Foreign Currency & International Fees for Credit Cards

Rates and Fees verified correct on December 18th, 2014
foreign currency Think twice before using your credit card abroad. The foreign currency conversion fee and overseas transaction charge might shock you when you receive your monthly statement.

One of the most common questions sent to us is ‘Where can I find the international and foreign currency conversion fees for each provider?’

The credit card is a great travelling companion. It’s welcome when paying for flights and hotels, can offer perks both in the air and on the ground, and it’s a secure way to take your money overseas. But what’s not so welcome are the fees and charges that come when you transact in a currency other than Australian dollars.

There’s a number of these fees: currency conversion fees, foreign transaction fees, international ATM charges and cash advance fees, and we’re accustomed to paying them. Forking out to cover currency conversion fees, for instance, is pretty much ingrained in the in the experience of using your credit card in a foreign country.

It’s your hard earned money you’re giving to your card provider, so it’s important to know how much you’re getting charged and why.

To help in your education, we’ve stockpiled all the major bank’s currency conversion fees and international ATM charges.

Pretty much every financial provider will change you when you use your card overseas, but there are a few products out there that do not charge currency conversion and international ATM fees. Following our comparison of these fees and charges, we’ll have a quick look at the cards that are suited to overseas travel.

Comparison of No Foreign Currency Exchange Fee Credit Cards

Rates last updated December 18th, 2014
Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
Bankwest Zero Platinum MasterCard
Bankwest Zero Platinum MasterCard
$0 foreign transaction fee with a $0 annual fee. 17.99% p.a. 2.99% p.a. for 9 months $0 p.a. 21.99% p.a. Go to site More info
Bankwest Breeze Platinum MasterCard - Exclusive Offer
Bankwest Breeze Platinum MasterCard - Exclusive Offer
Exclusive Offer to
A low interest rate offer of 0% p.a. for 13 months.
0% p.a. for 13 months (reverts to 12.24% p.a.) $99 p.a. 21.99% p.a. Go to site More info
28 Degrees Platinum MasterCard
28 Degrees Platinum MasterCard
Benefit from no international transaction fees on purchases, no currency conversion fees and no annual fee. 20.99% p.a. $0 p.a. 20.99% p.a. Go to site More info
Bankwest Breeze Platinum MasterCard
Bankwest Breeze Platinum MasterCard
Low interest rate on balance transfers and purchases. Plus no foreign transaction fees on online and overseas purchases. 12.24% p.a. 0% p.a. for 4 months $99 p.a. 21.99% p.a. Go to site More info
Bankwest Qantas Platinum MasterCard
Bankwest Qantas Platinum MasterCard
Enjoy travel and accident insurance and payment protection with great balance transfer offer. 19.99% p.a. 0% p.a. for 12 months $160 p.a. 21.99% p.a. Go to site More info

Overseas transaction fees & charges comparison

Overseas Transaction Charges & Foreign Currency Conversion Overseas ATM Withdrawal Fee Overseas ATM Balance Check Overseas Cash Advance Fee
Compare Bankwest Credit Cards
(0% Foreign Transaction Fees for Bankwest Platinum Cards, including the Bankwest Zero Platinum) $4 $0 Greater of 2% or $4.00 (whichever is greater) Bankwest

Review of 28 Degrees MasterCard
0% $0 $0 3% of the cash advance or $4 (whichever is greater) Bankwest
Compare ANZ Credit Cards
3% for Visa and MasterCard3% for American Express $4 $0 The greater of 2% of the cash advance amount or minimum $0 ANZ
Commonwealth Bank
Compare Commonwealth Bank Credit Cards
3% for MasterCard and Visa2% for American Express2.00% for transaction overseas in Australian dollars $4 $1.25 $2.50 or 2% of the transaction amount (whichever is gre (whichever is greater) Commonwealth Bank
Compare NAB Credit Cards
3% multi currency for Visa3% multi currency for MasterCard3% multi currency for American Express $4 $0 1.75% of the cash advance amount or minimum fee of $1.75 (whichever is greater) NAB
Compare St.George Credit Cards
3% for Visa or MasterCard $5 $0 2% of the cash advance amount or $2.50 (whichever is greater) St.George
Compare Suncorp Credit Cards
3.4%1.0% is paid to Visa; and2.4% is paid to Citigroup $5 $0 1.50% of Transaction amount Suncorp
Bendigo Bank
Compare Bendigo Bank Credit Cards
2% $5 $1.50 $3.25 or 0.5% of the transaction amount (whichever is greater) Bendigo Bank
Compare Westpac Credit Cards
3% Visa & Mastercard3.5% AMEX Credit Cards $5 $0 2.00% of the cash advance amount or $2.50 (whichever is greater, capped at $150) Westpac
HSBC Australia
Compare HSBC Credit Cards
3% $4.50 $0 (whichever is greater) HSBC
GE Money
Compare GE Money Credit Cards
3% $4 $0 3.00% of the cash advance amount or greater of $1.95 (whichever is greater), plus international cash advance fees of $4.00 ATM / $5.00 over the counter GE Money
Bank of Queensland
Compare Bank of Queensland Credit Cards
3.4% $5 $2 2% of the cash advance amount or minimum of $4 (whichever is greater) Bank of Queensland
American Express
Compare American Express Credit Cards
3% $1.50 $1.50 Cash advances currently not available on American Express credit cards American Express
Compare Citibank Credit Cards
3.4% for MasterCard
3.3% for Visa
$5 $0 $5 Citibank
ME Bank
Compare ME Bank Credit Cards
1.5% $4 $0 $4 ME Bank

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A better understanding of foreign currency & international fees

  • What is a foreign currency conversion fee?

    This is the largest charge you’re going to incur when you use your card overseas. A cross currency conversion fee is a charge for converting Australian dollars into a foreign currency when you make a purchase — usually somewhere between 2 and 3% of the value of the transaction depending on your card provider.

    Why is it charged?

    Since you own an Australian credit card, your balance and credit is automatically in Australian dollars. When you transact in a foreign currency, the money must be charged from one currency to the other. Your financial institution and the card scheme (Visa, MasterCard and American Express) will handle this conversion for you, but they’ll charge you a fee for doing so.

    Visa and MasterCard automatically charge a 1-2% fee on foreign currency exchange, so this minimum can at least be expected. Anything in excess is generally a small margin of profit for the bank.

  • What is an overseas transaction charge?

    Regardless of the currency and whether it’s a purchase or cash advance, a couple of providers impose an overseas transaction charge, which takes a clean 1-3% figure off the total transaction amount. This is generally listed separately from the currency conversion fee.

  • ATM fees

    Even if you are using your own money when you withdraw cash from your credit card, there will still be a charge for using an ATM. The use of overseas and/or local ATM’s would normally come at a cost, and can be up to $5 for each transaction and have the potential to blow the budget, these international ATM fees can be avoided with a little planning. Some major Australian banks have a range of ‘global alliance partners’ that allow Australians to withdraw money from international ATMs without incurring a fee. Westpac, for instance, are partnered with Barclays Bank, which has a robust international ATM network. All you have to do is take some time to plan where you’re going to be and look out for your bank or lender’s global ATM partner.

  • What is a cash advance fee? (international)

    It’s general credit card knowledge that cash advances are expensive, even domestically. Once you begin using your credit card overseas, withdrawing cash will only increase the amount you get charged. On top of the normal interest rate and lack of interest free days, you can be imposed a $1-$10 / 1%-4% fee (whichever is higher) every time you carry out an overseas cash advance. You will also be charged the standard cash advance rate for your credit card (as well as the international cash advance fee).

    Before you go overseas make sure you check what rate your credit card issuer will charge you for foreign transactions and currency conversion. Make sure you do a thorough comparison before you jet off to ensure you get the best bang for your buck.

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What fees will I pay when I…

To help our users understand exactly what they’ll be up for when they use their card overseas, we thought we’d break down the fees and charges when you use your card in a couple of different situations. The actual fees and charges will vary depending on the card you use, but you can refer to the comparison table above to calculate your expenses.

Withdraw cash from an ATM?

If you use your credit card to withdraw from an overseas ATM, the following fees and charges will apply:

  • International ATM fee (see above);
  • Cash advance fee (Some lenders will waive this fee if you’ve preloaded your own funds onto the card); and
  • Currency conversion fee (this amount is calculated based on the total of the international ATM fee and the amount being withdrawn).
  • Local ATM operator fee (this can be avoided by using an ATM with your bank’s overseas ATM Alliance [if they have one]);
  • The cash advance rate of interest will apply from the day the transaction takes place.

Make a purchase?

Purchases are a little more forgiving on the hip pocket than an overseas cash advance.

This applies to everything from booking a hotel or a flight while abroad through to buying goods from overseas from the comfort of your living room back home.

  • Currency conversion fee;
  • Purchase rate of interest (excluding interest free days).

OzForex Travel Card

Looking for a prepaid travel card

The OzForex Prepaid Travel Card is a complete online solution to your travel money needs. Easy access to your money with up to 9 currencies on one card with the ability to load money and convert currencies 24/7 on the secure customer portal.

  • Choose from US Dollar, Euro, Great British Pound, New Zealand Dollar, Hong Kong Dollar, Canadian Dollar, Singapore Dollar and Japanese Yen.
  • Locked-in exchange rates for multiple currencies and low and transparent fees.
  • CHIP and PIN security and is easily blocked if lost or stolen.
  • Ability to load money and convert currencies 24/7 on the secure customer portal.
  • Accepted electronically – at over 32 million locations worldwide, including 1.9 million ATMs across more than 60 countries.
  • You can load money onto your OzForex Card using BPAY, on the internet or over the phone with your bank.

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    This page was last modified on 15 December 2014 at 13:21.

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    Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
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    69 Responses to Foreign Currency & International Fees for Credit Cards

    1. Default Gravatar
      dl | December 12, 2014

      How can I find out what the daily exchange rate would be for Indonesian Rupiah?

      • Staff
        Elizabeth | December 15, 2014

        Hi dl,

        Thanks for your question.

        The exchange rates are set by the bank or card provider, so to check this you will need to have a look on their website. You can do this by using the search function on the card provder’s website or by googling ‘foreign exchange rates for (card provider’s name)’.

        I hope this has helped.



    2. Default Gravatar
      DAVID | December 5, 2014

      Hi purchased a mobile phone on web site , this order was later Cancelled by the Supplier , against my Request not to Cancel My Order and to Supply my Phone as Agreed. Please advise why I am Being charged Overseas Transaction fees on BOTH the Visa Credit Card Purchase and also the Refund Amount . On This transaction resulting in ME being charged a Transaction Fee and Refund Fees

      • Staff
        Elizabeth | December 5, 2014

        Hi David,

        Thanks for your question.

        The rules around foreign transactions fees and refunds change depending on the card you hold, so it will really depend on what credit card you made the purchase with. You would be best getting in contact with your card provider directly in order to discuss the charges on your account.

        I hope this has helped.



    3. Default Gravatar
      Ruben | December 5, 2014

      I have Recently made a purchase in Australia with a Westpac Black Earth Mastercard in Aus dollars for Blue Nille on their Australian website ( engagement ring) and I was charged an unexpected foreign transaction fee by Westpac ( 3%).
      When I telephoned Westpac to question the fee i was told that this was for converting to American Dollars even though my purchase was in Aus Dollars. I am not sure why i have been charged this?
      It this correct?

      • Staff
        Elizabeth | December 5, 2014

        Hi Ruben,

        Thanks for your question.

        According to the Westpac Earth Black terms and conditions, you’ll be charged a foreign transaction fee for any transaction that’s ‘in Australian dollars or any other currency with a Merchant or financial institution located outside Australia.’ Even though this was their Australian website, they must have been still classified as being ‘outside of Australia’.

        I hope this has helped.



    4. Default Gravatar
      April | November 21, 2014

      Do international transaction fees incur gst on Australian credit cards

      • Staff
        Elizabeth | November 24, 2014

        Hi April,

        Thanks for your question.

        Bank fees are treated as ‘input taxed’ meaning the bank doesn’t charge GST to the customer.

        I hope this has helped.



    5. Default Gravatar
      ray | November 18, 2014

      If I deposit some money into my credit card before travel, and have sufficient money to cover a cash withdrawal. Will I still be paying interest for cash withdrawal?

      • Staff
        Elizabeth | November 18, 2014

        Hi Ray,

        Thanks for your question.

        This depends on the policy of the individual card provider. Some will not charge you cash advance fees if your account is in credit, whereas others may charge you interest. You’ll need to check the terms of the credit card. If you’re looking for a way to avoid interest, you could consider a prepaid travel card or debit card.

        I hope this has helped.



    6. Default Gravatar
      Alan | October 3, 2014

      I have a Westpac MasterCard and an American express qantas card. I am trying to work out which is the best to use when buying from overseas via the web. Both cards charge 3% conversion fee, but I can’t seem to find their exchange rate listed on their sites.
      Are all cards exchange rates about the same?
      What is the best card for web purchases.

      • Staff
        Elizabeth | October 3, 2014

        Hi Alan,

        Thanks for your question.

        Banks update their exchange rates regularly and so are harder to compare as they tend to fluctuate. The main fee you need to worry about is the foreign currency conversion fee, although if you are looking for a credit card or travel money card with minimal foreign currency conversion fees to make online or overseas purchases, you can compare your options on this page.

        I hope this has helped.



    7. Default Gravatar
      Colin | August 26, 2014

      Looking at getting a travel card to use in USA . Is there a transaction fee on Amex purchases in the USA like there is in Australia .
      I plan to have it loaded with USA dollars

      • Staff
        Shirley | August 27, 2014

        Hi Colin,

        Thanks for your question.

        The transaction fees will depend on your travel card you use. If you load it with USD and make purchases in USD then its likely no fees will be charged.

        Please note that reload fees and exchange rates will apply instead.

        All the best,

    8. Default Gravatar
      Ana | August 10, 2014

      I am traveling to Cuba and Incase of emergency would like to take a credit card to do a cash advance.
      I was rejected for the bankwest platinum so looking at the Aussie platinum MasterCard.
      Will I be charged the cash advance interest rate if my card is in credit?
      What cash advance fees, atm & currency fee will I be charged if I take a withdraw $1000 over the counter in a bank ?

      • Staff
        Shirley | August 11, 2014

        Hi Ana,

        Yes the cash advance rate is still charged if your card is in credit.

        You can find our review on the Aussie Platinum Low rate here.

        The cash advance fee, ATM and currency fee is stated on that page. Please apply those amounts to your $1,000 transaction. There is no fee for international transactions on this card.


    9. Default Gravatar
      Sandy | June 25, 2014

      Hi, when using my credit card overseas is there any difference in bank/exchange fees if I choose AUS Dlrs or currency of country I am in? Appreciate response

      • Staff
        Shirley | June 27, 2014

        Hi Sandy,

        Thanks for your question.

        If you use your credit card to purchase items in a foreign currency, then usually you’re charge a currency conversion fees. Some card don’t charge this fee.

        As well, your transaction will be subject to exchange rates. Generally, most credit cards from Australia only hold AUD.


    10. Default Gravatar
      Osman | March 23, 2014

      I purchased goods on the web, which were in US dollars but I was not overseas. I did it from here, Australia.. Citibank still charged me transaction overseas fee ? Can they do that, to apply overseas transaction fee, when I am not overseas?

    11. Default Gravatar
      | March 12, 2014


      I don’t want this to come cross as naive or unrealistic. I do need the help of somebody who is far more informed and educated in this realm of things.

      I’ve never taken credit, except for my school HECS, which is a system used in Australia for Uni goers who do not pay upfront. It’s a commonly used form of borrowing from the gov., and then repaying when one has a full time job. There is interest.
      I’ve re payed a small amount.

      Though, my current predicament is this. I received a Working/Holiday Visa for France. I’m from Australia. I’ve been with Commonwealth since 2009, I think, and before leaving for France, I got an ANZ travel card. All was well and good.
      However. Now, I’m travelling and there is less than 10€ left in my bank account. I don’t have a form of income, since I was working in a restaurant and quit before travelling through Europe. I refuse to return to Australia, it’s too early, and I’ve not yet seen fashion week in Paris. So. What do you suggest? What are my options?

      I searched for credit cards online, and figured 28 degrees was the best, though I haven’t applied since I have no form of current income, and I don’t want to cause any damage to my current score. I don’t know anyone who is willing to take the credit card under their name and share it with me.

      What do you suggest? Would I be able to take any form of credit with Commonwealth or ANZ since I already have 2 cards with them? Or, am I able to, in some way, receive a loan from a company?

      I appreciate any response, though I hope it’s not a dead-end.

      By the way, I’m a 23 year old female, if that is of any importance.

      Thank you, deeply.


      • Staff
        Jacob | March 13, 2014

        Hi, Rose.

        I’m sorry to be the bearer of bad news, but without a form of income, you’re stuck in a tight spot.

        When I was in Europe, I was in a similar situation to yourself. I had a credit card with St.George and I went to apply for a credit limit increase. They had been my banking institution since birth. Although I was employed full time on a working visa (teaching English as part of a government program), they could not offer me anything since I did not have an Australian taxable income which could be verified by the bank.

        I hope this helps and best of luck. I hope you make it to fashion week.



    12. Default Gravatar
      Reine | March 4, 2014

      How much would it cost me to withdraw £1000 ($. 2000) from my ANZ credit card while in the UK?

      • Staff
        Jacob | March 5, 2014

        Hi, Reine.

        Thanks for your question.

        ANZ currently charge a foreign currency conversion fee (overseas transaction fee) of 3% of the total value of the transaction when carrying out a transaction in a currency other than Australian dollars. This applies to Visa, MasterCard and American Express cards. There will also be a international ATM withdrawal fee, which is currently $5 charged by ANZ, and a local ATM operator fee charged by the ATM owner. The local ATM fee will be advised at the time of the transaction.

        I hope this helps. Have a good trip.

    13. Default Gravatar
      dennis | February 22, 2014

      Don’t you just love the fact regardless of the amount,all these parasites give you a lousy 4or 5 % over twelve months,but charge you 3% in a blink of an eye to give you your money which they have been using to make more money from in the first place.Their is no limit to a gluttons hunger?

    14. Default Gravatar
      Ben | January 28, 2014

      Wondering what the conversion fee is when exchanging aus dollar to indoisian rupiah

      • Staff
        Shirley | January 29, 2014

        Hi Ben,

        Thanks for your comment.

        You can see the currency conversion fee of each credit card in our reviews. When you’re reading a review, please refer to the ‘Foreign Currency Conversion Fee’ row in the product table.


    15. Default Gravatar
      NaughtyNanny | January 22, 2014

      I applied for a Bankwest Platinum on this site for overseas travel and was rejected, their letter stated I was a bad credit risk. I believe this is now a black mark against me. I own my own home drive a current year ford ranger 4×4, own a 35 grand boat and am a self funded retiree. I have had a 28 degree MasterCard with a 10 grand limit for 15 years which was excellent for overseas travel. The only reason i left them was because i could not identify myself on the phone after clearing myself on the automation pin change (I made a mistake and hung up on myself) To say that I am a bad debt risk after not doing a legislated credit check is both very bad for them and scandalous against me. Be wary of what you apply for anywhere.

    16. Default Gravatar
      Gisele | January 13, 2014

      While I am travelling, I will be changing my sim and will have problems receiving the balance and account details. How do I solve this problem?

      • Staff
        Jacob | January 14, 2014

        Hi, Gisele.

        You may need to contact your financial institution with your updated contact information. You can find international contact details for different lenders on their website.

        Thanks for your question.

    17. Default Gravatar
      R | January 5, 2014

      What is the most cost effective credit card when travelling overseas?

      • Staff
        Jacob | January 6, 2014

        Hi, R.

        Thanks for your question.

        You can find more information on travel related products on this page. There are a number of different ‘travel friendly’ cards in the market, each with it’s own strengths and weaknesses. These features are reviewed in the above linked page.

        Much of the suitability of a particular product depends on where you’re going. Some cards are great to use in Europe, for instance; while others are suited towards Asian countries. Some cards are great for holidays visiting a number of countries; while others are only suited to a single destination journey. There are also other factors to consider, like whether you’re looking to earn rewards points on take advantage of the complimentary international travel insurance that is offered with some credit cards.

        I hope this helps.

    18. Default Gravatar
      Bin | October 7, 2013

      What is a Foreign Currency Conversion fee?

      Since you own an Australian credit card, your balance and credit is automatically in Australian dollars. When you make a purchase overseas, say $50 US, it will not only convert to roughly $80 AU. Hope not on that one!

      • Staff
        Jacob | October 7, 2013

        Hi Bin.

        Thanks for your question.

        When the bank of lending institution processes a transaction in a currency other than Australia dollars, they will charge a fee for the currency exchange service. This is a currency conversion fee. It’s expressed as a percentage and charged on the total value of the transaction. This fee is listed in the table at the top of each of the credit card, debit, travel and store card review page.

        I hope this helps.

    19. Default Gravatar
      Sean | September 10, 2013

      I have moved to Australia and would like to move my credit card from a UK bank to an Australian one allowing me to pay month debits from my Australian bank account rather then using accounts in each country. Is it possible to transfer a balance from a UK to an Australian credit card on a interest free balance transfer credit card deal?

      • Staff
        Jacob | September 10, 2013

        Hi Sean.

        Thanks for your question.

        Balance transfers will only be accepted from an Australian account.


    20. Default Gravatar
      Phil | July 22, 2013

      Going to Hawaii next month and will spend about $10,000 AUD over there. Believe the Bankwest Platinum Credit Card has no foreign transaction fees. Can you tel me what currency exchange commission they charge. Is it cheaper to use this card than to buy AUD over here thanks. Phil.

      • Staff
        Jacob | July 22, 2013

        Hi Phil. Thanks for your question. I can’t comment on the rate you’re likely to receive overseas; however, you can check Bankwest’s consumer foreign exchange rate by visiting their website. Payments involving MasterCard are converted to USD when a transaction between two different countries is processed. There may be a small margin applied to this transaction, you can find out by comparing rates found on exchange providers websites. I hope this helps. Jacob.

    21. Default Gravatar
      Gloria | June 21, 2013

      What is the difference between a single currency and a multi currency retailer. NAB charges different rates for these but they are unable to tell me how to determine the difference before I make an online purchase

      • Staff
        Jacob | June 24, 2013

        Hi Gloria. Thanks for your question. The main difference between a single and multi-currency retailer is whether or not they accept Australian currency. A good example to use is duty free shops at the airport. They will ask you whether you would like to pay in AUD or the local currency. If you pay in AUD, then this is a single currency transaction. A multi-currency transaction is more expensive and is when you convert AUD on your card to the local currency to complete the transaction. The transaction is taking place overseas, so you’ll still get charged a fee by the lender, but the size of the charge will depend on whether the merchant will accept AUD as a form of payment (single currency transaction) or wether they require you to pay in the local currency (multiple currency transaction). I hope this helps. Jacob.

    22. Default Gravatar
      Adam | May 29, 2013

      I am looking to exchange my US dollars to AUD and was wondering where the best place/places were to get the best exchange rate with the lowest fees/charges?

      • Staff
        Jacob | May 29, 2013

        Hi Adam. Thanks for your question. If you’re a consumer, there are a number of places where you can get currency exchanged, and the rates you’re likely to get are all quite similar. Banks and foreign exchange offices will apply a margin to the interbank rate (the figure you hear quoted on the evening news), but the rate you get here is likely to be far better than rates offered by exchange offices at airports. You can check out Citibank’s exchange rates, and open a Citibank Plus Transaction Account. This provides fee free international transfers between American and Australian Citibank accounts. If you would like to discuss this further, please provide some more information about your situation and we can look into this in a little more depth. Jacob.

      • Default Gravatar
        Adam | May 29, 2013

        Thanks Jacob as you’re a legend!! I will look into opening a Citibank account and will send u the relevant details if I need any more assistance! rock n roll and have a great day!

      • Default Gravatar
        adam | May 29, 2013

        okay so I will ask for your assistance (if that’s okay?). so here’s my situation – I am currently working o/seas and get paid (not a lot mind u) in us dollars. as I usually come bak home to aus every say 3-6 months I tend to hold onto this money and change it over to aus dollars wen I get here rather than putting it into a bank/account over there. so in saying that wat do u think my best option would be?? Citibank does sound like a good choice. I am currently a cba client so I don’t know if they would give me any special privileges?? cheers…

      • Staff
        Jacob | May 29, 2013

        Hi Adam I wouldn’t hold your breath waiting for special privileges from your bank, but having said that it can’t hurt to ask – the worst they can do is say no. My thinking was that you would open a Citibank Account in the States and transfer the funds to your Australian Citibank Plus Transaction Account. How have you been changing the money previously? And how much has it been costing you?

      • Default Gravatar
        Adam | May 29, 2013

        Yeah I know what you mean in respect to not holding my breath. Currently I haven’t exchanged any money over as I have just been holding onto it as this is the first time I’ve been back home with any money to deposit. So not quite sure what they would have charged me. It seems like the best rates are around $1.05 AUD for $1 US dollar (without the fees/charges) which as u know can fluctuate pretty heavily. So is the Citibank option only really viable if I transfer the money from overseas or is it still a god option if I just deposit it every time I come home?

      • Staff
        Jacob | May 29, 2013

        HI Adam. It’s only really going to be a good option if you’re depositing the money in the US in to a US Citibank Account and then transferring it back to your Australian Citibank Account and withdrawing it. If you’re looking to deposit US funds in to an Australian account back home, you will be subject to the normal fees and charges that come with foreign exchange.

      • Default Gravatar
        Adam | May 29, 2013

        Sweet! I will look into what the best option is and will take it from there? Thanks for all your help as its been really helpful and hope u enjoy the rest of the day!

      • Staff
        Jacob | May 29, 2013

        Hey Adam. No problems buddy. Enjoy America and let us know if there’s anything else you need a hand with. Jacob.

    23. Default Gravatar
      Carl | May 15, 2013

      I have an ANZ Visa credit card. Can you please tell me which foreign conversion rate will it be converted at, ANZ’s sell foreign exchange rate (where the difference is huge compared to the spot rate) or at the spot exchange rate which is more on par, if I tranfer money from a overseas ATM?


      • Staff
        Jacob | May 15, 2013

        Hi Carl. Thanks for this one. The rate is taken from the inter-bank rate. The spot rate is the same I believe? – A consideration here – Visa and MasterCard (American companies) apply a margin to this rate. So I believe the currency is actually being converted to US dollars first, and then in to the currency of the transaction. So the exchange rate you hear quoted on the evening news is not the rate you get from the bank when you make a purchase in a foreign currency. Jacob.

    24. Default Gravatar
      Mark | May 14, 2013

      If I buy something in Hong Kong for $1000HKD how many AUD will my 28 degrees mastercard be charged?

      • Staff
        Jacob | May 15, 2013

        Hi Mark. Thanks for your question. This depends on what the exchange rate is at the day you make the purchase. Jacob.

    25. Default Gravatar
      tara | April 2, 2013

      hi, Im about to purchase my first credit card. Ive saved $20,000 which i will be spending in Europe over 4 months. I will be able to always pay the bil on time and will never gain interest bu ti ant to know what is the best card for foreign currency conversions? also which one has the best rewards and points systems?? and free travel insurance??? thank you

      • Staff
        Jacob | April 2, 2013

        Hi Tara. All good questions.
        So if you want to look at cards that are good to take overseas, you definitely want to consider either the Aussie Platinum Low Rate Credit Card, the Bankwest Platinum Range of Credit Cards or the 28 Degrees MasterCard. These cards have no foreign currency conversion fee . The Aussie Card and Bankwest Cards do offer complimentary international travel insurance, while the 28 Degrees MasterCard does not. The Bankwest Platinum Cards allow you to earn rewards, while the others don’t, and the 28 Degrees MasterCard offers no international ATM fee — the others do charge a fee. There’s a lot to consider, but the card that is right for you will depend on how you plan to use the card when you’re overseas. Hope this helps. Please let us know if you have any further questions, otherwise, Bon Voyage! Jacob.

    26. Default Gravatar
      Samantha | March 22, 2013

      I am going travelling for 7 months – which is the best credit card for me to use to avoid high fees for South and Central America and I have an Australian bank account?

    27. Default Gravatar
      Sue | March 19, 2013

      Is Travel Card a good idea.What are the fees for different currencies on the card or is it your own Bank only that charges any fees on this card and what are the fees.Thanks Sue PS going overseas soon.

      • Staff
        Jacob | March 19, 2013

        Hi Sue. Travel cards are a popular choice for people going overseas as they come with a backup. And they’re not directly linked to your main savings / transaction account. Travel money cards do have fee – there’s a fee for loading money onto the card, but unlike credit cards and debit cards, there is no foreign currency conversion fee if you have the right currency loaded onto the card – say you want to spend in Europe, make sure you have Euros loaded onto the card and you won;t get charged a conversion fee. Other advantages of travel money cards include: Lock in an exchange rate. When you first load the card, it locks in the exchange rate for the money you load on to the card; Low cost upfront. The cheapest initial cost is $11; and increased Security: these cards generally don’t have your name printed on them so if they’re ever lost or stolen overseas there are reduced chances of identity theft/fraud.

        Having said that, there are a number of other options. The Citibank Plus Transaction Account is also a popular option among travellers. The type of plastic you take overseas with you will depend on how you plan to spend while you’re overseas. If you plan to make lots of purchases, you will want a card that has no cross currency conversion fee: Bankwest Platinum Cards and Aussie offer products like this if you want a credit card.

        I hope this has helped.


    28. Default Gravatar
      Sue | March 19, 2013

      Tell me about different currencies on Travel Card and is this a good way to go for a nervous O/Seas person’s Trip?

      • Staff
        Jacob | March 19, 2013

        Hi Sue. Good question. Different cards have different currencies. Can you please check our travel money comparison page. If you still have questions after reading this page, don’t hesitate to ask. Thanks.

    29. Default Gravatar
      Kenneth | April 14, 2012


      3.00% for Visa and MasterCard
      1.50% for American Express

      Note that it is in fact 3.00% for American Express, but the bank explains that they charge 1.50% for American Express and then add an additional 1.50%

    30. Default Gravatar
      Dee | August 23, 2011

      i would like to know if you make an overseas purchase and the AUD is $1.04 on the stock exchange for USD – do you get that same rate when you make a purchase on the credit card on that day – or do you get a lower rate (like you do when you convert currency at the bank)?

      • Staff
        Jacob | August 5, 2012

        Hi Dee. The rate you see on the news is not the rate you get on your transaction. MasterCard, Visa, American Express and your lending institution all make a cut each time a foreign transaction is processed. It may not much, but world-wide it adds up.
        To give you an idea: here’s ANZ exchange rates page, and Visa. Cheers.

    31. Default Gravatar
      Kylie | June 9, 2011

      And this is why travellers should use Global Travel Cards .. We are also so ‘default position’ trained by the banks to rely on our plastic, but you pay for that convenience and often more than once ! BUT, do your homework on the Travel Cards as well as many of them (especially the banks ones still have a number of ‘fine print’ conditions on them that cost you in the end ..) One of the best is the AMEX GTC, no expiry, no ongoing fees, travel assistance included. If you can’t get any good customer service at point of sale on these (although the Post Offices sell them, many of their staff are not appropriately trained ..)

    32. Default Gravatar
      Rob | September 9, 2010

      … and NAB – I’ve just been charged an International Transaction fee of 2.3% (they term it a “Single Currency Transaction”) for making a donation to Parkinson’s Australia via their website. NAB’s response is that Parkinsons are an “internationally-designated merchant” although you have no idea of this at time of purchase!

    33. Default Gravatar
      Brent | April 14, 2010

      Be wary of ANZ, they changed their system in late 2009. You can get charged international transaction fees for purchases that appear to be domestic. I’ve been stung a few times with unexpected international transaction fees when purchasing in AU$ with Australian based companies (like JetStar).

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