DBS, Westpac cut fee for withdrawal of foreign currency from their ATMs

DBS and Westpac said on Wednesday they have removed the fee for cash withdrawals made by foreign customers from the two partner banks' ATMs.

This means customers with a DBS account can now withdraw Australian dollars without this fee from a Westpac ATM in Australia. Westpac customers can likewise withdraw Singapore dollars through the ATMs from DBS, which has the widest network of ATMs in the country.

The transactions will be subjected to a 3 per cent foreign transaction fee. Without this agreement, most cash withdrawals made overseas would translate to a withdrawal fee of five dollars per transaction, a check on the websites of DBS and Westpac showed.

Jason Yetton, Westpac's group executive retail and business banking, said this will save customers close to A$3.5 million (S$3.67 million) overseas ATM fees annually.

Domenic Fuda, deputy group head of consumer banking and wealth management, DBS, said: "This partnership will benefit customers planning on travelling to Australia, one of the most sought after travel destinations in the region for many Singaporeans."