Bankwest has removed international transaction fees and overseas ATM withdrawal fees when using the Platinum Debit Mastercard that comes with its Qantas Transaction account.
The Bankwest Qantas Transaction account is already popular with Australian Frequent Flyer members because you can earn Qantas points on the account balance. You can also earn 3 Qantas points for every transaction made on the card, and 5 Qantas points each time you withdraw cash from an overseas ATM in a foreign currency. Plus, there are no account fees as long as you deposit at least $2,000 per month.
From 25 July 2022, Bankwest has also removed all foreign exchange fees and ATM fees when withdrawing money abroad (there are already no fees charged by Bankwest for domestic ATM withdrawals). This makes the Qantas Transaction account even more attractive for frequent flyers!
When withdrawing money from an overseas ATM, you may still be charged a fee by the ATM operator – but this depends on the ATM used. In most countries, it is possible to find ATMs that don’t charge withdrawal fees.
Bankwest may still make a little money depending on the exchange rate used, but you won’t be charged an additional 3% international transaction fee for making a purchase or cash withdrawal in a foreign currency or with a business located outside of Australia.
Existing Bankwest customers were advised of the email today by email. Those who didn’t yet hold the Platinum version of the free Debit Mastercard that comes with the Bankwest Qantas Transaction account have also been upgraded to the Platinum card.
As part of the changes to this product, however, Bankwest has removed the Extended Warranty and Purchase Security insurances from 25 July 2022.
Debit cards with no foreign transaction or ATM withdrawal fees
The Bankwest Qantas Transaction account has now been added to a growing list of Australian debit cards that offer fee-free overseas ATM withdrawals and no international transaction charges. Other accounts offering this include Citibank Plus, HSBC Everyday Global and Macquarie’s Transaction account.
There’s also the ING Orange Everyday account which offers five free overseas ATM withdrawals per month, and even rebates any ATM operator fees on those transactions. But to access this benefit in any given month, you would need to deposit at least $1,000 into your account and make at least 5 purchases on the linked debit card in the previous month.
What’s unique about Bankwest’s product is that you can also earn Qantas Frequent Flyer points with it. There’s also a current sign-up promotion of 5,000 bonus Qantas points if you sign up for a new Bankwest Qantas Transaction account by 7 August 2022.
Join the discussion on the Australian Frequent Flyer forum: Bankwest Qantas Transaction Account removes overseas ATM/forex fees