How much are the charges when drawing Cash from a UK Bank at an Australian ATM
If you have money in a UK bank Account and you want to access it while in Australia, an ATM machine using your UK Debit card is always an option, but what does it cost?
An example of the costs of using an Australian ATM for withdrawing cash from a UK Bank account
A$400 withdrawn on a day that the quoted FX rate was quoted between a Low of: 1 GBP = 1.7403 AUD and a High of 1 GBP = 1.7423 AUD (22nd May 2017)
Using the midpoint for the day, 1.7413, the expected cost, before banks profits, of A$400 would have been £229.71.
Actual Charges by the UK Bank to Cover Withdrawal and Australian Bank fees.
£ 4.59 Cash Fee (2.75% of the Withdrawal)
£ 6.32 FX Fee (2.0% of the Withdrawal)
£229.89 Actual cost of the A$400 transfer
A total cost of £240.80 to get A$400. That’s a rate of 1.66113
There was a total cost of 4.75% in fees (£10.91 on £229.89)
The real exchange rate of course, would be based on the real cost to the UK bank, ie: The $400 given to the customer, plus the $8 and $11 fees charged.
- $419 cost to the UK account of £240.80, is a real exchange rate of 1.74003.