Some banks are still charging ATM fees
The Big Four dropped ATM fees, but that doesn’t mean all Australian banks have.
It’s been two months since the Big Four banks announced they were all scrapping their ATM withdrawal fees charged when non-bank customers use their ATMs. CommBank was the first to make the move in September, followed by Westpac, NAB and ANZ all within 24 hours.
With all the hype this move generated, you’d be forgiven for thinking that all banks have scrapped these fees. But there are still some Australian banks charging withdrawal fees when customers of another bank use their ATMs.
It’s important to note that the Big Four have scrapped ATM fees for non-bank customers with an Australian debit card only. This means that if you’re travelling from overseas, you’ll still be hit with the fee if you use one of the local ATMs outside of your bank’s network.
Another catch to be aware of is Bankwest, a subsidiary of Commbank, which scrapped its ATM withdrawal fees for non-bank customers except at its ATMs located within 7/11 stores. So if you were excited by the idea of fee-free, late-night cash withdrawals at 7/11 stores, don’t be. Bank of Queensland operated ATMs are still charging a $2 withdrawal fee to non-bank customers, and the same applies for ATMs operated by Suncorp and credit union BCU.
Since scrapping their withdrawal fees, the Big Four have been acting like the move was the greatest thing for customers since sliced bread. And it certainly is a great win for consumers. However, some banks have already been waiving ATM fees for their customers for a long time.
Digital bank ME has been waiving those annoying ATM withdrawal fees for its customers for several years now, enabling its customers to withdraw cash at any ATM in the country for free. Macquarie offers the same deal with its platinum transaction account, refunding any ATM fees paid by its customers straight back into their account.
Online bank ING has a similar offer, waiving all ATM withdrawal fees for its customers who meet the account deposit requirements of $1000 a month. ING also announced earlier this month it was extending the offer to overseas ATMs, allowing customers to withdraw cash internationally with no withdrawal fees.
For a full list of banks still charging ATM fees when customers outside of its network wish to withdraw cash, check out our guide here.
Bitcoin ATMs and shops that accept BTC payment in Australia.
You may also be interested in
- Why is ING ditching unlimited free ATMs for a $100 cashback offer?
- How will the Newcastle Permanent and Greater Bank merger affect customers?
- Xinja is closing down, what does this mean for customers?
- Tips for parents as school banking programs to be banned in Victoria
- Revolut launches in Australia: How does it compare to rival neobanks and fintechs?
