Compare credit cards with 0% foreign fees and save money when you shop overseas.
Latitude Financial Services Credit Card Offer
28 Degrees Platinum Mastercard
$0 annual fee
Eligibility criteria, terms and conditions, fees and charges apply
Latitude Financial Services Credit Card Offer
Enjoy up to 55 days interest-free on purchases, no annual fee and no international transaction fees.
- $0 p.a. annual fee.
- 21.99% p.a. on purchases
- Cash advance rate of 21.99% p.a.
- Up to 55 days interest free
Compare No Foreign Currency Exchange Fee Credit Cards
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How to compare 0% foreign fee credit cards
A bunch of credit cards offer 0% foreign transaction fees, so what else should you compare when considering a credit card to use overseas?
- Overseas ATM withdrawal fees. Getting cash out of an ATM overseas can also attract a fee worth at least $3 or between 2-4% 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. Some credit cards with 0% foreign fees may also come with $0 annual fee, but others may come with yearly fees of tens or hundreds of dollars. If it does have an annual fee, make sure that the perks you'll get from the card outweigh this cost.
- 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 consider the purchase interest rate.
- 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 2-3% fee on each foreign transaction, you'd pay around $100-$150 more for your spending. 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.
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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.
Mastercard and Visa both have their own currency conversion calculators, but you can also compare exchange rates from popular transfer providers on finder.
What is Dynamic Currency Conversion?
When you shop overseas with an Australian-issued card, you may be asked if you'd like to spend in the local currency or Australian dollars. This refers to Dynamic Currency Conversion (DCC) and opting to pay with Australian dollars will collect a DCC fee that's usually between 3% to 10% of the transaction amount. If you're spending with a card with 0% on foreign transaction fees, you should always opt to pay in the local currency rather than Australian dollars. Want to know more about DCC? You can see finder's guide to Dynamic Currency Conversion for more information.
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 come in handy if you're spending somewhere that doesn't accept card (such as transport tickets, taxis or at markets). Using cash is also another easy way to avoid foreign transaction fees. You can check out finder's guide to buying foreign currency to get started.
- 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 also compare debit cards with low foreign transaction fees on finder.
- Prepaid travel money cards. You can also use a prepaid travel card load and spend funds in multiple supported currencies. When you move currency from Australian dollars to a supported foreign currency, it's also locked in at the current exchange rate (which could help you avoid fluctuating rates and manage your budget better while you're travelling). When you spend in a supported foreign currency, you can avoid currency conversion fees with these cards.
Compare more travel money options
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.
Pictures: Shutterstock
Credit cards with no foreign transaction fees are designed to help you save money, by offering you 0% fees when you're travelling overseas or shopping online with an international retailer. In comparison, most other credit cards charge a fee of 2–3% of each international transaction you make.
Use this guide to compare cards that don't charge foreign currency conversion fees. We also go through different travel money expenses and how you can minimise them so that you get the most out of your money when you're overseas or shopping online.
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If 28 degrees card is in credit (nothing owing) and use it to withdraw cash at overseas ATM, then surely there will be no ‘cash advance fee’ or interest charged? Is that right? Thanks.
Hi Dave!
Thanks for your message.
You can withdraw or do a CASH ADVANCE from your 28 Degrees credit card at no cash advance interest rate charged. However, you will still be charged a cash advance fee and an ATM withdrawal fee (operator fee)
Hope this clarifies.
Regards,
Nikki
Perhaps Nikki misunderstood Dave’s excellent question. Or perhaps I have!!! If your 28 degrees card has a positive balance of say $3k and you withdraw 500€ then surely there’s no cash advanced fee nor interest charged???
Hi Traveller,
Thanks for getting in touch!
Sorry for the confusion. If you have a positive credit card balance and you intend to use your money put into it, there will be no cash advanced interest rate charged. However, there will still be a charge on cash advance fees and ATM withdrawal fee (ATM operator fee).
Hope this clarifies!
Regards,
Nikki
If I had say a Bankwest or 28 Deg card and wanted say to purchase, whist in Australia, a cruise costing several thousand $US dollars with an overseas company using that card would I be charged a conversion and/ or an overseas transaction fee?
Hi Brian,
Thank you for getting in touch with finder.
For the Latitude 28 Degrees Platinum Mastercard, there’s 0% of transaction value under the foreign currency conversion fee.
If you have a Bankwest Zero Mastercard, then you will be charged 2.95% of transaction value as the foreign currency conversion fee.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
I suggest that you also verify this info with your bank/credit card issuer before you make your dollar transaction.
I hope this helps.
Have a great day!
Cheers,
Jeni
I want a credit card for an overseas trip. Points on velocity would be great, as would no international currency transfer fees.
Any suggestions, please? I’ve never had a credit card, just debit cards.
Hi Johnny,
Thanks for your inquiry.
You can also have a look on this page for more options that you can compare. These are for Frequent Flyer Credit Cards with No Foreign Transaction Fees.
Cheers,
Rench
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