NAB Gold Banking: no more free overseas ATM use
 

I've often recommended NAB's Gold Banking account for its fee free overseas ATM withdrawals and great exchange rates when doing so.

Well it's coming to an end...letter in the post today:

From 10 August - $4 per withdrawal plus 2% currency fee.

So what are the freebie options left?

-28 degrees MasterCard preloaded with cash
-anything else???

NAB are bringing out one of those preloaded traveller cards - not really interested in that sort of thing.

Re: NAB Gold Banking: no more free overseas ATM use
 

May I suggest a one of the Platinum credit cards with Bankwest. Obviously you need to be eligible but they waive the foreign transaction fee (normally 2.95% on the other cards) and you can load the card up before you go. Though they do charge the $5 foreign ATM fee for cash withdrawals.

Re: NAB Gold Banking: no more free overseas ATM use
 

Actually I didn't know about this, I have a NAB Gold and am visiting the UK in June, just how good are the exchange rates?

Re: NAB Gold Banking: no more free overseas ATM use
 

The exchange rates are fantastic - normally very close to the actual market exchange rate.

Re: NAB Gold Banking: no more free overseas ATM use
 

Cool, I'll make use of it, thx.

Re: NAB Gold Banking: no more free overseas ATM use
 

Citibank have a better option than NAB anyway

http://www.citibank.com.au/aus/banki...ibank_plus.htm

Re: NAB Gold Banking: no more free overseas ATM use
 

I recommend the 28 degrees m/c

Re: NAB Gold Banking: no more free overseas ATM use
 

I'm an NAB Gold account user and have been very happy with the zero fee structure in return for a high income deposit on the account every month. I got the letter recently from Chris Bayliss about NAB basically ending the Gold account by introducing the same fees as on the Classic account. The whole point of having the Gold account was for overseas use, with no currency conversion fees and no ATM withdrawal fees.

I've tried to open up a Citibank account but it looks like I will have to visit a branch of theirs in Australia. I'm currently residing and travelling overseas in Europe and had planned to do so for at least another year.

This change in NAB Gold Banking is really unfortunate and comes at a very bad time as I can't go back to open a new account to save roughly $100 a month. Flying back and here would cost me more than that.

Very bad service from NAB and short notice, too!

I'm going to write a complaint letter, let's hope if enough people do complain they may decide to grandfather the product for existing customers. I've been with NAB for almost 10 years but this is unheard of.

Re: NAB Gold Banking: no more free overseas ATM use
 

Three and a half months notice is not enough ??!!

They won't change their mind.

Re: NAB Gold Banking: no more free overseas ATM use
 

well no.. I'm involved in a big project for about a year or so plus a summer trip and a flight to Oz and back just for thos would cost me too much time and money right now.

And maybe they will change their mind if enough people complain and threaten to move their funds to another bank. Check out http://www.facebook.com/nab, and twitter #NABBREAKUP #SAVEGOLD

Re: NAB Gold Banking: no more free overseas ATM use
 

Well, I'm voting with my feet and going to move to Citi. I hate it when companies change key parts of their products to customers' detriment and dress it up with simplification. Complain, by all means, but voting with your feet it what counts!

Besides, I'm not happy with their location of ATMs anyway - I spend more in ATM fees than I would at a bank with monthly fees.

LP

Re: NAB Gold Banking: no more free overseas ATM use
 

I'd be careful with Citi. Hasn't the Aussie bank deposit guarantee expired, you'd need to check?

In any event Citi is pretty high on the list of banks that might to go tits up when the next leg of the global financial crisis kicks in.

Re: NAB Gold Banking: no more free overseas ATM use
 

I'm also breaking up with NAB for Citi. That includes my NAB Qantas credit card and its hefty annual fee.

I'm not too overjoyed about it...I previously got a Citi credit card and the application process was a textbook lesson in incompetence. In the end I stuck it out as it was worth it - 60k QFF points for $170. They've already stuffed up my CitiPlus application and now I have to toddle off to Aus Post to verify my ID...they didn't tell me my online verification failed though...I had to chase them.

Citi's financial standing isn't of any concern, my general transaction account hardly has any cash in it anyway and is only ever used to withdraw cash from the ATM. Otherwise than small amount everything is transferred straight out on pay day either to pay off credit cards or to savings.

Re: NAB Gold Banking: no more free overseas ATM use
 

I've been in touch with Citi and they say they are covered under the protection scheme, up to $250k. Saying that, I will only be using them for transactions most likely anyway, unless they have good savings rates.

Re: NAB Gold Banking: no more free overseas ATM use
 

I'm amazed that anyone uses ATMs at all. When you can get cash out at servos, supermarkets etc why would you use an ATM, let alone one that's going to charge you for the privilege?