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Macquarie Bank customers spending their cash abroad will soon pay no international transaction fees when whipping out their Macquarie debit card.
Come July 14 2016, the bank’s current 2.5% international transaction fee will disappear for Macquarie Platinum Transaction Account, Macquarie Transaction Account and Macquarie Savings Account customers, both when shopping in-store and when withdrawing cash at an ATM.
It’s a great move for Macquarie cardholders who typically use their debit card to make retail purchases while overseas, although Macquarie’s current $5 charge per overseas ATM withdrawal – currently billed in addition to the 2.5% fee – will remain.
That firmly encourages spenders to use their debit card at the checkout wherever they can, rather than withdrawing foreign cash via an ATM or even using their credit card, on which the international transaction fees still apply.
Macquarie Bank isn’t the only financial institution to relax its fees for international travellers: both the Commonwealth Bank and Westpac offer reduced-fee ATM withdrawals when using the ATMs of selected international partners, while Citibank takes things one step further.
Customers with a Citibank Plus Transaction Account and a companion Visa debit card can both make retail purchases and withdraw cash abroad without paying any Citibank fees, although naturally, any surcharges or ATM fees levied by merchants and ATM operators are still payable.
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