Up Bank International Fees and ATM fees scrapped! Is UP Bank the best option for your next trip?
Are you tired of getting slogged with sneaky bank fees? Have you returned from a holiday and opened your card statement only to be shocked by countless fees you weren’t expecting?
This is a far too frequent occurrence, especially when travelling overseas or even shopping online. We’ve looked closely at Up Bank, one example of the new breed of banks, neobanks.
Neobanks are digital-only banking platforms that use technology to give customers convenience and savings.
We’ll take you through Up Banks international fees and everything else you need to know for your next overseas trip or purchase, including:
UP Bank International Fees and Overseas ATM Fees
|Type of Fee
|Up Bank International Transaction Fee
|Overseas ATM Withdrawal Fee
|Monthly Account Fee
|Head scratch in confusion…
Most banks charge countless overseas fees when you travel or buy online (where your payment is processed overseas). This means every time you purchase something or withdraw cash at an overseas-operated ATM, your Bank will charge you a fee… or two.
Usually, you will be charged 3% of the transaction value when purchasing using your card. When you withdraw cash from an overseas ATM, you can also be charged $5 per withdrawal plus 3% of the transaction value.
On top of that, the overseas ATM operator can charge you their fees for using their ATMs. If you withdraw $100 in cash, you can pay over $10 in fees. Stings, doesn’t it?
So how much will you pay in UP Bank International fees and Overseas ATM fees?
None! That’s right; you read that right. No Up Bank international fees! Hard to believe, right?
Well, believe it. Up Bank makes it easy for you to save on your next trip or online purchase.
Up Bank International Transaction Fees
Unlike other banks, which usually charge you around 3% of the transaction value, Up Bank has scrapped overseas transaction fees.
This means there are no sneaky fees and unexpected markup on rates when you buy things overseas in person or online. Up doesn’t add to or mark up the Mastercard® exchange rate.
So you’re always getting a great rate.
Up Bank International Withdrawals at Overseas ATMs
Regarding cash withdrawals at overseas ATMs, Up Bank again comes in for the win. You won’t be charged an ATM fee for accessing your cash, however many times you withdraw.
You do have to keep in mind, however, the overseas ATM operator may charge their own fees. Unfortunately, this isn’t in Up’s control.
Up Bank Review - What does everyone else say about banking with Up?
Online reviews for the Up Travel card are pretty good.
They hold a 4.0-star rating on Trustpilot from 5 reviewers.
Most users commented positively, saying things like “can’t recommend ENOUGH!” by EviewMai, “up bank. The best bank” by Alex Murphy and “Best decision I ever made…” by Aaron.
Various other review sites also display a generally positive experience from Up Bank customers. Finder.com.au shows a 4.3-star rating from 10 reviewers.
As you can imagine, you can’t make everybody happy, but it’s a positive experience for customers overall.
Set up an International Bank Account with Up Bank
It’s easy to set up an account with Up. Just head over to their site and hit "Join Up!". Side note… I think their website looks very cool!
Up offers excellent features to stay on top of your spending and know exactly where you’re at with it at all times. They have a convenient app that gives you total control.
Regardless of what currency you use, Up will display your transactions in both Australian and foreign currency amounts. I know I get stressed out trying to keep track of spending in my original Aussie dollars, so this makes for one less thing to worry about.
International Money Transfers
If you’re looking for a way to transfer cash overseas, Up has you covered there too. Up is the first Aussie bank to partner with Wise, making it easy to transfer money abroad.
Other Tips to Avoid Overseas Fees
When using Up Bank, it’s a great idea to pay in the foreign currency instead of AUD when you have the choice. You’ll get a great rate from Up instead of paying whatever rate the merchant terminal will give you.
There are also some other ways you can save on overseas transaction fees, and that includes:
Changing your Currency Before Travelling
The simplest way to avoid fees on each transaction is to bring cash. All you have to do is convert your Australian dollars to the foreign currency of the country or countries you plan to travel to.
You can convert your currency online and have your money delivered directly to you or collect in-store.
Online money exchangers like S Money are often an easy and cheap way to buy foreign currency. You usually only pay a small fee and the currency exchange rate, no hidden fees!
There are several cards designed for travel and making online purchases in mind. They remove the international transaction fee, have low fees competitive currency conversion rates and offer free ATM withdrawals.
Up is an excellent option for spending when travelling abroad or online, especially with the convenient features you can access in their app.
Now that you’re all over Up Bank International fees (Because there are none!), you better get packing and ready for your next adventure!
It’s essential to look for the best option that suits you and your plans, so we hope we’ve been able to make your choices a little bit clearer and help you save some cash.