No Overseas ATM Fees with Bankwest Qantas Transaction Account

ATM free cash withdrawal
Photo: Toa Heftiba on Unsplash.

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

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Matt Graham
The editor of Australian Frequent Flyer, Matt's passion for travel has taken him to over 60 countries… with the help of frequent flyer points, of course!
Matt's favourite destinations (so far) are Germany, Brazil, New Zealand & Kazakhstan. His interests include economics, aviation & foreign languages, and he has a soft spot for good food and red wine.

You can contact Matt at [email protected]

Community Comments

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Just got this email from Bankwest:

View attachment 285841

No more international transaction fees on overseas/online spend, and no more ATM fees (charged by Bankwest) when withdrawing from an overseas ATM in a foreign currency using your debit card.

You also get 5 Qantas points whenever you withdraw cash from an ATM overseas.

The Bankwest website has also been updated to reflect the changes:

I already use this account to earn Qantas points. I have also been using the Citibank Plus transaction account for overseas ATM withdrawals, but may now just close that.

I have a Bankwest Platinum credit card for use overseas as it has no foreign exchange fee. For ATM cash withdrawals, I simply put money into the account so I am withdrawing my own money, not making a "cash withdrawal" and incurring fees.

There were earlier posts about credit cards being frozen from non-use. It hasn't happened with Bankwest, but I am using it at least once a year at home if I do not travel overseas. Fortunately that will not be needed for several years to come!

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click to expand...

I have a Qantas Bankwest transaction account which came with a debit Mastercard.

I have hardly ever used the Mastercard as I rarely make a small enough purchase to make the points worthwhile over just pulling out my Amex.

Travelling OS next week though and it may now come in handy to get foreign cash from ATM's.

Strangely I have not received any emails about the changes. j

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Well, I have been upgraded to a Qantas Bankwest Platinum Transaction card (as has everyone else judging by the email I got)

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Well, I have been upgraded to a Qantas Bankwest Platinum Transaction card (as has everyone else judging by the email I got)

Same here - slightly different wording to @Mattg's:

View image at the forums

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Same here - slightly different wording to @Mattg's:

View attachment 285843

Interesting. I already had the Platinum version of this card so that's probably why my email looks different.

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I already use this account to earn Qantas points. I have also been using the Citibank Plus transaction account for overseas ATM withdrawals, but may now just close that.

What is the difference in exchange rate though? Often the "no fee" overseas ATM withdrawals have a (much) worse than spot exchange rate, making it more expensive.

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What is the difference in exchange rate though? Often the "no fee" overseas ATM withdrawals have a (much) worse than spot exchange rate, making it more expensive.

I found conversion was at the current global rate.

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What is the difference in exchange rate though? Often the "no fee" overseas ATM withdrawals have a (much) worse than spot exchange rate, making

That hasn't been my experience. As long as the withdrawal is done in local currency, it's been close to the published visa or MasterCard rates.

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I haven't received the email. I checked my internet banking, and the debit card says Bankwest Platinum Debit MasterCard. I have the original orange debit card. Are they sending a replacement to the "platinum" coloured one?

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Caveat being no Bankwest ATM fees. Don't know if they rebate the foreign operators ATM fee (like ING does)

Post automatically merged:

I haven't received the email. I checked my internet banking, and the debit card says Bankwest Platinum Debit MasterCard. I have the original orange debit card. Are they sending a replacement to the "platinum" coloured one?

Seems a lot of expense given I'd imagine quite a few will be closed when the 5000 points appear :eek:

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