Debit cards with no foreign transaction fees
If you travel a lot, an Australian debit card with no foreign transaction fees will save you money on every purchase you make overseas.
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Key takeaways
- Foreign transaction fees are charged as a percentage of every overseas purchase, so avoiding them can save you hundreds on an average trip.
- Consider accounts like Macquarie Transaction for no international transaction and ATM fees.
- Beyond transaction fees, look for no monthly fees and note overseas ATM fees, often $5 or more per withdrawal.
What is a foreign transaction fee?
Your bank charges a foreign transaction fee whenever a currency conversion is required. If you buy something from a US website with your Australian debit card your bank needs to convert your Australian dollars into US dollars. And it charges you a fee.
The foreign transaction fee is a percentage of the transaction value, and it varies by bank (compare each card's fee in the table above). For example, if you made a $300 purchase from an American site, a 3% foreign transaction fee would cost you $9.
This fee gets expensive if you make regular international purchases.
What are the best debit cards with no foreign transaction fees?
Macquarie Transaction Account
The Macquarie Transaction Account and debit card has no account keeping fees, no international ATM fees and pays a refund on any local ATM fees charged. Plus, you can earn a high interest rate of 3% on balances up to $250,000 in your account without needing to meet any conditions. So you can earn interest while you travel!
Suncorp Everyday Options Account
This account has no monthly account keeping fees, no international transaction fees and no overseas ATM withdrawal fee by Suncorp (the ATM operator fees may still apply though). You can also link up to 9 sub accounts to your main account which could help you budget and manage your travel expenses.
Looking for a credit card instead? Check out these credit cards with no foreign transaction fees.
How do debit cards with no foreign transaction fees work?
You usually receive a debit card when you open an everyday bank account. The debit card allows you to access your own money to make everyday purchases in store or online, plus lets you withdraw your own money from an ATM. Some banks offer debit cards with low or even no foreign transaction fees. This means that you can still make purchases using your own money, but you won't be hit with the fee when you make overseas purchases.
How much can I save with a no foreign transaction fee debit card?
The amount you could save depends on how much you're planning to spend overseas. If you go overseas often, you could save hundreds of dollars (or more) per trip. Take a look at the fictional example below of a short overseas holiday.
For the fictional holiday above, you could save $238 when no foreign transaction fees are charged.
Benefits of using a debit card with no foreign transaction fees
- Save money on international purchases made online. You can avoid paying a percentage fee on every purchase when you shop online from overseas retailers.
- Save money when using your card overseas. You can use your card overseas just as you would at home and won't have to worry about transaction fees on every single purchase.
- Global and easy. You can use your Australian debit card all over the world, in store and online plus at international ATMs.
- No overspending and no interest accruing. Unlike a credit card, a debit card only allows you to access the cash in your transaction account so you can't rack up a big bill.
- Keeping it simple. You don’t have to load foreign currency on to your card, you don’t have to exchange cheques for cash, and you don’t have to apply for a credit card or separate travel card.
What fees are normally involved when using a debit card for international purchases?
- Foreign transaction fee. This is a percentage of the transaction value, charged when a currency conversion is required.
- Overseas ATM fees. This can be around $5 or more each withdrawal. Try to use your bank's international ATM partners and withdraw larger sums to reduce your ATM visits.
- Foreign exchange rate margin. Banks make money by adding a margin on top of the real exchange rate when transferring one currency into another. While this cost is not as transparent, if your bank is offering a poor exchange rate you could be losing money when using your debit card overseas.
- International money transfer fee. If you'd like to send money to someone overseas from your regular bank account in Australia, your bank will likely charge you a hefty fee, sometimes over $20. To avoid this, use a dedicated international money transfer service instead.
How do these debit cards compare to travel money cards or credit cards?
Credit cards
- Credit cards can give you access to extra funds outside of your available debit balance, which can come in handy during emergencies.
- There are credit cards available that don't charge foreign transaction fees.
- Overspending can become a problem and you could end up accruing high amounts of interest if you’re unable to pay your balance in full.
- Be aware that using your credit card to withdraw funds from an ATM, or to buy foreign currency or travellers cheques, is considered a cash advance transaction. These transactions attract an additional fee.
Travel money cards
- Load multiple currencies onto a single travel card to avoid currency conversion fees at the time of purchase.
- You can lock exchange rates in place before you travel.
- You may be charged a high fee when loading funds on the card or withdrawing money from ATMs.
- Exchange rates may be less competitive than what your bank offers.
Pros and cons of using a debit card with low foreign transaction fees
Pros
- Access your own money. Since you’re accessing money from your own bank account, you don’t have to worry about repayments, paying interest or overspending.
- Low or no foreign transaction fees. If you’re outside Australia for a considerable duration and end up using your debit card regularly, low or no foreign transaction fees can lead to noticeable savings.
- No transfers required. Since your debit card gives you direct access to money in your bank account, you don’t have to worry about transferring money from your account to another account or card.
- No conversion required. Using your debit card to pay in foreign currency is easy and does not require you to carry out complicated calculations. Your card provider does this for you using current exchange rates.
Cons
- No access to extra emergency funds. You can only access funds in your bank account, and no more, so in case of an emergency a credit card could work better.
- Limited choice of providers. While a number of Australian financial institutions provide debit cards, not many offer debit cards with no foreign transaction fees, so your choices remain limited.
- Conditions to meet. There may be account conditions you're required to meet in order to enjoy no foreign transaction fees.
Frequently asked questions
Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.
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ING now charge 3 %
Why is it on your list?
Hi Virginia,
ING’s fee of 3% is fully refunded when you meet the account criteria. Plus, as of 15 October 2025 this fee will be removed all together for all customers without needing to meet any criteria.
Thanks,
Alison
Why is a bank allowed to charge a fee when I pay a company in Aud dollars that is e.g New Zealand. I can pay in other currencies but I choose AUD and then the bank still charges me I think it is because the site shows it is an International company by name
Hi Mag,
The card might be charging you an international transaction fee or a currency conversion fee if you’re paying a New Zealand company and it’s in NZD.
The article on banks with no fees on foreign transactions doesn’t mention the competitiveness of the exchange rate used. I switched to HSBC from Westpac to save the 3% foreign transaction fee but have discovered Westpacs FX rate over 2% better – so I’m barely better off. I did several identical transactions to test and the results were reliable
Is there an easy way to find out what each bank uses to determine their FX rate. I suspect HSBC might use an international Visa rate yet Westpac use their own rate. It’s important to know as the transaction fee is just part of the equation
Hi Bruce, the FX rate used by the bank will be available in the PDS. Most often it’s the Visa or Mastercard rate that’s used, but some banks may set their own rates.
Hi, I have an ING ING Orange Everyday Transaction Account and I meet the criteria to have the international fee waived (ie deposit $1000.00 into the Orange Everyday Account and use the card up to five times for payments or purchase etc.) and I am travelling to the UK for a month. I’m just wondering, does this mean I can use it as an eftpos card in the UK (assuming they have eftpos machines that are compatible) with no fees? I use tap and go in Australia all.the.time. I rarely use cash for anything anymore and I will forget how to count pound coins!!
Hi Mary, when you meet the monthly conditions you can use your card overseas like a regular debit card and pay no international transaction fees.
Note that even if you don’t meet the criteria, your ING card will still work overseas in EFTPOS machines – you’ll just be charged an international transaction fee for each transaction.
Thanks,
Alison
I currently have both an ING Orange Everyday account and an Savings Maximiser account. I am planning a trip overseas. Can I use my Everyday Orange (debit) card to book my accommodation online and not pay foreign transaction fees? Also am I able to withdraw funds from an ATM while overseas without incurring a withdrawal fee?
i understand I need to meet the requirement for this card ie. deposit $1000.00 into the Orange Everyday Account and use the card up to five times for payments or purchase etc.
Hi Aldina,
Yes, provided you meet the account conditions then you won’t pay international transaction fees when booking accommodation online. If you meet the account conditions you will also have your first 5 ATM withdrawal fees refunded to you each month – this includes local and overseas ATMs.
Thanks,
Alison