International Transaction Fees Comparison

Information verified correct on October 21st, 2016
passport and credit cards

Are you planning a foreign trip but you are worried about how much fees you will have to pay?

Accessing your money abroad can be a nightmare. Many people have used their credit cards abroad without thinking about it only to get home and realise that it has cost them a fortune. Before you jet off on holiday this year, why not take the time to look at transaction fees abroad? Here you will find more information on the different fees you can expect to pay with each bank.

The Fees You Can Expect to Pay

There are a variety of fees that you can expect to pay when you are on holiday abroad. You will often find the most common fee listed as “Overseas Transaction Fee” or a “Currency Conversion Fee“. You will find that this fee often takes from 1%-3% depending on who your credit card is with, Visa, Mastercard or American Express. Out of this fee around 1% of it is taken by the card payment system. However, there are some cards that are starting to offer 0% foreign transaction fees. Check out our guide on leading credit cards with low foreign currency transaction costs. Foreign Currency & International Fees for Credit Cards

Transactions and withdrawals

The overseas transaction fee is applied when you buy anything on the card. If you want to withdraw money from a credit card then you will often be charged high cash advance fees. On average a cash advance fee will be from 1%-3%. This is in addition to any interest charges that are applicable. The thing about credit card fees is that at the end of the day, they really add up. If used just a couple of times then it isn’t really a lot of money to have to pay. However, if you start using the card to pay for everything then it will really mount up. Another thing that you have to consider is that the cash advance fees also start charging you interest. You receive no interest free periods with cash advances. So, as soon as you make the withdrawal, you will be charged interest each day until you pay it back. Cash advances can be really expensive and you should only use them if they are really needed. The fees that you are charged will depend completely on the type of credit card that you have. There are quite a lot of different credit cards to choose from so it would be a good idea to choose one which has the lowest international fees.

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2 Responses to International Transaction Fees Comparison

  1. Default Gravatar
    amit | December 6, 2011

    We paid fees in Singapore of S$30. Please tell me the difference between a Visa card and MasterCard.

    • Staff
      Marc | April 10, 2013

      Hello Amit,
      thanks for the question.

      The international transaction fee you’ll have to pay depends on the card, although many card issuers change the same percentage rate fee for both MasterCard and Visa cards. Have a look here to find out what you’d typically pay for this depending on who your card issuer is.

      I hope this helps,

Credit Cards Comparison

Rates last updated October 21st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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