Complete Guide to ING International ATM Fees: Withdrawal Fee, Exchange Rates and Rebates

Heading overseas for a holiday? Ubank is an Australian digital bank that operates primarily online, without bank branches, and passes on the savings to customers. It offers account holders fee-free ways to spend in person and get cash from ATMs overseas. If you’re a current ubank customer, or planning to be one, here is everything you need to know when spending money internationally, including which fees to look out for.

We'll also introduce you to Wise Travel Card as an alternative, that can help you save on your international travel by offering currency conversions at mid-market rates without any hidden markups.

Ubank's International ATM Withdrawal Benefit

Having some cash in hand when travelling overseas can be helpful for things like local markets, street vendors and leaving tips. Ubank lets customers withdraw cash from ATMs that accept Visa worldwide.

The fee-free ATM withdrawals come with a ubank account. When you sign up for a ubank account, you actually get three: Save, Spend, and Bills. While the Save account doesn’t offer debit cards, and the BIlls card is for paying bills, the Spend account comes with a linked Visa debit card for purchases. The debit card can be used for:¹

• Online or in-store in Australia
• Cash withdrawals in Australia
• Shopping from Australia on international websites
• In-person purchases abroad
• Cash withdrawals abroad

In all cases, the merchant or ATM will need to accept Visa cards. The amount you withdraw or spend while abroad is converted into Australian dollars and deducted from your Spend account.

There are limits to using your ubank debit card:

• Overdrawing is not allowed on Ubank Visa debit cards.
• You can only withdraw up to $2,000 AUD in cash daily in Australia or abroad..²

To activate your ubank debit card, head to the “Cards” tab on the ubank mobile app. Select “Activate” and enter the last four digits of the card and select a PIN. You can also use the app to notify ubank when you are going overseas and to which countries. This helps avoid the card being blocked when used outside of Australia.³

Guide to using ubank debit card overseas

You can link your ubank debit card to your Apple Pay or Google Pay account so you can pay online or tap your mobile to pay faster. One benefit of a ubank account is that maintaining an account, transfers, cash withdrawals and international payments don’t have a fee. This can save you money when compared to accounts with some other providers.

However, it doesn’t mean that your international transaction is completely without any fees. Merchants and ATM operators can still charge you a fee for using their services; plus ubank sneaks in a fee every time you convert funds. Check out the next section for the rundown. ⁴

UBank's International ATM Withdrawal Fees

Does ubank charge fees for withdrawing money from an ATM abroad? Yes and no. Let’s break down the fees to expect, and where you can save money.

UBank's Transaction Fee for ATM Withdrawals Worldwide

Many providers charge a transaction fee, sometimes called a service charge, for making purchases internationally, whether online or in-person. It’s just a fee for providing the ability to make payments overseas. Sometimes, as a perk, banks or companies may reimburse or give you a rebate for a certain number of international purchases to offset the cost.

Ubank doesn’t charge any international transaction fees for making payments abroad or on foreign websites. There are no limits to how many purchases you can make and you can use up to the amount you have in your Spend account. This is a strong perk of using ubank when abroad.⁵

ATM Operator's Transaction Fee when making a Withdrawal

While you can avoid ubank international atm fees, your transactions might not be entirely fee-free. Individual ATM providers can charge a fee for each transaction at domestic or international ATMs. ubank doesn’t have any control over these charges, and the amount will vary depending on the provider. You will have to pay this fee amount out of your account and there are no reimbursements.

If possible, try to find an ATM that has lower transaction fees. This is more likely in highly populated places like cities, versus rural areas.

UBank's Exchange Rate for Currency Conversion

While ubank offers numerous services without fees, there may be one place where a hidden cost is snuck in: the exchange rate. The exchange rate is what is used to convert a local purchase abroad to Australian dollars to deduct from your account. It’s also how your Australian dollars are converted to local currency at an ATM.

The exchange rate you get from ubank is published by the bank. It’s different from the mid-market exchange rate you usually see on Google. The difference between your ubank rate and the mid-market rate is a hidden fee from the bank on every dollar that is converted in your transaction. It can be a difference of a few cents and not look like much, but that adds up quickly if you’re making purchases and withdrawing cash abroad.

As an alternative, we would like to introduce you to the Wise Travel Card that offers free ATM withdrawals for up to 350 AUD per month in 2 or less withdrawals, and low convenient pricing for withdrawals above. Plus, with Wise you always get the mid-market exchange rate on currency conversion. You can use the Wise Travel Card in 150+ countries and swipe like a local to make purchases at restaurants, stores and local sites.

Note that ATM providers might charge their own additional fee per withdrawal. Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Meet Wise: Your Smart Travel Money Card

Wise offers a convenient travel card and money transfer services that make managing your finances abroad a breeze. The Wise card lets you spend like a local in over 150+ countries, with

• Excellent exchange rates: Always get the mid-market exchange rate – the same one you usually see on Google – so you get the most out of your money.
• Low, transparent fees: Say goodbye to hidden charges and hefty markups. Wise keeps its fees low and transparent, so you know exactly what you're paying.
• Convenient card and app: Use your Wise card to swipe like a local in supported countries. Manage your money, track spending, and even freeze your card if needed, all through the Wise app .
• Cash withdrawals: Easily withdraw cash from supported ATMs abroad with low, transparent fees. But be mindful that ATM providers may charge their own cash withdrawal fees.
• International transfers: Send money abroad with the same mid-market exchange rates and low fees.

Get your Wise Card 🚀