Australians who use the popular ING Orange Everyday account when travelling will no longer receive a refund for international ATM fees.
ING is scrapping its unlimited rebates on international withdrawals for Orange Everyday customers — a feature which attracted many people to the bank in the first place.
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Withdrawing cash from an overseas ATM usually brings an international fee from the customer’s bank, a currency conversion fee and an operator fee from the ATM.
A simple $500 withdrawal can add up to $25 or $30 in fees, RateCity research director Sally Tindall said.
Orange Everyday customers could previously claim unlimited rebates on international withdrawals.
That will change come August 1, when customers will no longer receive rebates for international ATM operator charges, according to ING’s Orange Everyday Banking Benefits Schedule.
“Some ATM operators will charge fees in relation to transactions and enquiries carried out at their ATMs,” the schedule states.
“These fees apply to your account in addition to the ING International ATM withdrawal fee, even if ING does not charge a fee for that transaction or enquiry.”
The bank will continue rebates for domestic ATM operator fees and the first five ING domestic and international ATM withdrawal fees.
Once the five eligible rebates have been claimed, subsequent withdrawals will come with a $5 fee plus an operator fee for international ATMs.
‘Real blow’ for customers
Several frustrated customers said the international rebates were what drew them to the bank in the first place and they were now seeking alternatives.
“Not happy you are removing the international ATM rebate! This was the main feature that keeps me,” one customer said on Twitter.
“Of course this happens as I’m planning a trip around then. Time to look for a new card,” another customer shared on Reddit.
“There goes the last reason to keep my ING account open,” another said.
Tindall said the decision to axe refunds for third-party ATM fees was a “real blow” for travellers.
However, some customers may look beyond it to stick with the bank’s 5 per cent ongoing savings rate, she conceded.
“Before you head to the airport, think about how you’re likely to pay for things and how much cash you’ll need,” Tindall said.
“While many popular holiday destinations will let you tap for almost anything, in others cash is still king.
“A $5 or $10 dollar fee might not seem like much when you’re busy enjoying your holiday, but if you need cash regularly you could find you’ve shelled out more than $100 in … two weeks.”
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