Macquarie Transaction Account

Last updated: Oct 2, 2020

A debit Mastercard and free access to domestic ATMs make it convenient for you to access your money.

The Macquarie Transaction Account is structured to help you minimise fees and earn cash payments. There are no international purchase fees when you shop online or overseas, no monthly fees and you can earn competitive interest rates on balances over $5k. You also have free access your money at any domestic ATMs using a linked Macquarie debit Mastercard.

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

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Details

Product Name	Macquarie Transaction Account
Monthly account fee	$0
Card access	Mastercard
ATM Withdrawal Fee	$0
International transaction fee	0%
Monthly deposit required to waive account fee	N/A

Minimum Age	14
Joint account availability	No
Minimum opening deposit	N/A

Pros

Free access to all domestic ATMs including the rediATM network
No international purchase fees when you shop with your debit Mastercard overseas or online
Competitive interest on balances over $5,000
No monthly account keeping fees
Convenient on-the-go banking with the mobile banking app

Cons

No branch access

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

Monthly account keeping fee

For the Macquarie Transaction Account you will not be charged any monthly account keeping fees.

Accessibility

You are able to access your account and money through online and mobile banking, electronic transfers and by using ATMs. This includes the use of BPAY and scheduled payments for your bills, and direct credits and debits. Deposits can also be made by cash at selected Macquarie offices, or with a cheque by mailing it to the office.

Debit Mastercard

Your account is linked to a debit Mastercard which gives you the ability to make withdrawals and check your account activity at ATMs as well as make purchases wherever Mastercard is accepted. This includes online and over the phone shopping both in Australia and overseas.

Mastercard Contactless payments

This Mastercard feature will allow you to make contactless purchases at point of sale terminals on transactions of less than $100.

ATM network

Macquarie ATM network. Macquarie debit Mastercard gives you free access to all domestic ATMs including rediATMs.

Overseas ATM transactions

You are able to make withdrawals overseas at any ATM where Mastercard is accepted. Macquarie does not charge a fee for overseas ATM withdrawals. However, the overseas ATM operator may charge their own fee.

International purchases

There is no international purchase fee when you use your Macquarie debit Mastercard online or overseas.

Macquarie Bank app

You can manage your transaction account from your mobile phone by downloading the Macquarie Bank app from the Google Play Store or the App Store.

Availability

This account is designed for individual or joint account holder use and cannot be opened on behalf of a business, trust or deceased estate.

How to apply

Eligibility

You are able to apply for this account over the phone or alternatively by visiting the Macquarie Bank website to fill out an online application form. Before beginning make sure to check that you are eligible for the Transaction Account:

Minimum age. This account is only available for individuals aged 14 and over.
Australian mobile number. You must have a valid Australian mobile number to apply for this account.

Residency requirements. You must be an Australian resident with an Australian residential address in order to qualify for this account.
Depository requirements. There are no depository requirements for opening this account.

Documentation needed

In addition to meeting the eligibility requirements you will also need to have the following documentation in order to successfully complete the application:

Tax file number. Your tax file number (TFN) or exemption code is used with transaction and savings accounts that earn interest to ensure that the correct withholding tax is being applied to your earnings.
Identification. You'll be verified online. However, in the event that Macquarie is unable to verify you online, you may be asked to provide your driver's licence, passport or Medicare card details.

What happens after I submit my application?

Your new transaction account will be opened once Macquarie Bank has confirmed all of the details you provided. The linked debit Mastercard will be mailed to the address you provided and will also need to be activated before you are able to make any transactions with it.

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6 Comments

Stewart
March 26, 2019

I think one of the most important questions is, how is exchange rate calculated on this account? Bank’s rate or Master Card Rate?

Reply
- finder Customer Care
  
  Jeni
  March 28, 2019
  
  Hi Stewart,
  
  Thank you for getting in touch with Finder.
  
  Overseas transactions with this Macquarie Transaction account are processed using the Mastercard foreign exchange rate.
  
  I hope this helps.
  
  Thank you and have a wonderful day!
  
  Cheers,
  Jeni
  
  Reply
Alan
March 27, 2018

Are you able to open a Macquarie Transaction Account on line in joint names with your partner?

Reply
- finder Customer Care
  
  Jeni
  March 27, 2018
  
  Hi Alan,
  
  Thank you for getting in touch with finder.
  Yes, this account is designed for individual or joint account holder use and cannot be opened on behalf of a business, trust or deceased estate. You are able to apply for this account over the phone or alternatively by visiting the Macquarie Bank website to fill out an online application form.
  
  I hope this helps.
  
  Have a great day!
  
  Cheers,
  Jeni
  
  Reply
Tim
January 15, 2018

Is there still a $5 overseas ATM fee? I had heard Macquarie has removed this fee with their Macquarie transaction account.

Reply
- Arnold
  January 16, 2018
  
  Hi Tim,
  
  Thanks for your inquiry
  
  The free ATM transactions only apply to domestic ATMs. If you’re going to use an ATM overseas, you will be charged a $5 transaction fee.
  
  Hope this information helps
  
  Cheers,
  Arnold
  
  Reply

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Macquarie Transaction Account