Access your cash overseas without paying extra charges and fees with No Foreign Currency Exchange Fee Credit Cards. Avoid foreign currency conversion fees and international transaction fees. Compare and choose a credit card with no foreign currency exchange fees or foreign transaction fees.
A credit card can be a great way to fund your holiday. However, the costs that come with travelling overseas can quickly eat away at your travel budget. Charges such as currency conversion, foreign transaction fees, international ATM charges and cash advance fees are some of the fees you can expect if you use your credit card overseas.
Cards that offer no foreign transaction, currency conversion or overseas ATM fees, can be a useful way to avoid these extra costs.
Use our comparison table below to find the no foreign currency conversion and international transaction fee credit card that’ll help you save on your next holiday.
Comparison of No Foreign Currency Exchange Fee Credit Cards
Rates last updated May 2nd, 2016.
- Coles Rewards Platinum Mastercard
New offer of $100 off a single Coles Supermarket shop if you apply by 31 May 2016.
April 4th, 2016
- Coles Rewards Mastercard
New offer of $100 off a single Coles Supermarket shop if you apply by 31 May 2016.
April 4th, 2016
- Bankwest Breeze Platinum MasterCard
New balance transfer offer of 2.99% p.a. for 9 months.
April 18th, 2016
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)||$0||$0||Greater of 2% or $4.00|
Review of 28 Degrees MasterCard
|0%||$0||$0||3% of the cash advance or $4 (whichever is greater)|
Compare ANZ Credit Cards
|3% for Visa and MasterCard3% for American Express||$4||$0||The greater of 2% of the cash advance amount or a minimum of $0|
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 2.00% of the transaction amount (whichever is greater)|
Compare NAB Credit Cards
|3% multi currency for Visa3% multi currency for MasterCard3% multi currency for American Express||$5||$1||2% or $2.50, whichever is greater|
Compare St.George Credit Cards
|3% for Visa or MasterCard||$5||$0||2% of the cash advance amount or $2.50 (whichever is greater)|
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|
Compare Bendigo Bank Credit Cards
|2%||$5||$1.50||$3.25 or 0.5% of the transaction amount (whichever is greater)|
Compare Westpac Credit Cards
|3% Visa & Mastercard3.5% AMEX Credit Cards||$5||$0||2% of the cash advance amount or $2.50 (whichever is greater, capped at $150)|
Compare HSBC Credit Cards
Compare Latitude Financial Services Credit Cards
|3%||$4||$0||(whichever is greater), plus international cash advance fees of $4.00 ATM / $5.00 over the counter|
Compare Bank of Queensland Credit Cards
|3.4%||$5||$2||2% of the cash advance amount or minimum of $4 (whichever is greater)|
Compare American Express Credit Cards
|3%||$1.50||$1.50||Cash advances currently not available on American Express credit cards|
Compare Citibank Credit Cards
|3.4% for MasterCard3.3% for Visa||$5||$0||5|
Compare ME Credit Cards
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 issuer.
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 issuers 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.
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. In addition to 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 big bang for your buck.
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).
0% foreign fees credit cards – Fly higher and travel further without foreign fees weighing you down
- What do these cards offer? Want a convenient way to spend overseas without foreign fees draining your spending money?
- Who are these credit cards suited to? These cards are designed for travellers, or those who want to shop online without foreign currency conversion fees.
How to find the right 0% foreign fee credit card
- What fees do you need to check? While these cards have a 0% foreign fee, you need to confirm exactly what fees are listed as 0%. Foreign fees can include foreign currency conversion fees, overseas ATM withdrawal fees, cash advance fees, and overseas transaction charges. Check what you will be charged for each of these and that you aren’t opting into a card account that will cost you a lot to use overseas.
- What else will you pay? You also need to consider the other costs of the card. If you’re using it to make overseas purchases and don’t plan on paying back your balance in full each month, you’ll need to take the purchase rate into consideration. Does the card come with an annual fee? Also, as mentioned, overseas cash advance fees may apply, which can add up if you’re using your card to withdraw money while travelling. Make sure you’re aware of all of the costs before applying.
- Are there other travel benefits? Some of these cards offer additional travel benefits. You might get access to complimentary travel insurance when you purchase your trip on your card, or you could even find yourself earning rewards points or frequent flyer points for each dollar you spend. Bonus points might also be available — which you can use to redeem travel benefits on your trip — so be sure to take a look at the lucrative offers that you can take advantage of.
Popular interest free foreign fee credit cards
What happens if you don’t repay your credit card balance?
As with other credit card models, if you neglect to pay your credit card balance in full during the repayment period, you will incur late charges, missed payment fees and will be denied access to any interest-free days. Compare the options available and check the terms and conditions of the card before applying. If you think you’ll struggle repaying the card, you may want to consider another option.
When will you be charged interest on a 0% foreign transfer credit card?
There are a few instances where you’ll be charged interest on a balance transfer credit card. These include:
- Depending on the card, you could incur a fee when making a purchase on the card
- If you use your card for a cash advance or cash equivalent transaction
- If you don’t pay your balance in full each month or payment cycle, you may find yourself confronted with high interest.
What you need to watch out for with 0% foreign transfer credit cards
There are a few things you’ll need to keep your eye on when using a 0% foreign transfer credit card. The first one is high annual fees. 0% foreign transfer credit cards, which often come with extras such as links with a frequent flyer program or complimentary travel insurance, usually charge a high annual fee. Similarly, you can also expect high-interest rates when using a 0% foreign transfer credit card. In particular, pay close attention to the purchase rate and cash advance rate.
Are you looking to travel prepaid?
If you’re interested in keeping your travelling budget within your current or future savings, you might be interested in considering the prepaid option.
ANZ Travel Card
The ANZ Travel Card is a prepaid card that can be loaded with up to 10 foreign currencies to make purchases overseas at over 36 million locations.
- Lock in your exchange rates and know how much money you have to spend
- No transaction fees for electronic purchases in Australia and overseas
- Multiple reload options - online, over the phone or in person
- Manage your money online or over phone 24/7
- Spare card if in case one is lost or stolen