Access cash conveniently and securely when overseas with Commonwealth Bank.
Are you going on an overseas holiday? Once you’ve ticked your flights and accommodation off the list, it’s time to start considering your travel money options. Commonwealth Bank offers a number of options, whether you’re looking for a credit card or prepaid travel card, that will give you convenient and secure access to your cash overseas. Use our guide below to compare your options and organise your travel money today.
Compare Commonwealth Bank credit cards
Which card should you take when travelling overseas?
The right card to use on your next overseas trip will depend on your financial situation, travel plans and spending habits. Some of the factors you can consider when comparing cards to use on your international holiday include:
- Acceptance. All Commonwealth Bank credit cards are MasterCard, Visa or American Express products. This means that you can use the cards in the millions of locations where either MasterCard, Visa AMEX are accepted. Due to economic sanctions, you’ll find that you can’t use a MasterCard in Crimea, Cuba, Iran, North Korea, Sudan and Syria.
- Complimentary travel insurance. A Commonwealth Bank credit card with complimentary travel insurance is one of many ways you can cut your travel costs with a credit card. While you’re not required to meet a spend requirement to access Commonwealth Bank’s complimentary travel insurance, you will need to activate the insurance via NetBank. To ensure you meet the eligibility requirements and understand what is covered by the policy, see our Commonwealth Bank complimentary travel insurance guide.
- Foreign transaction fees. If you’re using your credit card overseas, currency conversion or foreign transaction fees are some costs you’ll need to be aware of.
|Converted by||International transaction fee|
|MasterCard or Visa||3.00%|
|Transactions overseas in Australian dollars||3.00%|
As well as foreign currency conversion fees, watch out for Dynamic Currency Conversion (DCC) fees when travelling overseas. The DCC refers to when the retailer asks if you’d like to pay in your local currency, rather than the currency of where you’re making the transaction. These transactions will attract a DCC fee of 4% or upwards from the foreign retailer or bank you’re shopping with.
- Travel card. If you want to avoid currency conversion fees, the Commonwealth Bank Travel Money Card is another option. Rather than accessing a line of credit, the Travel Money Card is a prepaid card that allows you to load funds in Australian dollars and spend in 12 international currencies without incurring currency conversion fees. With no cost to load funds on the card, transfer between currencies or check your balance, this card could be a low cost option to access your own funds overseas. The card does have different ATM withdrawal fees depending on the currency you’re withdrawing in, though, so it’s important to compare these before applying.
What you need to do before going overseas
Before you leave for your holiday, make sure you’ve covered all of these bases:
- Activate your PIN. Many places abroad use PIN verification rather than signature, so you should make sure you have a PIN on your card or you may not be able to use it at certain merchants abroad.
- Tell Commonwealth you are travelling overseas. Before your travel overseas, Commonwealth Bank should know your travel plans and how long you should be venturing abroad.
- Note your card details. Make a note of your credit card numbers, including emergency contact numbers in case you quickly need to contact Commonwealth Bank should your credit card be lost or stolen. Visa, MasterCard and American Express all offer a zero-liability guarantee, but you should still inform the bank the moment a credit card goes missing.
- Activate your travel insurance. If your Commonwealth Bank credit card comes with complimentary insurance, make sure to activate your insurance through NetBank before you leave.
- Load funds on your card. If you’re using the prepaid Travel Money Card, it might be an idea to load the funds on your card before you leave for your holiday. If you use NetBank, funds should appear on your Travel Card immediately. Whereas if you use BPAY, it can take up to two business days for the card to appear in your account. Make sure to keep these in mind to avoid finding yourself stranded without cash because you’ve left loading funds on your card to the last minute.
Commonwealth Bank offers customers a number of ways to access their cash overseas. As its not the only bank to offer overseas options, make sure to compare other credit cards you can use overseas before you apply and leave for your trip.Back to top