Westpac fee increases April 1

#1 (**permalink**) 28th February 2005, 01:30 PM

Sorry if this has already been posted.

Effective April 1, 2005

Over limit fee: $25 -> $30
Foreign currency fee: 1.0% -> 1.5%
cash advance : $50 tops -> $150 tops
min payment 3% -> 2%

foreign currency is what hits me hard. guess this baby is stickly purely to AU purchases only now!

dajop · #2 (**permalink**) 28th February 2005, 02:13 PM

Yup gets pretty bad for forex. The other day in SIN, cashed in some A$ for an exhange rate of 1.27:1, at a forex booth. On the same day spent some on the Westpac card, and it came through at 1.245:1. And that's before it moved from 1 to 1.5%. Someones making some serious $$$ somwhere along the way.

Kiwi Flyer · #3 (**permalink**) 1st March 2005, 05:19 AM

Ouch. :x Am I right in thinking the 1.5% is on top of the currency charge by visa/mastercard?

Kiwi Flyer · #4 (**permalink**) 1st March 2005, 05:21 AM

BTW in NZ the commerce commission (or is that the banking ombudswoman?) is investigating currency charges. The immediate reaction of the banks was to disclose on the statements the charge - better than before where you had to ring up to find out (wasnt even on the website). I guess they wont reduce the charge unless the commission/ombudswoman finds against the banks.

#5 (**permalink**) 7th March 2005, 03:21 PM

Quote:

Originally Posted by Kiwi Flyer

BTW in NZ the commerce commission (or is that the banking ombudswoman?) is investigating currency charges. The immediate reaction of the banks was to disclose on the statements the charge - better than before where you had to ring up to find out (wasnt even on the website). I guess they wont reduce the charge unless the commission/ombudswoman finds against the banks.

What banks display the forex fee separate? I know commonwealth do... have not seen it as a separate charge for the others?

Kiwi Flyer · #6 (**permalink**) 8th March 2005, 05:30 AM

Not shown separately as in amount, rather a paragraph added saying x% fee by MC/V plus x% fee by bank (or else total fee).

serfty · #7 (**permalink**) 8th March 2005, 12:06 PM

This was a trasaction using a Westpac (BOM) Debit Visa last weekend.

Code:

7 Mar 2005    VISA CASH ADVANCE WBC DOWNTOWN A/*WBC DO AUCKLAND NZ NZD 40.00    37.59

At least they do not charge a $5 additional fee like the ANZ.

Code:

04/03/2005 PLUS ATM TRANSACTION FEE                                       $5.00 
04/03/2005 ATM ANZ /DOWNTOWN #N #AUCKLAND FOREIGN CURRENCY AMT NZD 40.00 $38.07

Both withdrawals on the same day within 2 hours. Same amount, different costs.