Fee Free Overseas ATM Withdrawals from ASB

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ASB Bank

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  Sqishy on 18/02/2019 - 17:48

  ** The Offshore Service Margin is 1.10% for a FastCash overseas withdrawal and 2.10% for a Visa overseas transaction.

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  JamCores on 18/02/2019 - 18:45

  What about for withdrawing from an overseas card with an ASB ATM, I think there is a 3.00 fee (NAB)

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    ekini on 19/02/2019 - 08:42

    There's no fee at ANZ ATM's.

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    Penguin on 19/02/2019 - 17:25

    Depends on what the ts and cs of your overseas card are. The big 4 NZ bank ATMs don't usually charge any fees.

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  Alias on 18/02/2019 - 19:21

  Out of topic, but what do you guys suggest on getting money out when it comes to travel? Do you guys use travel card or use atm and cash out at destination? Would love to hear what other people find most convenient and cost effective. Thank you.

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    paratax on 18/02/2019 - 20:36

    +1

    I use kiwibank airpoints platinum, 2% foreign currency fee, but you get about 1.6% back as airpoints, and you don't have to worry as much about cash. Then I just get a bit of emergency cash at the start, but try not to use it till near the end of the trip, put everything on the card.

    Works for pretty much all of Europe and na, less good in Asia.

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    ranjitsinghrai90 on 18/02/2019 - 20:38

    +1

    I went to Dubai, Italy, Switzerland and Australia last year. I used my ANZ visa card to withdraw money from ATMs. It was cost effective and convenient. I usually get good exchange rate overseas as compared to getting currency from NZ when I headed for travel.

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    budget on 18/02/2019 - 20:46

    +1

    hi we use both credit card, and ATM cash withdraw, ( as ANZ stop charging ATM withdraw fee last Marsh )
    just checked ASB web site, still not updated their fees, still showing 7.50 charge
    https://www.asb.co.nz/rates-and-fees

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  shaneel on 19/02/2019 - 08:39

  I have an ASB Visa Debt and i found that when travelling in Australia, it is far cheaper to use your card to buy things direct (even considering the offshore margins). At dutyfree i even bought items using the option for NZ currency vs AUS currency and it was still cheaper to select the AUS currency instead (even considering the offshore margins). I know, it probably doesnt sound like this would be the best option but it actually is & it beats carrying cash. Try it out.

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    Sqishy on 19/02/2019 - 20:59

    Yes never pay in your local currency, their currency conversion means you end up not paying 2.1% but it works out more, that extra cost goes to the bank and merchant and should go on some form of scam alert! As above for a NZ card pay in $AUD and 2.1%. The merchant must also ask you which currency if there is a choice.

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  Meridian on 19/02/2019 - 14:30

  If I am in say Bali - which is a currency which is not listed on their website - will it work? and how would you know what rate ASB charge? Anyone know.

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    rkl on 19/02/2019 - 15:17

    Assuming you are using a Visa Credit card, it should be charged at the current rate at the time of withdrawal. Plus 2.1% for the offshore service margin.
    No more cash fee, but you will pay interest calculated daily for any withdrawn cash.
    https://www.visa.co.nz/travel-with-visa/exchange-rate-calcul…

    • 

      Sqishy on 19/02/2019 - 20:56

      Above is correct, ASB likely do not give out that currency if you walk in that's all.

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  danvelopment on 20/02/2019 - 10:02

  It's now gone from the Guide to Fees PDF updated on the date above.

  https://www.asb.co.nz/documents/banking-with-asb/guide-to-fe…

  Website still hasn't been changed, though.

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    budget on 20/02/2019 - 12:48

    thank you