ING removes international ATM and transaction fees
ING credit card and transaction account holders can now shop overseas without the extra cost.
ING is introducing a new feature that’ll make it cheaper for cardholders to spend and withdraw cash overseas. From today, the bank is putting an end to fees for overseas ATM withdrawals and international transactions across its Orange Everyday transaction account and Orange One credit card.
The Orange One credit card currently charges a 2.5% international transaction fee and an overseas ATM withdrawal fee of $2.50. The transaction account also comes with a $2.50 overseas ATM withdrawal and EFTPOS transaction fee. So, the removal of these fees could offer significant savings if you regularly travel overseas or shop online with international merchants. It's important to note that the cash advance fee of $2 or 2% (whichever is greater) will still apply if you use your credit card to make overseas ATM withdrawals.
There's a catch to take advantage of the $0 fees, though. Customers need to deposit at least $1,000 from an external source (such as a salary) into their Orange Everyday account and (from 1 March 2018) also make at least five card purchases monthly to avoid the overseas ATM withdrawal and transaction fees. The transaction account already has a similar feature for ATM withdrawals in Australia.
“We introduced no domestic ATM fees for qualifying Orange Everyday account customers in 2009. Fast forward to 2017 and we’re taking it a step further for our customers who are now spending more internationally,” says ING Australia’s head of retail banking Melanie Evans.
This new feature is ING’s response to its customers' increased international spend. Within the last three years, the average international spend of an ING customer has increased by 17%.
Want to compare other financial products with no foreign transaction fees? Check out our comparisons of credit cards with no international transaction fees and debit cards with low foreign transaction costs to get started.