Macquarie reducing international fees on transaction accounts

Macquarie Bank has announced changes to the fees charged on its transaction accounts when using the cards overseas. The changes, which take place on 14 July, 2016, will see the fees reduced on both ATM withdrawals and purchases made overseas.

Macquarie has two transaction accounts, or probably more accurately, two levels of transaction accounts, affected by the changes. These are the Macquarie Transaction Account and the Macquarie Platinum Transaction Account.

The following table shows the changes

Fee type Macquarie Platinum Transaction Account Macquarie Transaction Account
International transactions
Access and transfer your funds overseas using a range of global
services including Debit MasterCard transactions and real-time access.
ATM balance enquiry

  • Check your Account balance at an international ATM where MasterCard is accepted
The ATM operator may charge you a fee
The ATM operator may charge you a fee
ATM withdrawal

  • Withdraw cash at an international ATM where MasterCard is accepted
$5 + 2.5% of transaction value
The ATM operator may charge you a fee
From 14 July, 2016 the 2.5% of transaction value component of this fee will no longer be charged.
$5 + 2.5% of transaction value
The ATM operator may charge you a fee
From 14 July, 2016 the 2.5% of transaction value component of this fee will no longer be charged.
International purchases

  • Card purchases or transactions made or processed outside Australia
    (including where the transaction was made in Australia but the merchant
    is not in Australia).
2.5% of transaction value
From 14 July, 2016 this fee will no longer be charged.
2.5% of transaction value
From 14 July, 2016 this fee will no longer be charged.

As can be seen in the table, the fees charged on overseas purchases will be free of international transaction fees.

In the case of a cash withdrawal from an ATM, the fee will reduced from a rate of $5 + 2.5% of the transaction value, to a flat $5 per transaction. On top of that the ATM operator may also charge a fee.

For someone with a Macquarie transaction account this can represent a saving. For purchases, the removal of the fee altogether brings it into line with some of the other fee free options.

For an ATM transaction, there are still other options that have a lower fee. For example, the Citibank Plus transaction account has no additional fees, while the ING Orange Everyday account has a flat $2.50 fee for an overseas withdrawal.

For further information on the fee structure of the cards, refer to this page.

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