News

Crikey, that's a lot of foreign ATM fees!

March 21, 2013

Australians pay out-of-network fees on 40 percent of their ATM transactions, research has revealed. The total for all this "off us" action: $670 million (US$700 million) per year.

According to news.com.au, reserve bank data reviewed by RateCity.com.au showed a $10 million (US$10.4) increase in foreign fees from 2011 to 2012.

Legislation enacted in 2009 requiring banks to divulge ATM fees before a transaction had a temporary dampening effect on out-of-network ATM use, RateCity spokesperson Michelle Hutchinson told news.com.

"But convenience has outweighed cost and we're getting back to our old ways and increasingly using foreign ATMs," she said. 

Read more about trends and statistics.