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5 New Zealand banks to scrap ATM withdrawal fees

Five major New Zealand banks have decided to remove ATM withdrawal fees for all domestic customers.

In Feb. 19 releases, Westpac New Zealand Ltd. and ANZ Bank New Zealand Ltd. said they will scrap their NZ$1 fee when customers use ATMs owned by other New Zealand banks, effective April 1 and March 26, respectively.

Meanwhile, Kiwibank Ltd. and ASB Bank Ltd. said they will also remove the ATM withdrawal charge, effective April 15 and March 31, respectively, the lenders said in Feb. 20 releases.

Bank of New Zealand will likewise take similar steps starting April 1, The New Zealand Herald reported Feb. 20, citing the bank's director of retail and marketing, Paul Carter.

In 2017, Australia's four major banks, including Westpac Banking Corp. and Australia & New Zealand Banking Group Ltd., decided to scrap ATM withdrawal fees.

ASB Bank and Bank of New Zealand are units of Commonwealth Bank of Australia and National Australia Bank Ltd., respectively.

As of Feb. 19, US$1 was equivalent to NZ$1.36.