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SYDNEY, Australia – Australia plans to eliminate ATM interchange and to allow financial institutions to charge surcharges on ATM transactions instead. Supporters of the move, which is part of the Australian Reserve Bank’s package of card reforms, argue that eliminating the interchange and moving the costs into surcharges will allow ATM users to see and understand what an ATM transaction really costs. Australian credit unions back the measure, media sources reported. The average foreign fee paid by customers for using another bank’s ATM is $1.05 (about 64 cents U.S.), according to the media reports The Reserve Bank has concluded the real cost of providing the service is half that, and wants to get rid of the fee. The total cost passed on to the cardholder has been between $1.30 and $1.50 (about 79 cents and 91 cents, U.S.), the media said.

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