Compare credit cards with 0% foreign fees and save money when shopping overseas.
0% Foreign Transaction Fee Credit Card Offer
The Bankwest Zero Platinum Mastercard offers 0% foreign transaction fees, complimentary insurance and no annual fee.
- Save with $0 in foreign transaction fees.
- Enjoy complimentary international credit card travel insurance and purchase protection insurance.
- Pay $0 annual fee for this platinum card.
- Take advantage of up to 55 days interest-free on purchases.
- Compatible with Android Pay.
Comparison of No Foreign Currency Exchange Fee Credit Cards
Rates last updated May 28th, 2017.
Jonathan
How to compare 0% foreign fee credit cards
I
f you're interested in getting a 0% foreign transaction fee credit card, you can consider the following factors to compare your options:
- Currency conversion fees. While most credit cards charge a fee worth 2-3% of each transaction made in another currency, a card with a 0% currency conversion fee waives this cost. If you regularly travel or shop online with overseas merchants, this could help you cut costs.
- Overseas ATM withdrawal fees. Getting cash out of an ATM overseas can also attract a fee worth at least $3 or between 2-3% of the total transaction. Choosing a card which doesn't charge for international ATM withdrawals can allow you to avoid this charge.
- Cash advance fees. Even if you get a credit card that offers $0 ATM fees overseas, using it to withdraw cash can attract a cash advance fee that's typically between 2-4% of the transaction. You'll also be charged interest at the cash advance interest rate, which is higher than the purchase rate on most credit cards.
- Annual fees. Credit cards offering 0% foreign fees may still charge an annual fee, which could be anywhere from $80-$400 or more. Ideally, the benefits you get from the card should outweigh the price of the annual fee.
- Purchase rates. If you're using your card to make overseas purchases but won't be paying back your balance in full each month, you'll need to take the purchase rate into consideration.
- Other travel benefits. Some cards offer additional travel benefits, such as complimentary travel insurance, airport lounge access or bonus frequent flyer points for your spending. Make sure you meet any requirements listed to take advantage of these perks, otherwise they won't add to the value of the card.
How much can I save with a 0% foreign fee card?
To give you an idea of the potential savings a credit card with 0% foreign fees offers, let's say you spend $5,000 while you're travelling overseas. If you had a card that charged a fee worth 2-3% of each foreign transaction, you'd pay around $100-$150 more for your spending.
But a card with 0% foreign transaction fees would add $0 to your account balance. As well as saving you money on your spending, this would also cut down on interest charges and could help you pay off your balance faster.
How does foreign currency conversion work?
When you make a purchase or transaction in a foreign currency using an Australian credit card, the total amount needs to be converted into Australian Dollars. The conversion process varies based on factors including the card provider and whether it's an American Express, Mastercard or Visa product.
Currency conversion exchange rates are updated on a daily basis, and apply even if you have a card that charges $0 foreign fees. Please note that most banks use an exchange rate that's less competitive than the standard rate.
How will an exchange rate appear on my credit card statement?
Say you were on a trip to New York and used your Australian credit card to pay for a pair of shoes worth US$100. If the exchange rate between US dollars and Australian dollars was US$0.74 per AUD$1, then this transaction would be converted to AUD$135.14. So, instead of your credit card statement showing a transaction of US$100, it would show one of AUD$135.14.
What exchange rate will I receive?
Depending on the card you're using, you will receive the exchange rate set by Mastercard, Visa or American Express. The following diagram explains how Australian credit cards convert currency with American Express, Mastercard or Visa:
Mastercard and American Express will convert the foreign currency amount to USD before converting it to AUD (unless your transaction is already in USD). Both of these conversions will transfer at the daily exchange rate.
Visa will convert your foreign currency amount directly to AUD at the daily exchange rate.
- Mastercard and American Express. All transactions made in a currency other than United States Dollars (USD) will be converted to USD before it is converted to AUD.
- Visa. Transactions made in the following currencies will be converted directly to Australian Dollars (AUD):
- United States Dollars (USD)
- Canadian Dollars
- New Zealand Dollars
- Singapore Dollars
- Pounds Sterling
- Euros
- Japanese Yen
For transactions made in any other foreign currencies, Visa will convert the currency to USD before it is converted to AUD. As a result, if the Australian Dollar is not favourable against the United States Dollar, using a Visa credit card for any of the listed currencies could be the most cost-effective option.
Foreign currency exchange calculators
- Mastercard. You can compare the daily exchange rate using Mastercard's currency conversion calculator. Simply select your settlement date, base currency (AUD) and Mastercard will show you the daily exchange rates.
- Visa. Visa also offers its own currency conversion calculator. Select the country which your credit card was issued from, the currency which you require and VISA will provide you with the daily exchange rates.
- American Express. Unfortunately American Express has not released a currency conversion calculator at this point in time.
What is Dynamic Currency Conversion?
Dynamic Currency Conversion (DCC) allows you to pay directly with Australian dollars at an overseas merchant, instead of converting the payment to a foreign currency. If you have travelled overseas, you may have been offered the choice of paying in the local currency or in Australian Dollars. By choosing to pay directly with Australian Dollars you will attract the DCC fee. Learn more about Dynamic Currency Conversion.
- How much is the DCC? The DCC ranges from 3-10%, so it's sometimes more affordable to pay in the local currency instead.
- Is it a good idea to use DCC overseas? If the Australian Dollar has improved significantly against the foreign currency, you may still save money after incurring the DCC fee.
What other travel money options are available?
It's often useful to have several ways to access money when you're overseas. As well as a credit card, you may want to consider some of these other travel money products:
- Foreign cash. Having cash on hand when you're travelling overseas can help you pay for any purchases where cards are not accepted (such as transport tickets). Using cash is also an easy way to avoid foreign transaction fees.
- Debit card. Your everyday Mastercard or Visa debit card can also be used overseas, wherever these brands are accepted. Just keep in mind that currency conversion fees may also apply for a debit card and be aware of the potential complications if your account's security is compromised while you're away. You can compare debit cards with low foreign transaction fees here.
- Prepaid travel money cards. A prepaid travel card allows you to load and spend funds in multiple currencies. This means you can spend your own cash and avoid currency conversion fees when spending in a supported currency.
You can learn more about prepaid travel money in our guide
If you're a frequent traveller or regularly shop online with international retailers, a credit card that has 0% foreign transaction fees could help you keep your costs to a minimum. Just remember to compare a range of options and look at the other features available so that you can find a credit card that really suits your needs.
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Hi there,
Im travelling to Ireland and the UK for three weeks and would like a small amount credit card just in case i need more funds.
Hi Ladasedlar,
Thank you for your inquiry.
If you are abut to travel overseas you may want to consider the following options.
1. Travel Money Guide: Ireland
2. Travel Money Guide: UK
I hope this information has helped.
Cheers,
Harold
I have a NZ kiwibank visa debit card, and I’ve been using it to withdraw money from da Commonwealth ATM in Australia where I am now residing. The fees are extremely high. Can u please which ATM in Australia day either hve a free foreign ATM fee or lesser fees?
Hi Alley,
Thank you for your inquiry.
While ATMs are convenient, they can also be an expensive way to access cash. With your current circumstance you may find this option helpful.
I hope this information has helped.
Cheers,
Harold
Is there a ATM withdrawal fee for 28 Degrees MasterCard from an ATM in the US? Can I withdraw from any ATMs in US? Thanks.
Hi Yong,
Thank you for your enquiry.
There’s no ATM withdrawal fee with 28 Degrees MasterCard when used with ATMs with the MasterCard logo anywhere in the world. Please note though that there would be a cash advance fee of $4 or 3% of the cash advance (whichever is greater) when you withdraw cash from an ATM with this card. Please click this link for more information about 28 Degrees MasterCard.
Kind regards,
Jason
I am tossing up between Bankwest and 28 degrees both have some good and bad reviews. Does the Bankwest charge the payment fee that everyone seems to be complaining about 95c to make a payment?
Hi Narelle,
Thanks for your question.
No, Bankwest does not charge you a fee when making payments for your credit cards bills.
Cheers,
May
We are Canadians travelling to Australia & New Zealand. I am confused about wether it is more advantageous to use a Canadian credit card or a U.S. dollar credit card in these countries. Both cards have no currency surcharge transaction fee. They are both Mastercards. I believe the exchange rate is more favourable for the Candian dollar.
Hi Brenda,
Thank you for your comment.
Just to confirm that the credit cards we feature on our site are available to people in Australia only.
As for your cards issued in Canada and in the US, since those cards have a MasterCard logo, most likely, those can be used in any ATM in Australia and New Zealand that accepts MasterCard. Though please note that you have to contact your issuing banks to verify the other possible fees they charge when you use them overseas.
Cheers,
May
Why do 28deg M/C charge above M/Cards’s exchange rate.When they claim no currency conversion fees?
Hi Dan,
Thanks for your question.
The cards don’t charge a currency conversion fee, but your funds will still be impacted by the exchange rates in place if you spend in a foreign currency. So while you might not be charged an additional fee when making a purchase in a foreign currency, your funds will be exchanged in accordance with the exchange rate that is in place.
I hope this has helped.
Cheers,
Sally
I have a smart salary meal entertainment card. l intend to use it in Malaysia, is there a transaction fee and conversion fee?
Hi Kim,
Thanks for your comment.
Unfortunately, as we do not have information on the financial institution that backed your salary meal entertainment card, I’m afraid we’re unable to check if transaction and conversion fees are applicable to your card.
Cheers,
May
Hi, I’m looking at your foreign currency international fee free cards and noted that you had not included Coles Rewards card. Have you missed this card or have I not understood what the coles rewards credit card actually offers
Hi Anthony,
Thanks for your question.
The credit cards featured above are those with no foreign currency conversion and overseas ATM fees. While Coles Rewards MasterCard does not charge foreign currency conversion fees, it charges $4 on overseas ATM withdrawals.
Cheers,
Anndy
I am interested in your opinion of best credit card where the following points are relevant to me:
I pay off the balance every month.
I like to use for international transactions.
I would like to earn high miles.
I am attracted to the special deals of getting a lot of Qantas FF miles with a new credit card.
Unfortunately it doesn’t seem that you can have all – either the foreign transaction fees are high, or you have no fees and no miles. In the US – my platinum premier credit card has no fee and accumulates points which can be used for cash back or miles (but not with Qantas).
Hi Justine,
Thanks for your question.
As a financial comparison service, we can’t recommend any specific products as the ‘best’ option will depend on your individual circumstances.
You can start by comparing Qantas Frequent Flyer credit cards here. You can also look at frequent flyer credit cards with no foreign transaction fees here.
That is correct though, you can rarely get a card that has both a rewards program and $0 foreign transaction fees. Instead, you need to consider how you’ll be using the card and which feature offers you the most value.
I hope this has helped.
Cheers,
Sally
Will I be able to use my BOQ Debit card in Cuba?
Hi Den,
Thanks for your question.
This might depend on what type of card you have. MasterCard and Visa are both accepted in Cuba, but it’s largely a cash society, so you’ll need access to an ATM to withdraw funds.
Depending on what type of card you have, you might incur currency conversion fees when you try to use your Australian dollars to pay in Cuban peso or Cuban convertible peso.
If so, you might want to consider using a debit card that charges low or no foreign transaction fees when travelling overseas.
For more travel money tips for your holiday to Cuba, please see our Cuba Travel Money Guide.
I hope this has helped.
Cheers,
Sally