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Aussies lose nearly half a billion in overseas bank fees


That’s over $150 per person per trip!

Australian travellers lost nearly half a billion dollars on international bank card fees and charges last year, new data has revealed.

 

 

According to an ING study, Aussies abroad were hit with a total of $442 million in bank fees in 2018, or the equivalent of $155 per person per trip. And the survey found that one in three Australians aren’t even sure of what they’re paying for when travelling.  

 

“$155 is an awful lot to lose out to international bank card fees and charges. That same amount could cover the costs of a bungy jump in New Zealand or a photo safari in New York,” said Melanie Evans, Head of Retail Banking at ING Australia, which has dropped its fees for international transactions made overseas or online.

 

“This study brings to light just how important it is to understand all the fees and charges that can come with using your Australian bank card overseas.”

 

The study also revealed that for international ATM use, nearly half (44%) of those surveyed had “no idea” how much their bank was charging them, while more than half (53%) said they had used an ATM at least once on their last trip abroad.

 

The countries with the highest ATM fees are Thailand (average $8.47 per withdrawal), the Philippines ($5.69), and the USA ($5.41).

 

Are you aware of what you’re paying when you travel overseas?

 


Written by: Mark Harada
Published: 9 February 2018

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