Kiwi banks looking at Aussie ATM fee drop

by Kelly Gregor26 Sep 2017
In the wake of Australia’s big four banks scrapping the ATM withdrawal fee charged to customers of other banks, Kiwis are hoping the same might happen here.

Commonwealth Bank, ANZ, NAB and Westpac have all axed the $2 fee to withdraw cash from their ATMs if you’re a customer of another bank.

The Commonwealth Bank was the first to announce it would scrap the fee, with NAB, ANZ and Westpac quickly following suit. ATM withdrawal fees will still apply to customers using overseas bank cards.

On Commonwealth Bank’s website they state that the fee drop is a “welcome change”.

“CommBank have 3,400 branded ATMs, the largest network in Australia. And from now on, our branded ATMs will no longer charge ATM withdrawal fees. It’s a little thing, but we hope you’ll agree, it’s a welcome change.”

Westpac New Zealand (NZ) said in a statement that is was “looking at the developments in Australia was interest.

“We need to consider the charging arrangements between banks in New Zealand, which are very different to those in Australia, and certainty more complex.

“We’re always looking for ways to better meet the needs of our customers. This year we removed, or reduced 11 banking fees in direct response to customer feedback, ensuring our fees are fair and easy to understand,” Westpac NZ said.

ANZ New Zealand (NZ) said the cost and revenue structure of ATMs in Australia and New Zealand are different.

“ANZ has invested heavily to ensure its customers can access New Zealand’s largest ATM network and enjoy fee free withdrawals. This results in a relatively small number of (ANZ) customers choosing to use other banks’ machines,” ANZ said in a statement.

ANZ NZ added that fees for customers using other banks’ ATMs are lower here than what was charged in Australia prior to the recent fee withdrawal drop.

ANZ NZ said its fees were constantly under review to ensure they remain competitive.

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