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

[lovestotravel]

Well I'm off to Fiji in a few weeks, but not many ATM's to use there, so will just take a wad of small notes for the villages and small purchases

 

[romney]

BUT, Argentina's central bank in November 2022 launched a preferential exchange rate for foreign tourists (ie using foreign credit card). Payments made by Mastercard (our direct experience) now use the MEP ("electronic payment market") dollar exchange rate (the "blue" rate) BUT (again) the "foreign tourist dollar" only works for purchases, not ATM withdrawals so far.

Yes, we used credit card for most things (also Mastercard), but we found some things still needed cash and we didn't have a lot of USD.

It should be noted the credit card rate is not as good as getting cash. For comparison, if changing USD to pesos the rates were the best - but you also need to work in the AUD/USD exchange rate and the hassle of getting USD if you are not from or had been there. Western Union gave us around 250pesos/AUD, Mastercard was around 230pesos/AUD. Official rate was around 130pesos/AUD.

It was a huge relief to only need a little cash though, and not pay everything with cash, which is what we were expecting at the beginning of the trip. Even though the changes were announced in Nov, Visa/Mastercard only had it in place at the end of January, and last I heard, Amex is "still working on it"

 

[Lat34]

Yes, we used credit card for most things (also Mastercard), but we found some things still needed cash and we didn't have a lot of USD.

It should be noted the credit card rate is not as good as getting cash. For comparison, if changing USD to pesos the rates were the best - but you also need to work in the AUD/USD exchange rate and the hassle of getting USD if you are not from or had been there. Western Union gave us around 250pesos/AUD, Mastercard was around 230pesos/AUD. Official rate was around 130pesos/AUD.

It was a huge relief to only need a little cash though, and not pay everything with cash, which is what we were expecting at the beginning of the trip. Even though the changes were announced in Nov, Visa/Mastercard only had it in place at the end of January, and last I heard, Amex is "still working on it"

Most of our South American adventures (Antarctica cruise, Chile, Brazil, Argentina) were pre-paid including organised tours/ sightseeing/ events etc so for us it was mostly cash for tip money and everyone loved USD (especially Argentina). Over four days in Buenos Aires we spent ~A$92 nett on the card (159-67cr). With no foreign exchange fees and the convenience factor, we like 28 Degrees but agree CC payment is not the absolute best you can do.

 

[Pushka]

Cash ? Spent 9 weeks in Europe, had cash with me before I left, and come home with 75% of it

Like I said. Some countries want cash only. Egypt and Israel. Additionally at Christmas time the Christmas market holders want cash. Not a card. Not all of the world has gone cashless.

 

[Lynda2475]

I just came back from Noumea and we didnt need any cash, tap and go everywhere

 

[Pushka]

Yes and likely other places I also have no intention of visiting in the foreseeable future.

Egypt, Israel and Jordan have been on our bucket list for decades. Finally getting there in a couple of weeks.

 

[bdl]

I'm heading to HK and the UK soon and have confirmed that there are HSBC ATMs where I'm going, I'm thinking my Australian Everday Global HSBC account will be ATM fee free (although it seems that most UK ATMs are fee-free?)

(Page 37 of https://www.hsbc.com.au/content/dam.../transaction-savings-terms-and-conditions.pdf )

Still no comparison to ING and the only thing having to worry about is keeping it under 5 withdrawals/month.

Don’t have a Citi card (not necessary with ING - well for now). Using any ATM fee free is a unique perk of ING. It will be a shame if it’s “enhanced”.

It may be worth grabbing a Citibank Plus card before they stop offering them 20 May 2023 if the fee-free Citibank ATM inclusion is worth something to you if ING does end up scrapping theirs. (Citibank Plus Everyday Account - Citi Australia)

 

[Lynda2475]

I'm heading to HK and the UK soon

You likely wont need any cash in HK or UK; but if you do most ATMs in the UK are fee free.

Ive not come across any store/resturant in the UK since 2018 which is cash only.

 

[bdl]

You likely wont need any cash in HK or UK; but if you do most ATMs in the UK are fee free.

Ive not come across any store/resturant in the UK since 2018 which is cash only.

Great - thanks for the feedback. I know I will need cash in the UK as it will be a longer stay and it's a particular circumstance but think I may just open a bank account over there (I'm eligible) rather than rely on ING/Citi maintaining a feature of their products given the "product enhancements" that NAB will most likely bring in after they continue to merge Citi into their infrastructure.

 

[serfty]

Egypt, Israel and Jordan have been on our bucket list for decades. Finally getting there in a couple of weeks.

If the rumour is true, then at least you'll likely to be able to make use of the card before any "enhancement".

 

[Pushka]

If the rumour is true, then at least you'll likely to be able to make use of the caes before any "enhancement".

I'm going to take a screenshot of the confirmation that I've qualified ror the five free ATM withdrawals for both April and May and cash deposit.

Are they getting rid of the other international rebate too? That would hit me.

 

[SYD]

Are they getting rid of the other international rebate too? That would hit me.

The rumour was about foreign ATM withdrawals. Beyond that, who knows…

 

[yojohnny]

I'm heading to HK and the UK soon and have confirmed that there are HSBC ATMs where I'm going, I'm thinking my Australian Everday Global HSBC account will be ATM fee free (although it seems that most UK ATMs are fee-free?)

(Page 37 of https://www.hsbc.com.au/content/dam.../transaction-savings-terms-and-conditions.pdf )

Still no comparison to ING and the only thing having to worry about is keeping it under 5 withdrawals/month.



It may be worth grabbing a Citibank Plus card before they stop offering them 20 May 2023 if the fee-free Citibank ATM inclusion is worth something to you if ING does end up scrapping theirs. (Citibank Plus Everyday Account - Citi Australia)

Unlimited electronic transactions including access to ATMs with no service charge from HSBC in Australia and across the HSBC Group ATMs except in Argentina, France, Greece, Mexico, Malta and Turkey.

Quite a few exceptions is a pain!

 

[kpc]

You likely wont need any cash in HK

You clearly don't eat at the places I do in HK

 

[VPS]

Great - thanks for the feedback. I know I will need cash in the UK as it will be a longer stay and it's a particular circumstance but think I may just open a bank account over there (I'm eligible) rather than rely on ING/Citi maintaining a feature of their products given the "product enhancements" that NAB will most likely bring in after they continue to merge Citi into their infrastructure.

I didn't need a lot of cash in the UK but a lot of parking places in smaller towns only took cash and some small bus routes as well.

A couple of taxi drivers would only take cash and it was a bit remote and wasn't able to argue with them

 

[VPS]

I'm heading to HK and the UK soon and have confirmed that there are HSBC ATMs where I'm going, I'm thinking my Australian Everday Global HSBC account will be ATM fee free (although it seems that most UK ATMs are fee-free?)

Most ATM are fee free but you do need to keep an eye out but they are pretty good and telling you that you will get a fee if you proceed

 

[Pete98765432]

Now confirmed starting 1 August 2023.
Orange Everyday Benefits
Fees and Limits

I don’t see much point in keeping this account after August.

 

[Lynda2475]

Well I just opened this account but seems entirely pointless now so I will be closing it before the end of the month. The rebate in overseas ATM operator fees was the only benefit this account has over Citibank or Macquarie or countless other fee free debit cards (and they dont have any deposit or transaction hurdles to jump).

By by ING.

 

[SeaWolf]

Well, I guess that's one less account I'll need to keep track of going forward.

 

[kpc]

Now confirmed starting 1 August 2023.
Orange Everyday Benefits
Fees and Limits

I don’t see much point in keeping this account after August.

Well that's disappointing...they have no competitor for this benefit of refunding ATM fees, so i guess they feel they can end the benefit. Well after 1 August, I might have to dust off my Citibank card again