Westpac fee increases April 1

[Guest]

Sorry if this has already been posted.

Effective April 1, 2005

Over limit fee: $25 -> $30
Foreign currency fee: 1.0% -> 1.5%
cash advance : $50 tops -> $150 tops
min payment 3% -> 2%

foreign currency is what hits me hard. guess this baby is stickly purely to AU purchases only now!

 

[dajop]

Yup gets pretty bad for forex. The other day in SIN, cashed in some A$ for an exhange rate of 1.27:1, at a forex booth. On the same day spent some on the Westpac card, and it came through at 1.245:1. And that's before it moved from 1 to 1.5%. Someones making some serious $$$ somwhere along the way.

 

[Kiwi Flyer]

Ouch. :x Am I right in thinking the 1.5% is on top of the currency charge by visa/mastercard?

 

[Kiwi Flyer]

BTW in NZ the commerce commission (or is that the banking ombudswoman?) is investigating currency charges. The immediate reaction of the banks was to disclose on the statements the charge - better than before where you had to ring up to find out (wasnt even on the website). I guess they wont reduce the charge unless the commission/ombudswoman finds against the banks.

 

[Guest]

BTW in NZ the commerce commission (or is that the banking ombudswoman?) is investigating currency charges. The immediate reaction of the banks was to disclose on the statements the charge - better than before where you had to ring up to find out (wasnt even on the website). I guess they wont reduce the charge unless the commission/ombudswoman finds against the banks.

What banks display the forex fee separate? I know commonwealth do... have not seen it as a separate charge for the others?

 

[Kiwi Flyer]

Not shown separately as in amount, rather a paragraph added saying x% fee by MC/V plus x% fee by bank (or else total fee).

 

[serfty]

This was a trasaction using a Westpac (BOM) Debit Visa last weekend.

7 Mar 2005    VISA CASH ADVANCE WBC DOWNTOWN A/*WBC DO AUCKLAND NZ NZD 40.00    37.59

At least they do not charge a $5 additional fee like the ANZ.

04/03/2005 PLUS ATM TRANSACTION FEE                                       $5.00 
04/03/2005 ATM ANZ /DOWNTOWN #N #AUCKLAND FOREIGN CURRENCY AMT NZD 40.00 $38.07

Both withdrawals on the same day within 2 hours. Same amount, different costs.