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Re: How to use your card overseas

Posted by LyndsC LyndsC
Message 9 of 21 5,686 Views

Hi @Chrisbaiada, the card would need to be paid in full with a surplus amount available. As long as you don't withdraw more than the surplus amount, the cash advance fee would be capped.

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Re: How to use your card overseas

Posted by Chrisbaiada Chrisbaiada
Message 10 of 21 5,682 Views

Thanks, to avoid being charged interest on the cash advance would you also need to have the card in surplus fund or just transfer the amount you withdraw into credit card account?

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Re: How to use your card overseas

Posted by LyndsC LyndsC
Message 11 of 21 5,676 Views

As interest is only charged on transactions that access the credit limit, you'd need to have the card in surplus funds to ensure no cash advance interest is charged. Thanks!

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Re: How to use your card overseas

[ Edited ]
Posted by nm2dalton nm2dalton
Message 12 of 21 4,840 Views

Hi there,

I have a platinum more rewards credit card, so I have 0 foreign transaction fees. I have never withdrawn cash from a credit card before. If I was to withdraw cash I would always use my everyday account which is an everday debit mastercard. I am obviously planning to pay on card using the platinum credit card as much as possible overseas to take advantage of the 0 foreign transaction fees and will withdraw cash as needed. I'm a little confused by the previous comments regarding withdrawing cash from the credit card as this is foreign to me. This is what I've understood so far:

If I was to withdraw cash from my credit card, say $200, and I do not owe anything on the card, I would be paying a $5 atm fee plus a $4 cash advance fee so approx $9 in total. As I don't have foreign transaction fees this would not change regardless of how much I withdraw? If my account is in surplus, the cash advance fee is waved so only $5 atm fee? If I owe an amount on my credit card, this will still be $9 as the cash advance fee caps at $4? Or will this be more?

If I use my debit mastercard to withdraw cash, I will pay a $5 atm fee plus a foerign transaction fee which is 2.95% which would be roughly $5.90 for $200 withdrawal, total $10.90? Or do I also have to pay a cash advance fee as well when withdrawing from a debit card because you need to use the credit option when withdrawing as savings and cheque accounts do not work overseas?

I am just trying to figure out if it is actually beneficial to be drawing money out of the credit card, especially if I'm not in surplus or if I should just use my everday account instead.

Thanks! Nicola

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Re: How to use your card overseas

[ Edited ]
Posted by DanaeC DanaeC
Message 13 of 21 4,823 Views

Hey @nm2dalton, thanks for getting in touch. 

Hopefully I can help to make this clearer, by breaking it down in a Credit Card vs Debit MasterCard overview. The only international fees applicable to each card type, charged by Bankwest, are as below:

 

Debit MasterCard
2.95% Foreign Transaction Fee
$5.00 Overseas ATM Fee, per withdrawal, charged on the first business day of the following month as one amount (waived on Qantas Transaction, and existing Rewards Transaction accounts)

MasterCard Credit Card
2.95% Foreign Transaction Fee (waived on Platinum and World Tier cards)
$4.00 or 2% (whichever is higher) Cash Advance Fee on ATM withdrawals - when accessing funds within the card limit
$4.00 Cash Advance Fee on ATM withdrawals - when accessing your own funds over and above the card limit

 

To summarise:

-You won't pay Cash Advance fees when selecting "Credit" on a Debit MasterCard, as this are still your own funds, it's just that "Cheque" and "Savings" are not recognised on a MasterCard internationally.
-The $5.00 Overseas ATM Withdrawal Fee does not apply on a MasterCard Credit Card, as the $4.00 or 2% Cash Advance Fee is charged in place of this.

 

I hope this helps, please let me know if you have any further questions Smiley Happy

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Re: How to use your card overseas

Posted by nm2dalton nm2dalton
Message 14 of 21 4,819 Views

Thank you!

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Re: How to use your card overseas

Posted by Gr11zzly Gr11zzly
Message 15 of 21 3,931 Views

I have a new card and I changed my PIN on line. The card has not been in an ATM since then. So the question is "how does the vendor know that my PIN is valid?".  My old card had to have its PIN updated in a machine since the PIN was encrypted onto the card.

Going overseas and intend to use the card there---hoping it will work

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Re: How to use your card overseas

Posted by DanaeC DanaeC
Message 16 of 21 3,931 Views

Hi @Gr11zzly, thanks for getting in touch.

To put it simply, the vendor will contact the bank at the time of your withdrawal/purchase request to validate the information. We'll send a signal back either confirming or declining the PIN input - though at no time is your PIN disclosed.

 

It would be best to confirm your PIN prior to heading overseas, to avoid running into any issues! You can do this within your Online Banking (from a PC) via the "Self Service > Manage My Cards" tab, if you're registered with the SMS Code security. If not, give our Contact Centre a call on 13 17 19, and they can post you out your PIN to your mailing address on file.

Thanks!

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