Key Highlights :
Australians who use the popular ING Orange Everyday account were recently dismayed to find that the bank is scrapping its unlimited rebates on international withdrawals, a feature which had attracted many customers to the bank in the first place. Withdrawing cash from an overseas ATM usually brings an international fee from the customer’s bank, a currency conversion fee and an ATM operator fee. A simple $500 withdrawal can add up to $25 or $30 in fees, according to RateCity research director Sally Tindall.
From August 1, ING Orange Everyday customers will no longer receive rebates for international ATM operator charges, according to ING’s Orange Everyday Banking Benefits Schedule. This has left many customers feeling frustrated and seeking alternatives. One customer on Twitter said, “Not happy you are removing the international ATM rebate! This was the main feature that keeps me.”
Tindall said the decision to axe refunds for third-party ATM fees was a “real blow” for travellers. However, some customers may look beyond it to stick with the bank’s 5 per cent ongoing savings rate. She advised customers to “think about how you’re likely to pay for things and how much cash you’ll need” before travelling overseas, as a $5 or $10 dollar fee can quickly add up to more than $100 in two weeks.
Overall, the removal of the unlimited rebates on international withdrawals has left many ING Orange Everyday customers feeling “not happy” and searching for a new bank. This feature had been a major drawcard for customers, but now they’re having to consider other options.