Money Hack: Stop paying those pesky ATM fees

Posted: 6 May 2017 9:00 am

ATM 738

Being charged to access your own money really sucks.

Despite technology such as Apple Pay, Tap and Go and PayPass allowing you to make purchases without any physical money, some people still just like to use good old cash. And while we like to flirt with the idea of a cashless society, notes and coins still have their place. There are many shops and restaurants that only accept cash payments, and a lot of merchants will require you to pay cash for purchases under $10.

But accessing our cash is coming at a high price. Recent research by revealed ATM withdrawal fees are costing Australians almost $800 million a year. We’ve all been in the situation where you’re desperate for cash so you use the random ATM in a nightclub or convenience store, and while the $2 withdrawal fee might not seem like much at the time (especially if you’ve had a few beers), if you do this just once a week you’re spending over $100 each year just to access your own money.

The hack

If you find yourself constantly going to the ATM, switch to a bank account that offers fee-free ATM withdrawals. These accounts are great options for this.

  • ING Orange Everyday Account. With this nifty everyday transaction account, ATM fees are waived anywhere in Australia, for any ATM. All you need to do is deposit at least $1,000 a month and make 5+ card purchases a month – don’t worry, you can spend the money at any time and still be eligible for free ATMs.
  • ME Everyday Transaction Account. With this account, a refund is given within 30 days of being charged any ATM fees, courtesy of ME. This applies to any ATM across the country.
  • Macquarie Platinum Transaction Account. This everyday account allows you to withdraw cash from any ATM in the rediATM network completely free. BCan’t find a rediATM? All good, Macquarie will refund any ATM fees from ATMs outside the network straight back into your account.

If none of these tickle your fancy, opt for a bank with a large ATM network. CBA has Australia’s largest ATM network with over 4,000 ATMs, followed by NAB which is part of the large rediATM network.

finder money hacks is a bi-weekly roundup of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.
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