Saturday, October 09, 2010

Commonwealth Bank International ATM Fees are Extremely High

We found during our trip that Commonwealth Bank charges enormous fees for using ATM's overseas. Anything from AUD 6 to 14 depending on the amount of money withdrawn (5-12%). By contrast, using their Mastercard/Visa to make purchases results in a uniform 3% fee. So it makes sense to always use the latter when possible when travelling and only to withdraw large amounts of cash. To get down to 3% for ATM transactions you'd need to withdraw about AUD 500 in one go based on this.

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