New Cheap Card to get Cash Overseas - Wizard Alternative

[one9]

I was having a look at the new ING Savings Account - the Orange Everyday account (with a Visa Debit Card) which is promoted for having virtually no fees. Looking at the fees table, I noticed that the overseas ATM withdrawal charge is listed as $2.50 with no currency conversion charge.

I emailed ING who confirmed for ATM withdrawals, "No currency conversion is charged."

Note that for overseas purchases, a 2.5% charge is charged, so the card is no good if you want to use it to purchase items in foreign currencies.

But the card seems to be excellent if you want it to get cash overseas. Both with a lower fixed fee than the major banks ($2.50 vs $5) and no currency conversion fee (0% vs 2-3%).

Hopefully someone will get it soon and test it overseas and report on the actual currency conversion rates used.

 

[Natt]

Any idea what rate they use to calculate the conversion?

 

[one9]

Any idea what rate they use to calculate the conversion?

Any idea what rate ANY provider uses to calculate the conversion?

Based on other threads, it seems it is very hard to work out what rate a provider uses.

I think the best way to test is to make multiple withdrawls of the same amount from different cards at the same overseas ATM at the same time. Hopefully someone can do this and report back. I may do it when I am next overseas in three months if no one else has tested it first.

 

[auriga]

Sounds potentially interesting.

Will look forward to hearing more about it.

 

[Natt]

Any idea what rate ANY provider uses to calculate the conversion?

Based on other threads, it seems it is very hard to work out what rate a provider uses.

agreed, I was just curious as some banks publish the rates they use

for example the wizard guys say (although only on the phone mind you) that they use the rates from XE - The World's Favorite Currency and Foreign Exchange Site

 

[MarcB]

NAB have offered as part of their Gold Banking account, the ability to use the linked Visa Debit card overseas with no ATM fees (except those charged by the ATM operator directly) and no currency conversion. No currency conversion is charged on overseas purchases either. I have used this on a few O/S trips over the last couple of years and the rate used appears to be the Visa rate which you can check on the Visa website - have often found it to be better than the rate NAB quotes on their own website. This has saved me an absolute packet.

 

[zig]

Thanks for the information One9. The TV ad for the card caught my attention, but I hadn't had time to look into it any further as yet. Will be interesting to get some feedback from those who travel more frequently than I do as to it's ease of use etc.

 

[drewbles]

Interesting. I've been using the ING Orange Everyday Debit Visa for a while now, due to it's benefits here in AU.

The issue I see is that most o/s ATM's charge a fee as well, so when you add $2.50 to the ATM operator fee, you're going to be paying more than using a Wizard card.

For now, i'll stick to my WCAMC

 

[Nutcase]

Any idea what rate they use to calculate the conversion?

The schemes (Visa and Mastercard) determine the exchange rate not the issuing Bank

The issuing bank then adds on the conversion fees later (when the transaction is processed)

 

[Mrmaxwell]

The issue I see is that most o/s ATM's charge a fee as well, so when you add $2.50 to the ATM operator fee, you're going to be paying more than using a Wizard card.

Exactly....more and more ATMs worldwide are adding their own up front fees. Recently in Thailand I noticed ATMs charging a fee of 150 baht...these fees are for OVERSEAS cards only...Thai bankcards don't attract this fee.

This is why the NAB gold card and Wizard card are better for overall fee avoidance.

 

[one9]

Exactly....more and more ATMs worldwide are adding their own up front fees. Recently in Thailand I noticed ATMs charging a fee of 150 baht...these fees are for OVERSEAS cards only...Thai bankcards don't attract this fee.

This is why the NAB gold card and Wizard card are better for overall fee avoidance.

Do the NAB & Wizard card reimburse the overseas ATM owner fees? I was thinking it may be difficult for the Aussie bank to even know about the fee. Because in Australia, the $2 fee usually shows seperately on my statement, whereas in Thailand the 150 baht fee is just added to the amount that you withdraw.

 

[Keith009]

Do the NAB & Wizard card reimburse the overseas ATM owner fees? I was thinking it may be difficult for the Aussie bank to even know about the fee. Because in Australia, the $2 fee usually shows seperately on my statement, whereas in Thailand the 150 baht fee is just added to the amount that you withdraw.

NAB Gold banking will not reimburse ATM operator fees, whether in Australia or overseas.

 

[drewbles]

NAB Gold banking will not reimburse ATM operator fees, whether in Australia or overseas.

Either does the Wizard card. I just minimise my fees by taking larger sums out of ATM's with lower fees. I believe, although i've never found out where, that some ATM's in the USA have no fees for the Wizard card (thought it was a BoA but it didn't turn out to be that).

 

[Keith009]

Either does the Wizard card. I just minimise my fees by taking larger sums out of ATM's with lower fees. I believe, although i've never found out where, that some ATM's in the USA have no fees for the Wizard card (thought it was a BoA but it didn't turn out to be that).

Some of the larger US banks will not charge fees. BoA is one, whereas I recall being charged by Wells Fargo. IIRC there was also another major that was fee-free, I think it was Citibank but I can't be sure. Avoid the small "independent" ATMs (like the standalone ones in hotels and bars) as they all charge fees.

Oh and most if not all ATMs I've used to Singapore, Malaysia and HK seem to be fee-free.

edited to add: I was referring specifically to my usage of the NAB Gold Banking VISA debit card (so the above doesn't apply if the Wizard card attracts a different sort of fee policy)

 

[one9]

Ok, so to clarify this thread, it seems that you will be charged the following:

* NAB Gold Banking/Wizard Mastercard : Only ATM operator charge (if any)
* ING Organge Everyday account: $2.50 + ATM operator charge (if any)
* Most other banks: $5 + ATM operator charge (if any) + 2%-3%

So ING seems good compared with most other banks. Not as good as Wizard/NAB Gold, but much easier.

eg.
With NAB Gold, you need to make sure you have $5000 deposited monthly into your account. So if you get your wages deposited into your NAB Gold account that earns very little interest, you then need to remember to transfer them into a high earning savings account or you will lose money on interest.

With Wizard, you need to have one extra credit card and you need to use it in a way that credit cards are not designed. And there is speculation about Wizard stopping not charging currency conversion charges.

And with ING :
* They also reimburse the Australian ATM operator fee ($2) when you withdraw from any Australian ATM of an amount $200 or more.
* They give you $0.50 when you cash out $200 or more using EFTPOS

 

[MarcB]

Some of the larger US banks will not charge fees. BoA is one, whereas I recall being charged by Wells Fargo. IIRC there was also another major that was fee-free, I think it was Citibank but I can't be sure. Avoid the small "independent" ATMs (like the standalone ones in hotels and bars) as they all charge fees.

Oh and most if not all ATMs I've used to Singapore, Malaysia and HK seem to be fee-free.

edited to add: I was referring specifically to my usage of the NAB Gold Banking VISA debit card (so the above doesn't apply if the Wizard card attracts a different sort of fee policy)

In the US, Chase don't seem to charge for use of NAB Visa Debit at their ATMs. IME, Citibank do in some places - about $1.50 US. BUT, it varies from state to state in the US. CA and NY both seem to have higher/more fees.

 

[Keith009]

In the US, Chase don't seem to charge for use of NAB Visa Debit at their ATMs. IME, Citibank do in some places - about $1.50 US. BUT, it varies from state to state in the US. CA and NY both seem to have higher/more fees.

I am fairly sure I was charged by a Chase ATM in LA, whereas the Citibank ATM I tried on Santa Monica Blvd (near N Robertson) was free. Or maybe I've got things the wrong way round. I'd also have had a few drinks whenever I've used the Citibank one (it's outside one of my regular haunts) so maybe I've just not noticed the charges.

 

[Mrmaxwell]

I was charged an ATM fee of $3 last month in Nashville BoA using my NAB Gold card...certainly not fee-free. If Wizard is free then that's a +1 for Wizard.

NAB Gold is best for making actual purchases due to no fees...If I need cash I'll make sure I get a large amount to minimise my ATM usage.

 

[auriga]

I was charged an ATM fee of $3 last month in Nashville BoA using my NAB Gold card...certainly not fee-free. If Wizard is free then that's a +1 for Wizard.

NAB Gold is best for making actual purchases due to no fees...If I need cash I'll make sure I get a large amount to minimise my ATM usage.

Is that fee charged by the ATM owner, ie BoA?

 

[Aussie_flyer]

for fee-free ATM withdrawal in Thailand, use AEON Atm's. You can find ATM locations through the AEON Thailand website. This avoids the 150 baht fee (but not any fee your bank may charge).