold debit card definitely does fee-free, but I don't want to have to move $5k into it every month. I'm not sure about the ING Orange account, but I THINK it doesn't charge currency conversion fees either if I withdraw from overseas ATMS. Can someone with experience of this card confirm?

also, any other advantages or disadvantages of either card that I may have missed?

 

[tuppaware]

I have the NAB gold debit card like you said.
But to get around the $5grand deposit I just get my pay put in + plus I get my flatmates to pay their rent into the card (I then filter that onto a FF card to pay rent from that for extra points)

In the end I would out even if I did have to pay a monthly fee - it would be still cheaper then the amount of fees I would pay on my OS trips.

 

[Fantic125]

Ing Orange Everyday charges a International Purchase fee of 2.5% of the transaction amount.

They charge a $2.50 International ATM Withdrawl fee for amounts less than $200, free of fees for $200+.

 

[wxxnxs]

Ing Orange Everyday charges a International Purchase fee of 2.5% of the transaction amount.

They charge a $2.50 International ATM Withdrawl fee for amounts less than $200, free of fees for $200+.

They will charge you $2.5 internation ATM fee anyway, no matter how much you withdraw. I think NAB gold visa debit is the best card if you want avoid a cash advance in 28 degrees card and I don't think deposit $5k into account to waive the monthly fee is a big deal.

 

[Ghostdunks]

I don't mind paying the $2.50 per withdrawal from international ATMs as long as there is not % currency conversion fee, its not like I withdraw money multiple times a day in small chunks. I tend to withdraw large amounts per withdrawal($500 to $1k) and just spend it until it runs out.

Won't be using the card for purchases either, thats what the 28degrees card is for.

I rather not bother with the $5k a month into the account to keep it fee-free, I already have my salary being paid straight into my offset account, and to move it around back and forth, I don't think its worth it, if the alternative is just to pay the $2.50 per withdrawal a couple of times or whatnot when I'm overseas. Most of my expenditure I tend to do on credit card anyway if possible, and just keep cash for stuff that doesn't accept CC.

Just not really sure if the ING card charges currency conversion fees for cash withdrawals from international ATMs...as far as I can tell, it doesn't, but who knows what I'm missing when I read all that blurb.

 

[medhead]

Just not really sure if the ING card charges currency conversion fees for cash withdrawals from international ATMs...as far as I can tell, it doesn't, but who knows what I'm missing when I read all that blurb.

Ing Orange Everyday charges a International Purchase fee of 2.5% of the transaction amount.

Isn't this a currency conversion fee?

If you don't mind paying $2.50 for an ATM withdrawal the it doesn't take long for $10 to build up. It terms of the withdrawal amount taking large amounts is fine in theory until you get to Spain and the ATM rejects any transaction over 200euro.

As for not moving the $5000 a month around, fair enough. Just for me in this age of the Internet such transactions would take me about 5 minutes to do.

 

[thewinchester]

Simply put, the NAB Gold Banking a/c is streets ahead of anything else. No currency conversion/foreign transaction fees, no foreign atm fees (unless the ATM operator levies them).

5k is easy to deposit into that account, and if you don't it's only AUD10 a month. And for the value you'd get if it's the account of choice for frequent overseas travel you'd be miles ahead. And not withstanding, you can claim those fees back on your tax return, as either a personal, business or educational expense depending on how the travel was being completed.

 

[Sprucegoose]

Simply put, the NAB Gold Banking a/c is streets ahead of anything else. No currency conversion/foreign transaction fees, no foreign atm fees (unless the ATM operator levies them).

5k is easy to deposit into that account, and if you don't it's only AUD10 a month. And for the value you'd get if it's the account of choice for frequent overseas travel you'd be miles ahead. And not withstanding, you can claim those fees back on your tax return, as either a personal, business or educational expense depending on how the travel was being completed.

Agree and the gold visa debit is the best for os ATM withdrawal. They recently sent me platinum cards to replace gold. I accepted but still have the gold visa debit for the fee free reasons

 

[DeKa]

ING do not charge the 2.5% on ATM withdrawals. It's $2.50 fee only.. the rate is the Visa rate, which for me was within 0.05% of the XE.com rate. ING is my choice now .. no monthly fees or minimum deposits.

 

[serfty]

Simply put, the NAB Gold Banking a/c is streets ahead of anything else. No currency conversion/foreign transaction fees, no foreign atm fees (unless the ATM operator levies them). ...

Agree and the gold visa debit is the best for os ATM withdrawal. ...

I disagree, the 28° (nee Wizard) is just as good, if not better.

At least with that card there's no fees to consider in the normal course of events, unlike the NAB Gold's requirement of up to $60K per year to avoid basic fees of up to $120.

 

[medhead]

I disagree, the 28° (nee Wizard) is just as good, if not better.

At least with that card there's no fees to consider in the normal course of events, unlike the NAB Gold's requirement of up to $60K per year to avoid basic fees of up to $120.

I would say they are equally as good. The NAB card has variables to consider. The $60k isn't committed to NAB it just has to go into the account. But besides that, NAB offers a package. The fee free O/S ATM use is also available with the normal ATM card not just the debit card. If you have a mortgage with NAB then you can get gold without the deposit requirement. Agreed both cards are stand outs and I guess it comes down to the needs of the person involved.

 

[wxxnxs]

Agree and the gold visa debit is the best for os ATM withdrawal. They recently sent me platinum cards to replace gold. I accepted but still have the gold visa debit for the fee free reasons

When did they launch the Platinum visa debit card? Is that just for their internal staffs or special VIPs?

 

[thewinchester]

I'm withdrawing my recommendation for the NAB Gold eBanking a/c and Visa Debit card as of today. The Severity 1 issue being experienced by the bank has now affected me for the 3rd time.

Not only was I waiting an extra 48hrs for my pay to credit, but they have also managed to screw up the transaction ledger for my account, and double process transactions (thus taking me into a very small overdraft line I have, and likely going to give rise to interest charges).

This is inexcusable, and as such I am withdrawing my public recommendations for NAB and their products at least until they get it together.

When did they launch the Platinum visa debit card? Is that just for their internal staffs or special VIPs?

+1, I'd like to know about this too spruce.

 

[Sprucegoose]

When did they launch the Platinum visa debit card? Is that just for their internal staffs or special VIPs?

They haven't, I said I retained mine when they sent me Amex and mc plat cards.

 

[medhead]

Not only was I waiting an extra 48hrs for my pay to credit, but they have also managed to screw up the transaction ledger for my account, and double process transactions (thus taking me into a very small overdraft line I have, and likely going to give rise to interest charges)

I don't think you'll get hit with interest. I overdraw regularly for upto 4 days and have never been charged interest. But a reminder about the debit interest rate appears on my statement all the same.

 

[wxxnxs]

I'm withdrawing my recommendation for the NAB Gold eBanking a/c and Visa Debit card as of today. The Severity 1 issue being experienced by the bank has now affected me for the 3rd time.

Not only was I waiting an extra 48hrs for my pay to credit, but they have also managed to screw up the transaction ledger for my account, and double process transactions (thus taking me into a very small overdraft line I have, and likely going to give rise to interest charges).

This is inexcusable, and as such I am withdrawing my public recommendations for NAB and their products at least until they get it together.

"thewinchester", every bank has this kinda of issue, I'm pretty sure NAB won't charge you any interest of fees as it is compeletely their fault. The gold visa debit is still a good product for o/s transactions.

Meanwhile, you of course can withdraw from the savings account as long as you pay back on the same day, then there shouldn't be any fees nor interest. This is confirmed by NAB staff.

 

[medhead]

Meanwhile, you of course can withdraw from the savings account as long as you pay back on the same day, then there shouldn't be any fees nor interest. This is confirmed by NAB staff.

And also that NAB abolished the $30 (or $50) overdraw fee some time ago. Maybe even 12 months.

 

[Sprucegoose]

I don't think you'll get hit with interest. I overdraw regularly for upto 4 days and have never been charged interest. But a reminder about the debit interest rate appears on my statement all the same.

Same here. They remind you but never charge. I don't expect loyalty from a bank however but have noticed more effort from the NAB in recent times

 

[thewinchester]

"thewinchester", every bank has this kinda of issue

You sir are smoking something very strong.

I cannot recall a Severity 1 issue with an Australian bank in the last five years, nor can I recall a failure of this magnitude within Australia that has lasted this long ever.

I'm pretty sure NAB won't charge you any interest of fees as it is compeletely their fault. The gold visa debit is still a good product for o/s transactions.

Yes, they may refund fees, and have gone to great pains to say they'll do this - but you know full well that it'll be a fight to make happen.

Good product or not - banks like any service provider need to provide reliability and continuity of access to funds - this is their core business in the electronic age. NAB has failed to do this, through a spectacular failure that not even I as someone with many years of IT experience can comprehend.

If you can't do your core business properly, and take this long to fix a critical fault - you aren't worthy of my product recommendation.

Meanwhile, you of course can withdraw from the savings account as long as you pay back on the same day, then there shouldn't be any fees nor interest. This is confirmed by NAB staff.

Nice idea in theory - but this hasn't been the case for myself and countless other NAB customers I know, have conversed with or seen postings on via twitter in the last few days.

Notwithstanding their faulty core banking systems have caused several thousand customers to have debit transactions double processed on their ledger, this problem also caused accounts to overdraw thus not being able to access cash.

Oh, go into a branch you say. Nice idea, but only told this after branches in my area are closed, and none will be opened on Sunday. And those branch openings didn't help country customers, who received no help or ability to access cash during the weekend of this failure.

Sorry, but I simply cannot defend NAB's actions and continued abject failures in the last five days. What I cannot defend, I cannot support, and therefore I will not be recommending their products under any circumstances until they make good on this failure.

And just for clarification, I'm not talking making good financially with customers. I'm talking about making good in terms of restoring customer trust and faith in their systems and processes to ensure this cannot happen again.

 

[oz_mark]

I cannot recall a Severity 1 issue with an Australian bank in the last five years, nor can I recall a failure of this magnitude within Australia that has lasted this long ever.

Plenty of sev 1's have happened in the last 5 years - the resolution time of this one is what makes it stand out.