ING Bank Dropping 5 Free Overseas ATM Withdraw Benefit from 1/8/23

[Lynda2475]

@Lynda2475 i recall you said you have MacBank, so that’s probably an alternative but otherwise, if your Citi Plus morphs into a regular NAB account, it will most likely be worthless for OS travel. ING will still be better for ATMs and Debit purchases (despite the hoops and jumps). So maybe leave it in limbo as a wait and see? There’s no cost.

Yes I have Macquarie Bank, but if Citi Plus loses its overseas fee free transaction status, likely I will replace with a BankWest (or other) credit card that is fee free, given cash is rarely needed overseas its important to avoid international fees.

Jumping hoops worth it to get rebates, but not just to not pay international fees since there are credit cards with zero annual fee that dont charge international fees and no hoops. Deposits are one thing but eftpos purchases are the pain in the but, since i dont spend $ domestically unless im earning points.

 

[SYD]

Yes I have Macquarie Bank, but if Citi Plus loses its overseas fee free transaction status, likely I will replace with a BankWest (or other) credit card that is fee free, given cash is rarely needed overseas its important to avoid international fees.

28° MC is quite handy but painful to have to deal with the company (fortunately rarely).

I regret not getting the Cole MC before semi retiring. By all accounts, it similar to 28° but earns FBs (which we normally take the cash discount - others value the VFF points). It does charge a modest ($99) annual fee for the points earn capability.

Jumping hoops worth it to get rebates, but not just to not pay international fees since there are credit cards with zero annual fee that dont charge international fees and no hoops. Deposits are one thing but eftpos purchases are the pain in the but, since i dont spend $ domestically unless im earning points.

We’re off again shortly, a few pints in a pub, a coffee or a bottle milk in Tesco etc will quickly tick off the 5 monthly purchases. We otherwise chuck everything that’s non AUD on 28° these days anyway. No, we don’t get points but 3% tax on everything adds up on a 6 week trip. Hence the Coles MC regret.

PSA for anyone nearing retirement. Get your CCs and available limits in order first off the back of stable employment, income and credit rating. It’s a PITA to try and do it later - even if you’re comfortably self funded. The CC systems just don’t cope well…

 

[Pushka]

ATM withdrawals no longer counting as one of the 5 transactions per month.

What do you mean? The 5x transactions is only supposed to be ATM withdrawals.

You should have unlimited fee free VISA debit transactions if you met the criteria in the previous month.

I think they mean that ATM withdrawals don't count as one of the 5 necessary transactions (along with $1000 deposit) to get five fee free ATM withdrawals.

 

[SYD]

I think they mean that ATM withdrawals don't count as one of the 5 necessary transactions (along with $1000 deposit) to get five fee free ATM withdrawals.

Possibly. But they never did,

 

[SYD]

So I was walking past an ING ATM in La Coruna, Spain and wondered as an experiment if it would charge me an ATM fee (Spain is notoriously high for ATM fees) so I withdrew some money and no suggestion of a fee and money spat out. Nice, perhaps ING doesn’t charge ING card holders but SYD+1 tried UBank and also fee free!

We then wandered around the corner and sure enough, Santander wanted €7 (!) for the privilege - no thanks!

Anyway, later I see ING charged and rebated their own Int ATM fee and counted it towards 1 of 5 rebates per month. No drama.

So the positive is ING ATMs *might* be a useful source of cash for ING and other debit cards in Spain (possibly elsewhere?).

 

[SydneySwan]

Anyway, later I see ING charged and rebated their own Int ATM fee and counted it towards 1 of 5 rebates per month. No drama.

So the positive is ING ATMs *might* be a useful source of cash for ING and other debit cards in Spain (possibly elsewhere?).

How much was the ING fee?

 

[bcworld]

Anyway, later I see ING charged and rebated their own Int ATM fee and counted it towards 1 of 5 rebates per month. No drama.

So the positive is ING ATMs *might* be a useful source of cash for ING and other debit cards in Spain (possibly elsewhere?).

The change hasn't come into effect yet though.

So if ING Australia charged and rebated their fee...that it is to be expected...and that will continue after 01 Aug.

If ING Spain (assuming its a different entity) charged a fee...it would've been rebated prior to 01 AUG anyway...but onwards it maybe / possibly/ probably won't be.

 

[exceladdict]

Am I understanding correctly that from 1 aug, we still need to do the 5 transactions for ING to refund their own fees?

Is everyone planning to hold onto this card or move to something else which doesn't charge those fees in the first place or require transactions to have them 'rebated'?

 

[SYD]

How much was the ING fee?

The standard $5 (that will remain post change).

The change hasn't come into effect yet though.

So if ING Australia charged and rebated their fee...that it is to be expected...and that will continue after 01 Aug.

If ING Spain (assuming its a different entity) charged a fee...it would've been rebated prior to 01 AUG anyway...but onwards it maybe / possibly/ probably won't be.

Yes, I know. I was more curious if there was an ING Oz - ING ES mates rate not publicised.

Am I understanding correctly that from 1 aug, we still need to do the 5 transactions for ING to refund their own fees?

Correct. You still won’t be charged an Int Tx fee at ATMs or when using Debit card if you meet the monthly requirements

Note: there’s no limited to the number of debit transactions you can do although they do appear as three transactions - purchase, int fee and int fee rebate.

The 5x rebated International ATM fee rebate per month will remain (still need to do the monthly hoops and jumps).

Is everyone planning to hold onto this card or move to something else which doesn't charge those fees in the first place or require transactions to have them 'rebated'?

Yes, for now. 5.5% on Savings Maximiser accounts (you can have upto 9!) is still worth it. I find it super easy to manage the monthly requirements.

But UBank is easier and almost as good interest. I have both.

 

[ric_melb]

I think you will find that you can only get 5.5% on one Savings Maximiser account. (Presumably the other 8 accounts earn no interest or a lesser rate). Check the fine print.

 

[SYD]

I think you will find that you can only get 5.5% on one Savings Maximiser account. (Presumably the other 8 accounts earn no interest or a lesser rate). Check the fine print.

Yes, bonus interest “up to $100k” balances. The others earn standard rate (currently 0.5%).

My app reminded me just the other day that I can open 9 but I use UBank for any extra cash…(bonus interest on combined balances up to $250k across up to 10 “save” accounts).

 

[Happy Dude]

In Japan. Withdrawals with ING debit card at 7-11 bank (¥20,000) and JapanPost (¥45,000) ATMs cost ~AUD$209 and ~AUD$492 respectively.

That’s quite a way (approx 5%) from the google FX rate, which I’ve been using as a guide. For the last 4 months, the ING FX rates in the USA and Europe and Abu Dhabi have been very close to the google rate.

Both had a ¥220 fee that ING haven’t rebated as the transaction made on 31 July settled on 1 August. Both had the ING AUD $5 international ATM fee refunded though.

ING debit card seems to have more limited acceptance than Citi debit but haven’t tried the latter to get cash yet. Not sure if Wise or Revolut would be a cheaper way to get cash.

 

[SYD]

In Japan. Withdrawals with ING debit card at 7-11 bank (¥20,000) and JapanPost (¥45,000) ATMs cost ~AUD$209 and ~AUD$492 respectively.

That’s quite a way (approx 5%) from the google FX rate, which I’ve been using as a guide. For the last 4 months, the ING FX rates in the USA and Europe and Abu Dhabi have been very close to the google rate.

I wonder if that’s some hidden extra ATM / bank charge? I’ve only ever seen ING convert pretty much at the XE spot rate less point something small of a percent.

 

[oz_mark]

In Japan. Withdrawals with ING debit card at 7-11 bank (¥20,000) and JapanPost (¥45,000) ATMs cost ~AUD$209 and ~AUD$492 respectively.

The 45,000 to $492 seems inline with the Visa rate for 31/07

45000 JPY = 490.283915 AUD​

% Mark-up over European Central Bank Rate = 1.21

1 JPY = 0.010895 AUD

1 AUD = 91.783553 JPY

 

[bcworld]

I've done two withdrawals from ING ATMs in Istanbul in the past few days and confirm there was no fee and the exchange rate was very close to the xe.com mid market rate at the time.

 

[Happy Dude]

I've done two withdrawals from ING ATMs in Istanbul in the past few days and confirm there was no fee and the exchange rate was very close to the xe.com mid market rate at the time.

This is good news. Do you mean ATMs with your ING card or are there actual ING ATMs in Istanbul (and elsewhere presumably)?

 

[bcworld]

This is good news. Do you mean ATMs with your ING card or are there actual ING ATMs in Istanbul (and elsewhere presumably)?

Actual ING ATMs...which yes, can be found in many countries...and were easily located with a Google maps search.

I was offered a currency conversion to AUD (at 12% fee), but when selecting continue without conversion, there was no other fee applied.

ING Australia of course rebated their $5 fee.

 

[Happy Dude]

The 45,000 to $492 seems inline with the Visa rate for 31/07

The google rate, the basis for and reliability of, I don't know, I think was a tad over 94 yen to the AUD, hence I was expecting to pay a bit less.

Also, the JPY 20220 tx equated to ~AUD$220, not ~$209 in my post above, which means both tx were close to the Visa/XE rate.

Subsequent transactions and withdrawals with the Citi debit were in line with the Google rate.

 

[SYD]

The google rate, the basis for and reliability of, I don't know, I think was a tad over 94 yen to the AUD, hence I was expecting to pay a bit less.

Also, the JPY 20220 tx equated to ~AUD$220, not ~$209 in my post above, which means both tx were close to the Visa/XE rate.

Subsequent transactions and withdrawals with the Citi debit were in line with the Google rate.

Citi uses the MC rate and ING the VISA rate. I always forget which is set for the day and which is dynamic. But usually much the much.

 

[serfty]

The google rate, the basis for and reliability of, I don't know, I think was a tad over 94 yen to the AUD, hence I was expecting to pay a bit less.

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