ING scraps international fees

ING scraps international fees: now the pressure is on the Big 4 to follow suit

ING has today scrapped all international ATM, credit and debit card charges for their customers. 

This includes ATM withdrawal fees, ATM currency conversion fees, international purchase fees on  debit cards and a refund of any overseas third party ATM fees.

They have also confirmed they will only apply the wholesale exchange rate when converting currency.

The catch? You have to be a “primary” bank customer by depositing at least $1,000 a month into an Orange Advantage Account and making a minimum of five transactions a month.

No credit card international fees will also apply to their credit card product.

The international institution says the move is intended to encourage more Australians to make ING their primary bank.

ING Australia’s head of retail banking, Melanie Evans, said:

“We’re relentless in finding new ways give our customers what they want: convenience and value. All we want in return is that our customers make ING their main bank.”

RateCity research indicates that an average person spending a total of $5,000 a year overseas would save $171 a year if they switched banks to ING. A person spending $10,000 could save $342 a year.

“Using your card overseas always comes with a high degree of angst,” said RateCity CEO, Paul Marshall.

“Most people just shut their eyes and hope for the best, despite knowing they’re being hit with a flood of fees.

“Credit and debit cards used at the point of sale typically incur a 2 or 3 per cent fee, which can add up if you’re using your card for every purchase.

“But the biggest culprit by far is ATM withdrawals. Most Australians using their debit cards are charged a fee from the ATM provider, a fee from their own bank, plus a currency conversion fee which can be as high as 5 per cent.

“It gets even uglier if you use your credit card at the ATM as that’s classified as a cash advance, and should be avoided at all costs,” he said.

If you’re someone who travels a lot, it’s worth looking into the best cards for overseas. Make sure you pick one with low or no ATM fees, minimal currency conversion fees and no account keeping fees. It’s slim pickings but there are a handful of accounts on the market that won’t sting you at every step.

RateCity picks – Best transaction accounts for overseas spending

ING Orange Everyday Account No overseas fees, wholesale exchange rate, no domestic ATM fees, no account fees
Citibank Plus Account No overseas fees except the ATM vendor fees, free bottle of wine at certain partner restaurants in Australia, free domestic ATM fees at affiliate ATMs only, no account fees
RAMS Action Account No overseas fees except ATM vendor fees, free domestic ATM fees but only at affiliate ATMs, no account fees
Macquarie Classic Account No overseas fees except a $5 ATM withdrawal fee and third party ATM vendor fees, free domestic ATM fees, no account fees

Overseas ATM fees – What we’re being charged

Fee type Average fee Big 4 fees
ATM withdrawal $4.51 $5.00
ATM currency conversion fees 2.77% 3.00%
ATM provider fee At cost At cost if not part of global network

ATM fees – examples

Amount withdrawn Average fee*
$200 $14
$500 $22

*Based on an estimated third party ATM fee of $4.

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Learn more about bank accounts

Do you need a bank account to sell on eBay?

You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.

How can I deposit cash into my bank account?

The traditional way to deposit cash into your bank account is to go to a branch and give it to a teller. These days, many banks will allow you to make deposits through an ATM as well.

Can you open another account at the same bank?

Yes, you can open another account at the same bank if you already have an account there, but some banks place a limit on how many specific accounts you can open.

Generally, though, it is possible to have more than one everyday account, one personal account and one joint account, or have different types of accounts – such as a transaction account and a savings account.

Keep in mind that some bank accounts come with fees, so you could be charged twice for having two types of the same account at the same bank.

Also, if you have more than one high-interest transaction account at the same bank, only one account will be able to earn the highest rate of interest.

How do you set up a bank account online?

Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.

To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).

If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.

Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.

How can I close a Commonwealth Bank account?

You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

Can foreigners open bank account in Australia?

If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.

Once you’ve found a bank account that suits your needs, you can start the application process.

When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.

Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.

How do I close my bank account online?

You can usually easily open a bank account online, but you often can’t close it online.

Many banks and credit unions will only let you close an account if you go into a branch or call them on the phone.

However, some banks will let you request to close the account via your internet banking. Check your financial provider’s website for details.

Just remember: If you still have funds in the bank account, transfer them to another account, or withdraw the cash. Also, if you have any payments like direct debits going in or out of the bank account, these will also stop when you close your account.

What do I need to open bank accounts online?

Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.

Information to have available when you’re ready to apply is:

  • Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
  • Tax file number
  • Residential address, email and a contact number

In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.

There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.

How do I overdraw my Commonwealth Bank account?

Overdrawing a bank account can happen by accident. It’s often hard to know what your balance is, particularly with direct debits, scheduled repayments and pending transactions competing for cash.

To avoid being stuck with a bank fee every time your account is overdrawn, you can apply for a personal overdraft. This will enable you to overdraw your account up to an approved amount.

A personal overdraft is connected to your CommBank Everyday Account, so you can enjoy easy access to extra funds once approved – anywhere from $100 up to $20,000.

Your overdraft funds can be accessed via your CommBank keycard or Debit MasterCard, or online through NetBank and the CommBank app.

To apply you can either call the Commonwealth Bank directly or visit your local branch.

How do you deposit change into your bank account?

One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.

Can you open a bank account at 16?

Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

How do you find a bank account number by name?

For privacy reasons, Australian banks won’t hand out account numbers or other details about their customers. However, if you provide a bank with a BSB and account number, they should be able to confirm if those numbers belong to one of their customers.

How do you change your account name on NAB banking?

Changing the name on your NAB bank account is straightforward, as long as you have the right documents.

If you’ve just got married, divorced or legally changed your name, here’s what you need:

  • Married – a marriage certificate
  • Divorced –your ‘decree nisi’
  • Legal name change –your legal name change certificate

You can take either the original document, or a certified copy, into a NAB branch, where it needs to be sighted by a bank employee and a copy taken.

Your NAB bank account name will be updated immediately. New debit, ATM and credit cards with your updated name will also need to be issued. These usually take between five to 10 working days to be posted out to you. Your existing cards will keep working until you activate your new ones.

If you haven’t legally changed your name, but just want to change your account nicknames, you can log onto NAB and do it through the Settings/Mailbox menu.

Can I close a bank account with pending transactions?

You can close a bank account with pending transactions. But after the account is closed, any incoming transactions will be declined by your (old) bank.

The best way to ensure this doesn’t occur is to either wait to close your account until all pending transactions are complete, or contact the creditor and supply them with alternate bank details.

If you’re unsure whether you have any scheduled transactions, you can speak to a banking representative over the phone or via online support.

In most cases, your bank withholds the amount owing for pending transactions (such as online purchases).

Because the pending amount is deducted from your bank balance, you can close your bank account and the purchase will be honoured.