Here are some simple ways to help reduce your everyday transaction fees and make payments even easier.
Make the most of unlimited fee free transactions
Use our unlimited fee free transaction options whenever possible.
- Online and Mobile Banking — to make purchases and pay bills (including BPAY® and Fast Payments using OSKO)
- IVY phone banking — to complete your banking over the phone by simply calling 1300 247 489
- Shopping online and making credit card Visa purchases on your debit or credit card — it’s a great way to avoid handling cash or cards.
- PayWave your MyLimit Prepaid Visa Card using your card or mobile phone (payWave, Apple Pay, Google Pay or Samsung Pay) to make contactless Visa debit payments.
Reduce fees when purchasing in person
If you need to make payments in person using a merchant terminal, you can reduce your transaction fees by following these steps:
- When making a purchase or when using EFTPOS, insert your card rather than choosing to payWave and select ‘Credit’ to pay from your debit account.
- Select SAVINGS and combine EFTPOS with cash-out of your own funds — and do two transactions on your Visa debit card at once.
If you are using a MyLimit Prepaid Visa card:
- Go to your smartphone digital wallet settings, select ‘Visa’ as your preferred debit network. By selecting ‘Visa’, you will avoid transaction fees on your MyLimit Prepaid Visa card. Note: A $1 transaction fee applies if you select ‘EFTPOS’ as your preferred debit network.
Know which transactions carry a fee
Make sure you are aware of which transactions carry a fee (and how much that fee is) and monitor the number of times you complete these transactions.
Make the most of your rebates
- Familiarise yourself with your monthly rebate# amount and keep transaction fees within your monthly limit – most transaction fees will be rebated to you with your monthly rebates
- Transact on the same membership connected to your loans, savings and investments, as rebates are not transferrable to joint owner memberships
Avoid fees associated with debit transactions
What is Merchant/Least-cost routing?
When you make a contactless payment in person using Visa payWave, the company (merchant) charging you for the goods or services received is charged a fee.
If you are making a contactless payment with your debit card via a digital wallet, the merchant may choose to send the transaction via the debit network that costs them the least to accept. This does not affect which account your funds are deducted from but may lead to transaction fees being charged to you.
To avoid unnecessary debit card transaction fees with contactless payments you can:
- Insert or swipe your card rather than choosing the contactless payment option and select ‘CR’ (Credit) to pay from your debit account.
- Go to your smartphone digital wallet settings, select either ‘Visa’ or ‘EFTPOS’ as your preferred debit network. By selecting ‘Visa’, you will avoid transaction fees on your Visa Debit or MyLimit Prepaid Visa card. However, a $1 transaction fee does apply for EFTPOS transactions. Both debit networks offer similar protections from fraud and disputed transactions.
Please Note: Merchant/Least-cost routing only applies to debit card transactions and does not affect credit cards (Extralite and SoLo).