For most people there’s a completely free alternative to withdraw money from your Australian bank transaction account. I’ve used this method for years – which is why I Pay Nothing Nada Zip $0 In Bank ATM Fees
Which is why i’m always surprised when I hear Australian’s complaining about how much bank ATM fees for withdrawing money cost them each year
My Members Equity bank (ME Bank) “Interest Me” transaction account includes 15 free EFTPOS transactions each month and also has no monthly account keeping fee.
Instead of withdrawing small amounts of money regularly at any ATM in sight and incurring eg: $2 in ATM fees each time like most people what I do is quite simple:
1. One or twice a week when I’m walking past a Woolworths, Coles, IGA or other big supermarket I walk in, go straight to the checkout and ask for “cash out no purchase” and tell them how much cash I want eg: $100.
Swipe my Members Equity bank EFTPOS card, get given the money by the checkout person and walk out the door.
RESULT = FREE EFTPOS transaction – $0 bank fee.
2. Or withdraw cash using EFTPOS when I’m already at a Woolworths, Coles, IGA etc making a regular weekly purchase like milk, butter, bread, cereal etc. RESULT = FREE EFTPOS transaction – $0 bank fee.
If everyone did this each Australian adult could easily save at least $100/year in bank ATM fees (assuming $2/ATM withdrawal) and for people used to withdrawing cash 2-3 times per week the savings would be even bigger