Best ATMs and Bank in Australia-millkun, If you’re considering traveling to Australia, you might be concerned about having enough AUD for the entire journey. Anyway, don’t be.
With an ATM network to match, Australia is the sixth-largest nation in the world. It’s likely that you’ll find an ATM whether you’re visiting a distant location, hiking across the Outback, or staying in a major metropolis like Sydney. What you should know is as follows.
Also read Bringing or taking money into Australia-important to note
Where is the nearest ATM?
In Australia, there are ATMs nearly everywhere: in bank lobbys, outside, in malls, at convenience stores and gas stations, in bars, and occasionally even in outlying areas. Some are secured behind closed doors for safety. In certain circumstances, unlock with a card swipe.
The four largest banks in Australia, Commonwealth Bank, ANZ, Westpac, and National Australia Bank, all have sizable networks, with Commonwealth Bank having the most ATMs.
Will my debit or credit card function?
Cirrus, Maestro, and Plus cards—all owned by MasterCard and Visa, respectively—are accepted at the majority of Australian ATMs. All of the networks that the ATM is compatible with should have their logos displayed. By using their online locators, Visa and MasterCard allow you to find the nearest ATMs. You can verify the logo on your card or ask your bank to confirm which network it is a part of.
You shouldn’t entirely rely on your credit card because certain Australian ATMs only accept debit cards. Debit cards are frequently more affordable than credit cards because they don’t have the extra fees that a credit card would.
Both standard cards with a magnetic stripe on the back and cards with chip-and-pin technology are accepted at Australian ATMs. But you’ll require a four-number code.
Don’t forget to inform your bank of your travel plans to Australia. It might consider your transactions suspicious and freeze your card if you don’t if you don’t.
older devices
You can only withdraw combinations of the AUD$20 and AUD$50 banknotes that are typically distributed by Australian ATMs.
Some older machines issue notes in two lots, the first containing $20 notes and the second containing $50 notes. Make sure you always have the correct amount of money by counting your money.
ATMs without buttons
The majority of the ANZ-owned ATMs in Australia feature contactless technology. If your bank card is contactless, you can tap it to pay instead of inserting it into the reader.
You will nevertheless need to enter your PIN. Because they bear the contactless symbol, contactless ATMs are easily identifiable.
What charges apply?
The best AUD exchange rate is provided by ATMs because they use the mid-market genuine exchange rate. Having said that, you must be cautious of two different types of fees: those imposed by your bank and the local bank.
Local expenses
Non-customers, especially those using foreign cards, are charged an ATM fee by Australian banks. This typically costs AUD$2 (or about US$1.50) each transaction. Try to stay away from private ATMs if you can because they have even higher fees. Private ATMs are distinguishable because they don’t bear the name and logo of a particular bank.
Charges from your bank
The majority of banks impose ATM withdrawal and foreign exchange fees. In addition to Australian ATM fees, several costs exist. Every time you use an ATM, two fees will be applied: once by your home bank and once by the Australian bank.
withdraw funds only in Australian dollars
ATMs that offer to convert the transaction to your local currency should be avoided. If you consent to this, Dynamic Currency Conversion will create an unfavorable exchange rate. Always opt to be charged in Australian Dollars to avoid this exchange rate scam.
How do I avoid paying ATM fees?
There are a number of strategies to prevent ATM fees or at least minimize them.
Utilizing a joint bank
You might be able to use its ATMs for free or at a discounted rate if your bank has a partner bank in Australia.
The second-largest bank in Australia, Westpac, is a member of the Global ATM Alliance, a group of financial institutions that also includes Barclays, Bank of America, and Deutsche Bank.
If your bank is a member of the alliance, you are not required to pay the local ATM fee when using the ATMs of other alliance banks.
Another network that provides fee-free withdrawals is Allpoint, which has 55,000 ATM facilities across Australia, the US, the UK, Canada, and Mexico. On Allpoint’s online card checker, you can see if your card is accepted.
Australia also has ATMs from HSBC and Citibank. While HSBC offers fee-free withdrawals to Advance and Premier clients, Citibank offers fee-free withdrawals to all of its customers at all of its ATMs globally.
Get a card with no fees
On certain cards, some banks don’t charge foreign transaction fees, like Metro Bank and Charles Schwab. Although switching banks because of a single holiday seems extreme, if you travel frequently, it might make sense.
Utilize a debit card
You should use your debit card to make withdrawals whenever possible. ATM withdrawals are treated as loans by credit card companies. You’ll pay interest as well as higher transaction fees.
Utilize your daily cap
One large withdrawal is less expensive than two smaller ones since ATM fees are assessed per transaction. Find out your daily withdrawal limit from your home bank, then withdraw the most possible.
However, it’s also crucial to organize your spending so you don’t take out too much cash and wind up with extra AUD that you’ll have to convert back at the conclusion of your stay.
Even for a non-resident, opening a bank account in Australia isn’t too difficult. If you have access to a bank account in Australia, you can transfer money using Wise at a mid-market rate. After that, you can use your Australian debit card to make as many free ATM withdrawals as you’d like.