on 20-10-2017 09:42 AM
I have recently been consolidating accounts and obtained a Bankwest Platinum Debit card linked to my easy transaction account. I was told that when using this card overseas there are no Bankwest fees for the ATM withdrawal and provided there was a balance of $6,000 in the account there were no overseas transaction fees for the conversion.
Can you confirm this is correct?
I also have obained a Bankwest Platinum Credit Card to replace my 28 Degrees Mastercard. I understand how this works on purchases. Can you explain if I load cash before I go and withdraw cash from a foreign ATM while in credit and do not exceed my credit amount what fees and charges will I be up for?
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on 20-10-2017 11:44 AM
Hi @AfricaEddie, I'm sorry for any confusion here. Whilst there is a minimum monthly deposit requirement of $4000 to be eligible for the Platinum Debit MasterCard to prevent the monthly maintenance fee from being charged, the 2.95% Foreign Transaction fee and $5 Overseas ATM Access fee will still apply.
Regarding your Platinum MasterCard Credit Card, you can certainly deposit additional funds onto the card to bring your available balance above the credit limit. So long as the available balance remains above the credit limit after the cash withdrawal, you will be able to withdraw cash from an ATM without the Cash Advance Interest being applied. You will however, still be charged the $4 Cash Advance Fee. As this is a Platinum MasterCard Credit Card, the 2.95% foreign transaction fee is waived.
Hope this helps!
on 20-10-2017 11:57 AM
Many thanks for the clarification.
I am now wondering what benefits the Platinum Debit Card provides me? Do I just dispose of it and retain the debit card I have on this account as it appears the costs to use it overseas are exactly the same. BTW I have package home loan so does the monthly fee on the platinum debit card apply if I should go below the minimum limit?
on 20-10-2017 02:31 PM
It would be up to you as to how you would like to operate the account @AfricaEddie, be it with a standard Debit MasterCard, or a Platinum Debit MasterCard. If your transaction account that the card is linked to is part of the package then there would be no maintenance fee, however not depositing the required amount may result in an inability to utilise the extra features - ie the Concierge Service.
You can view the main differences between the Standard and Platinum Debit MasterCard by clicking here.