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Westpac fee increases April 1

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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

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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

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

Kiwi Flyer

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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.
 
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Kiwi Flyer said:
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

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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

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