What You Can Do To Avoid Foreign Transaction Fees

Information verified correct on September 23rd, 2016
credit card foreign fees

Finding a credit card that does not charge foreign transaction fees is one of the options for credit card consumers when it comes to travel outside of their country.

It may take some time and patience in researching and finding a credit card that does not charge foreign transaction fees. Consumers can carry cash but to be mindful of who is around and to not show their cash. And then the safest and ideal option is to use travellers cheques. Travellers cheques can be spent just like cash, with the protection from loss and theft.

Smart tips to avoid foreign transaction fees with your credit card

  • Read the fine print. The easiest way not to incur foreign transaction fees is to only apply for cards that don’t assess them. Foreign transaction fees are the norm, so finding a card that does not assess them will require work and research on the credit card consumers part. There are credit cards out there that absorb the fee for currency conversion so that their consumers can travel with the peace of mind knowing there won’t be additional fees tacked on for currency conversion. It is the responsibility of the consumer to read the fine print and use the cards that do not carry the foreign transaction fees and penalties for being used online.
  • Pay in cash. The easiest and ideal way for the credit card consumer to avoid the foreign transactions fees is to use cash. This means that the credit card consumer must not use their credit card the entire time while in a foreign country. This does forfeit the convenience of credit cards and does present some risks, should the consumer flash their cash or make it know that they are carrying large amounts of cash. Also if a consumer loses all of their cash, there is no way for compensation.
  • Consider using travellers cheques. Another options for consumers who wish to travel abroad and avoid foreign transactions fees and would rather not travel with all of their cash is to buy travellers cheques. Travellers cheques replace carrying cash but spends the same way. Travellers cheques protect against theft and loss and can easily be replaced usually in 24 hours, providing protection that the credit card consumer would be trapped in a foreign country with no available funds. In this way, travellers cheques allows the credit card consumer to travel around the world without fear of incurring multiple foreign transactions fees and fear of theft or loss.
  • Use a fee free debit card. Debit cards work similar to a credit card, except you are using your own hard earned money, not a line of credit. You can use features available on a Visa or Mastercard such as using them online for credit purchases or overseas. The majority of debit cards come without any fees attached the account. Another benefit is that you don’t attract interest that is accrued with credit cards when you make a purchase.
Bankwest Zero Platinum MasterCard

No Foreign Transaction Fee Credit Card

Apply for a Bankwest Zero Platinum Credit Card and pay $0 foreign transaction fees. A great platinum reward offer.

  • $0 p.a. annual fee
  • 17.99% p.a. on purchases
  • 2.99% p.a. for 9 months on balance transfers
  • Cash Advance Rate of 21.99% p.a.
  • Up to 55 days interest free

Comparison of No Foreign Currency Exchange Fee Credit Cards

Rates last updated September 23rd, 2016
Foreign Currency Conversion Fee (MC) Foreign Currency Conversion Fee (VISA) Overseas ATM Withdrawal Fee Annual fee
Bankwest Zero Platinum MasterCard
Complimentary travel insurance & 24/7 concierge service and $0 foreign transaction fees.
0% of transaction value $0 $0 p.a. Go to site More info
28 Degrees Platinum MasterCard
No foreign transaction fees on international purchases including international purchases online, together with a no annual fee.
0% of transaction value $0 $0 p.a. Go to site More info
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases and receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
0% of transaction value $225 p.a. Go to site More info
Coles Rewards Mastercard
Earn 2 flybuys point for every $1 spent and no foreign transaction fees for online purchases and overseas trips.
0% of transaction value $4 $89 p.a. Go to site More info
Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au 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.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Credit Cards Comparison

Rates last updated September 23rd, 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
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 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

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au 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.

Ask a question
feedback