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$442 million: the amount Aussies lose to overseas bank card fees and charges

February 12, 2018 Financial No Comments Email Email

ING reveals Australian travellers lost an accumulated $442 million on overseas bank card fees and charges last year, equating to $155 per person, per trip.

The new ING study also reveals that one in three Australians aren’t sure what card fees or charges they’re paying for when travelling.

ING Australia’s Head of Retail Banking Melanie Evans says:

“$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.”

“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 research follows the recent launch of ING’s new global payments offering which has seen the bank put an end all ATM fees globally. It also dropped its fees for international transactions made overseas or online.*The move is designed to reward customers for selecting to make ING its main bank.

“We are determined to make the benefits of choosing ING as your main bank even better. Whether it’s providing the peace of mind that you won’t return from an international trip to a debt-lag of bank card fees and charges, or better value on your savings and home loan,” says Melanie Evans.

When it comes to international ATM use:

  • 44% of those surveyed admitted that they had no idea how much their bank or finance provider was charging them.
  • 53% said they had used an ATM at least once during their last overseas trip.
  • Thailand has the highest ATMs fees, having an average ATM fee of $8.47 per withdrawal, followed by the Philippines at $5.69, then the USA at $5.41.

To prove that $155 can be put to better use, ING has researched a list of 10 international experiences that cost no more than $155.

  1. Traditional cooking class in Indonesia

Bali has thousands of great cookery schools, but this one at Gili Cooking Classes guides you and three friends through six different traditional dishes so you can cook Balinese food from the comfort of your own home once you’re back from your travels.

Total: $140

  1. Photography tour of New York

New York is known for its nightlife, and a trip to the Big Apple is one to experience to the fullest. If you’re looking to capture some of those magical moments, but aren’t sure how to use your camera unless it is in auto mode, check out an After Dark Photo Safari. These tours take you on a two-hour walking tour of New York’s finest hotspots, teaching you how to shoot in different lighting conditions.

Total: $148.46

  1. Scuba dive into Koh Tao, Thailand

Travellers to Thailand talk about three things: The beaches, the parties and the scuba diving. As one of the most beautiful reefs in the world, people flock from all over South East Asia to visit Koh Tao to take their first breath underwater. With diving schools all over the island you’ll be spoilt for choice on arrival, but Rocktopus Dive lets you do two dives for a bargain price.

Total: $122.25

  1. Bungy jump in Taupo, New Zealand

Push yourself to the limit and book in for a bungy jump during your next trip to New Zealand. Taupo Bungy is the home of the countries’ highest water touch bungy jump so you can touch the water or have a full body dunk.

Total: $154.16

  1. Experience gin tasting in London

After exploring the usual sights and attractions that London has to offer, take a trip to Mr Fogg’s Gin Parlour for one and a half hours of expert tuition on gin, botanicals and tonics. Naturally, there’s tasting of the gin, but this secret spot lets you immerse yourself into English Victorian culture with the array of decorations that as a package, this is a total steal for two people.

Total: $141.34

  1. Head to the mountains and ski in Habuka, Japan

Heralded as some of the best snow conditions in the world, getting yourself up to the mountains of Habuka will be an experience you won’t soon forget. If you only have a day to spare, you can hire all of your gear and get yourself a day lift pass.

Total: $139.35

  1. Get a birdseye view of the Niagara Falls, Canada

No experience of the Niagra Falls matches up to flying above it in a helicopter. Enjoy the incredible sights with a 10 minute flight over the American, Bridal Veil and Canadian Horseshoe Falls and although it’s an unforgettable experience, remember to bring a camera to capture it.

Total: $147.98

  1. Indulge in a private dinner on the beach for two in Boracay, Philippines

On your next vacation to the Philippines with your partner, crank up the romance and surprise them with a private candlelit dinner for two under the stars. At Discovery Shores Boracay, they’ll organise the perfect evening for you.

Total: $146.07

  1. Tour the island and underwater worlds of Nadi, Fiji

While the beaches and towns of Fiji depict the definition of relaxation, take a plunge into the oceans and discover a whole different world. With more than 1,500 species of fish, book in a full-day snorkel trip to the Fijian coral reefs and prepare to be amazed. The price includes all the gear, food and complimentary champagne.

Total: $152.42

  1. Watch India slow down on a sunset boat ride on Lake Pichola in Udaipur

As the home of kings and palaces, Udaipur should be at the top of your list for places to visit in India. Having spent your day exploring the town, take an evening to relax on a sunset boat ride down Lake Pichola. Organised through Oberoi Hotels, this cruise lets you enjoy watching the lights come on in City Palace as the sun goes down and the stars come out.

Total: $116.48

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