Majors called out after ING axes transaction fees

ING DIRECT will no longer charge fees for international credit, debit and ATM transactions, a move that has placed pressure on the four major banks to follow suit.

From 10 November, Orange Everyday customers and Orange One credit card holders will no longer be subject to ATM withdrawal fees, and they will not be liable to pay transaction fees for purchases made overseas or when shopping on online websites.

Only customers that deposit at least $1,000 into their Orange Everyday accounts and that make at least five purchases per month from March 2018 will be eligible.

ING’s head of retail banking, Melanie Evans, said: “We want to reward our customers for making ING their main bank, so today we’re announcing that eligible Orange Everyday account holders will pay no fees for domestic or global ATM withdrawals. We’re also dropping our fees for transactions made overseas or on international websites.

“Orange One credit card holders can also benefit from zero ING fees for international purchases when shopping overseas, including online.” 

Since the announcement, RateCity money editor Sally Tindall said that such a move is long overdue and will be welcomed by many Australians. 

“When it comes to international purchases, most Australians just shut their eyes and hope for the best,” Ms Tindall said.

“The reality is, most of us are being walloped with a laundry list of overseas fees.

“ING’s decision to wipe all international fees and refund third-party ATM fees has taken fee-free banking to the next level.” 

In September, CBA, NAB, ANZ and Westpac scrapped ATM charges, and Ms Tindall took the opportunity to pressure the major players to up their game and follow ING’s lead by implementing comparable changes.

“Now it’s time for the big four banks to step up to the plate,” the money editor said.

“We saw how quickly they acted when it came to domestic ATM fees. Let’s see what they can do abroad.” 

[Related: Regional bank follows majors in scrapping ATM fees]

 

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Charbel Kadib

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