Singapore’s DBS Bank and Australian lender Westpac have entered into an agreement to facilitate mutual sharing of their ATM networks in their respective home markets.

The move will allow DBS customers to transact using Westpac’s 3,000 ATMs in Australia without any fee, except for a 3% foreign transaction fee, while Westpac customers will be able to use more than 1,100 DBS and POSB ATMs in Singapore.

Previously, DBS customers had to pay a SGD5 ($3.72) per transaction for overseas withdrawals.

Additionally, the partnership will enable DBS customers to withdraw funds, fee-free from Wespac’s partner banks, namely St.George Bank, Bank of Melbourne and Bank of South Australia.

DBS deputy group head of consumer banking and wealth manager Domenic Fuda 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.

"For our Singaporean customers living, studying and working in Australia, this will provide fee-free ATM access to their DBS accounts."