The fight over ATM fees is expanding overseas, with ING Australia offering fee-free withdrawals from every ATM in the world to customers who conduct their main banking business with the digital bank.

 

The move comes as banks face pressure to roll back unpopular fees, while ING is seeking to bulk up its share of the market by targeting regular overseas travellers or shoppers at foreign websites.

 

As well as scrapping ATM fees internationally, it will also remove international purchase fees from its credit cards – which were previously 2 per cent of the purchase price.

 

Read more at:http://www.smh.com.au/money/saving/ing-to-scrap-international-atm-fees-20171109-gzhtpk.html

 

 

 

http://www.smh.com.au/money/saving/ing-to-scrap-international-atm-fees-20171109-gzhtpk.html

Before we all jump for joy at the prospect of free ATM withdrawals, remember the currency exchange trap. As far as I have bothered to look, banks make 3% off the mid point exchange rate.

 

My credit card from a German bank has these advantages since years.

BUT: up until two years ago they even reimbursed the ATM fee that the Thai banks add to the withdrawal amount (usually 220 Baht now). They ended this.

And I think ING will also not save you from that.

 

18 minutes ago, Proboscis said:

As far as I have bothered to look, banks make 3% off the mid point exchange rate.

If the ING card is a VISA or Mastercard this should not happen.

Exchange rates are set by the CC organizations.

Just make sure you withdraw in Thai Baht and not fall into the DCC trap (Thai bank converting to your currency).

11 hours ago, Gregster said:

The fight over ATM fees is expanding overseas, with ING Australia offering fee-free withdrawals from every ATM in the world to customers who conduct their main banking business with the digital bank.

This only helps people who bank with ING.  They promise to re-imburse ATM fees charged within 5 days.  I shouldn't imagine there's any benefit for the majority of expats here who bank in Europe.

46 minutes ago, HHTel said:

This only helps people who bank with ING.  They promise to re-imburse ATM fees charged within 5 days.  I shouldn't imagine there's any benefit for the majority of expats here who bank in Europe.

 

ING Best Bank in Western Europe, Belgium and Netherlands | ING

 

ING Bank (Australia) Limited (trading as ING) is an Australian direct bank and a wholly owned subsidiary of the multinational Dutch bank, ING Group.

 

 

Edited November 10, 20178 yr by Enoon

5 hours ago, KhunBENQ said:

If the ING card is a VISA or Mastercard this should not happen.

Exchange rates are set by the CC organizations.

Just make sure you withdraw in Thai Baht and not fall into the DCC trap (Thai bank converting to your currency).

I think he was talking about the foreign currency conversion fee which currently sits at 2.5% with ING Australia.

 

Edit: This fee is only waived if A$1,000 has been deposited in the past month. So the rebate is only good for trips up to 1 month or for people who have regular deposits regardless of whether they are in the country.

Edited November 10, 20178 yr by wump

I used my ING card last week in Chiang Mai .

A full rebate on all fees.

Didnt cost one cent anywhere and the usual exchange rate.

Brilliant..

Nice to see I would hope it starts a trend other banks have to follow.

So your bank is shouldering the greedy Thai banking cartels 'fee'. My German bank did that for over 10 years until it just got too expensive (people only opening the account and using it for holidays). Might not happen with ING but I doubt this is affordable for them in the long term. Especially since Aussies are travelling a lot.

 

I am still waiting for the day minimarts and hotels will all accept card payment. Then a big chunk of my expenses could be paid by card without any fees.

Only ing Australië or all ing?

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Only Australia. Check with your local banks as there is a few banks in different countries that offer fee reimbursement.

ING Australia have a promo at present.

They give you $100 to open up a new account. I kid you not..

But you need the promo code...

I can forward it to anybody who is interested.

 

For the record Ive been with ING over 20 years so they are not new bank in Australia....

Even in Australia they rebate all the atm fees....all atms.

Log on to their  Australian website and use this code....

Hi Joe,

Do you receive a fee for introducing new customers?

8 hours ago, chickenslegs said:

Hi Joe,

Do you receive a fee for introducing new customers?

Haha looks like "ING Direct $100 bonus for both referrer and friend".
Nice :)