From March 3 next year, there will be a significant change in the way customers pay for certain ATM transactions. The change is being introduced at the encouragement of the Reserve Bank of Australia, and affects the way customers are charged for using ATMs in Australia that don’t belong to their bank – a foreign ATM.
The fee that cardholders are currently charged for using a foreign ATM is made up of a number of components, including a fee charged to the Bank by the ATM Owner for providing the service (referred to as an ‘Interchange Fee’).
Currently, cardholders are only aware they have been charged for a foreign ATM transaction when it appears on their regular account statement. With direct charging, cardholders will be shown the ATM operator fee at the ATM and will be given the option to cancel the transaction at no cost if they are not prepared to pay the fee that is displayed.
What about the charge from the financial institution?
Each financial institution is making its own decisions about the fees it charges.
BOQ is reviewing our own ATM fee structure and, as always, we will aim to be extremely competitive in the marketplace.