Our distance, our population and our want of a bustling manufacturing industry means Australia can be an expensive place. Just ask the folk coming back from Asia or the States with bags packed full of cosmetics, electronics and shoes. But credit card purchases can cost you when you factor in all the additional charges.
It makes sense then, that when it comes to travel, cash is king for many Aussies.
According to research by ING, 93% of Aussie travellers change money into the currency of their destination before departing abroad.
Of those that mainly use cash when overseas, 62% claim the charges that are applied to their debit or credit card transactions are a significant deterrent for their use.
Meanwhile, 43% said that if they do use their cards overseas they try to do so as little as possible due to these charges.
In response to this, ING announced that it will end ATM fees globally and drop fees for international transactions made overseas (or online), thus giving us the option of spending on card over cash, without the worry of fees.
The changes apply to ING’s Orange Everyday transaction account and Orange One credit card, but to take advantage of the new offer, customers will need to deposit at least $1,000 from an external source into their Orange Everyday account and (from 1 March 2018) make at least five card purchases monthly.