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3 ways to shop online and avoid foreign currency conversion fees
Using a credit or debit card with no foreign transaction fees or using the local currency via a travel money card are the easiest ways to avoid these fees when shopping overseas online.
Foreign transaction fees with a credit card can be as high as 3–3.5% of the purchase price.
You can avoid this cost by using a card with a 0% foreign transaction fee.
Another option is to get a travel card that lets you add a local currency.
3 ways to shop overseas online and pay no foreign transaction fees
If you buy something online from an overseas store with your credit card, you could get hit with a foreign transaction or currency conversion fee.
But there are ways to avoid this.
1. Use a credit card with no foreign transaction fees
According to Finder's database, the average Australian credit card with a foreign currency transaction fee charges around 3%. Some go as high as 3.65%.
Using one of these cards can save you a hefty fee. On a $600 item a 3% fee is $18.
This type of card is specially handy if you regularly shop with international sellers.
2. Use a debit card with no foreign transaction fees
Some Australian debit cards also waive foreign transaction fees. Some will require you to meet deposit and spend requirements to activate the foreign transaction fee rebate.
You may be able to find cards that don't charge any account-keeping or international ATM withdrawal fees as well.
Finder's best travel debit cards
HSBC's Everyday Global Account won the 2024 Finder Award for Best Travel Debit Card. It lets you add up to 10 currencies for local shopping and there's no international transaction fee.
Macquarie Bank's Transaction Account finished second in the same category. The linked debit Mastercard also has no international transaction fee.
3. Use a travel card
Travel cards are designed to be used when you're overseas but you can also use one when you shop online.
Once you take out a prepaid travel card you can load it up with money in a foreign currency via bank transfer.
These cards usually offer around 10 supported foreign currencies. These cards don't charge transaction fees but sometimes charge loading fees or a one-off activation fee.
2 popular travel cards are Wise and Revolut. They can ben cheaper than using a credit card and have better exchange rates.
Don't forget about exchange rates
If you're buying something in a foreign currency via an Australia card or bank then you should also consider the exchange rate. Banks often charge their own rates, while some cards use exchange rates set by Visa or Mastercard.
Some of the most competitive travel money cards charge mid-market exchange rates when converting your Australian dollars to other currencies too. This is cheaper than what banks tend to offer.
Compare credit cards with no foreign transaction fees
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Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
Richard's expertise
Richard has written 551 Finder guides across topics including:
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Find out how you can keep your overseas spending costs down by comparing credit cards with no foreign transaction fees and no currency conversion fees.
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