Bank of America ~ ATM Card
 

Thanks! <BR> <BR>We are leaving for Australia in a few weeks. I would like to use our BofA ATM Card. BOA tells me to use Westpac Bank and there will be no transaction fees. <BR> <BR>Questions......... <BR>1. Are Westpac Bank ATMs widely available in Sydney (Rocks) and GBR (Cairns/Mossman)? <BR>2. Any problems with BOA ATMs cards working in Australia? <BR>3. Any idea what the transaction fees are with other ATM machine owners? <BR>4. Any idea on which ATM owner (e.g., pulse)has best actual exchange rates OR what the premiums or discounts are (e.g. 1-2%)? <BR> <BR>Whew! Trying to decide if we will need AMX travelers checks. Hopefully not.

Phillip <BR> <BR>Can't speak to BOA, but we used our Citibank card in Sydney and GBR, at Westpac and ANZ banks. Neither had transaction fees for our our card. We also purhased a money order at the Post Office (speeding ticket). You can find ATMs and post offices easily in Sydney (lots) and Cairns (there were about 5, but only one had 24 ATM access) and there was a Westpac ATM in Port Douglas where we stayed. <BR> <BR>The best rate for the three was at Westpac, followed by the Post Office, then ANZ, but all three were within half a penny for the exchange rate. <BR> <BR>However, we used the American Express card widely in Australia and received the best exchange rate on that card. And we didn't bother to get traveler's checks. Between your credit cards and bankcard you'll be fine. <BR> <BR>Have a great time.

Sorry. <BR>I wasn't specific enough in that sentence about ATMs, I meant Westpac ATMs are plentiful in Sydney and there were about five in Cairns, one in PD.

Answers to Philip: <BR>1. Westpac: www.westpac.com.au <BR>2. There is no problems using Bank of America ATM or Credit Cards in Australia. As long you have the Visa or Mastercard Logo. <BR>3. There are posted service charge fees in $AUD. Varies by Banks Down Under. <BR>4. Your Credit Card gives you the best rate possible. American Express Travelers Checks are not a bad idea to carry along. <BR>www.bankofamerica.com/foreigncurrency

Philip: <BR> <BR>ATMs everywhere - incl Westpac. <BR> <BR>I would forget the traveller's checks; as long as you are not going to lose your card, you won't need them. <BR> <BR>

Bank fees drive me crazy!

I wish I knew about the Bank of America / Westpac deal before I came here! This is the best deal around. Every other US ATM card charges an implicit currency conversion fee (Chase was 3.5%) plus a service fee (I think Chase was $3 or something). This really adds up. I am in Oz for 6 months, and I actually opened a BOA bank account JUST to get cheap currency.

Also, almost all credit cards charge 1-3% conversion fee. Many credit and ATM statements do not report this fee, they simply change the exchange rate by 1-3% so you don't even know you are paying it! However, after extensive research, I found out that Capital One credit cards do not charge any conversion fee. The only ATM card I could find with no fee was BOA (if you use a Westpac ATM machine which are EVERYWHERE).

Cheers.

Just returned from Australia last month and used the Bank Of America ATMS--Westpac--They are all over the place (if you go to the BOA website, it lists all the ATM locations throughout Aus along with their hours, even directions!) We didn't have any problems at all in Sydney, Adelaide or Perth. Best deal around. Forget using travelers checks!

Briangrow-
I'll be there for a few months as well. Are you based in one city or are you travelling all around?

I have my flight to Sydney reserved, but i'm trying to figure out if I should book flights within Australia now or wait until I get on the ground.

Also, does anyone have any tips for someone who is going to be living in one city for a few months?
thanks!

BoDa2,
Which city will you be living in for a few months?

I am based in Melbourne. We waited to book flights until we arrived. This worked out for us because we get the inside scoop on the best places to visit (rather than the overpriced tourist stuff you might find online).

Have fun and let me know if you have any other questions. I know I was quite stressed prior to my departure. This country is a mirror image of America, so no worries, mate.

I stopped carrying travelers checks years ago; Europe, Pacific, Mexico, and Australia in 2004. Westpac Bank is the premier bank in the &quot;Western Pacific&quot; (West-Pac) and seems to be everywhere. I used their atm's extensively - easy to find and no fees with my BofA atm card. Forget the checks. Exchange rates are almost always better when you use a credit card for purchases of goods and services.

This definitely was the best deal. I wish I had known it the first time I went to Oz...but I have since stuck exclusively with the Westpac atms and just withdrew cash. With BofA's takeover of MBNA, I'm sure the days of no foreign transaction fees are over (although I have heard that has already happened. I have not been charged those fees yet, but my last use of the card internationally was in July). Using the BofA check card as a credit card resulted in fees (a recent development on the platinum check card)...so it was much better to take out money as I went along at Westpac atms...with no fees, I just took out as little as I needed.

Capitol One don't charge the currency fees, which can be quite a saving. MBNA now does, which it didn't until some time mid last year. BTW, it's not the MC of Visa logos to look for, but the Plus/Cirrus ones - they are the international consortia operated by the respective cards.