International & Travel

[#1]

Hello, I'm having issues withdrawing cash in Bali with my debit mastercard. Ive tried commonwealth atms and have been hitting savings (is this the issue?)

Also will I be charged a foreign atm fee for using commonwealth? What is the withdrawal limit and the foriegn transaction fee?

Thanks in advance, 

Tal

-- @talhy I updated the title of your post to help other members find the info easier. Thanks, @PeteW --

[#2]

I'm in Bali also having the same issues... Can't withdrawal from my debit card???

[#3 · Accepted solution]

I found the answer! You have to select credit.

[#4]

Hi, yep you'll need to select credit while overseas as savings does not work overseas

[#5]

Yes, and the reason for needing to select Credit is because Bankwest doesn't provide any ATM cards which are provisioned on the Cirrus network - which would a) allow you to use the savings account, and b) withdraw the money with significantly less fees.

When withdrawing at an ATM using the Credit option, remember that you will be charged any ATM operator fees, Bankwest's Overseas ATM fee, and also the Foreign Currency Conversion charges associated with your account - which can add a significant cost to the transaction.

I had to make several withdrawals in the USA recently totalling in excess of AUD 1,500 - and it cost me in the order of AUD 60 in fees. It pays to know how much you'll be charged for this, and what alternatives are out there if this is a regular thing for you.

So, before going overseas - consult the PDS for your account as well as the fees and charges list to make sure how much you'll be paying for overseas withdrawals, and you can budget accordingly if you're trying to keep it a cheap trip.

Also, consider researching products from Bankwest's competitor banks, and their competitor non-banks. There may be much cheaper ways for you to access your funds overseas - especially if this is a regular thing for you.

[#6]

Great suggestions @thewinchester. We offer our Platinum credit cards which offer no foreign transaction fee which can help customers save on fees while travelling. @LyndsC did a great post on https://goo.gl/p5ix7O which is a great read before you head overseas.

[#7]

@SarahF: Ugh, cash advances from a credit card - I personally don't recommend cash advance as a good strategy for obtaining cash overseas.

They're just as bad, and even more complicated, especially if the customer doesn't understand how repayments are applied between their regular purchases and cash advances. And this can often lead to even more fees than they'd incur with a credit withdrawal from their transaction account.

You need a really high level of financial literacy, and importantly financial disipline to make that a viable option.