More customers outsmart ATM providers by opting for EFTPOS instead
Australians are taking fewer trips to ATMs that charge fees, according to the Australian Bankers’ Association. The findings revealed a 26% fall since 2009 in customers’ using a different bank’s ATM to their own.
“This shift in behaviour has contributed to a sharp decline in the amount of bank transaction fees consumers are paying, which include ATM fees. This is now at the lowest level since 1999,” ABA Executive Director of Retail Policy, Diane Tate said.
ATM transaction fees generally range from $1.50 to around $2.50. But customers are becoming savvy at dodging these fees by simply withdrawing cash at supermarkets and other retailers instead. In fact, the Australian Bankers’ Association reported a 22% increase in the number of cash withdrawals using EFTPOS.
The ABA also reminded customers that there are other ways to avoid fees charged by banks. “Customers should check with their bank to see if they are eligible for a fee-free account or fee exemptions,” Tate said.
This includes students and people at disadvantage. If you are in this category, ABA explained it might be worth checking out possible zero transaction fee options with your bank.
RELATED: 42% bank customers never use an ATM in a typical week
There are plenty of ways you can avoid getting hit by extra fees at ATMs. Consider these five simple tips:
1. Plan your transaction trips around your bank’s ATM network. It’s easy to avoid fees if you plan ahead. Keep a mental note of where your bank’s local ATMs are and make sure the bank you are with is withdrawal-friendly with a wide ATM network (see point 4).
2. Follow the cash withdrawal at the supermarket trend. When you’re at the supermarket checkout, get cash out with your groceries to avoid being charged extra.
3. Use your bank’s app to check your balance, not the ATM. Now that technology makes it super easy to keep up to date with your finances, you can ditch searching for an ATM on the street and grab your phone instead.
4. Switch to a bank account with a wide ATM network. If you prefer to take cash out regularly but don’t want to memorise your bank’s network, get a bank account with a wide ATM network. Or even better, find one that lets you withdraw from any ATM for free, like the ING DIRECT Orange Everyday (as long as you deposit $1,000 a month).
5. Use “tap and go”. If you have the option to pay via Paywave or Paypass, take the cashless approach if most of your transactions are on plastic anyway. That way, you’ll avoid fiddling around with cash and being hit with extra fees at ATMs.
If you’re fed up with ATM fees and need a change, then head to Mozo’s debit card section to compare and find your perfect debit card match.
Debit card comparisons on Mozo - last updated 17 May 2024
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Everyday Global Account
$0.00
Apple Pay, Google Wallet
Visa Debit
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read our Mozo Review to learn more about the Everyday Global Account
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Everyday Options
$0.00
Apple Pay, Google Wallet, PayID
Visa Debit
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Everyday Options
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Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
Visa Debit
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
CompareCompareSpend Account
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the Spend Account
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Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
Visa Debit
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free internet transactions.
Read our Mozo Review to learn more about the Glide Account
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Carbon Insights Account
$0.00
Apple Pay, PayID, Google Pay
Visa Debit or
EFTPOSAn online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareCarbon Insights Account
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, PayID, Google Pay
- what kind of card
- Visa Debit or
EFTPOS
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $0.01: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Carbon Insights Account
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Your selected debit cards
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