Finder makes money from featured partners, but editorial opinions are our own.

ME Bank reduces foreign transaction fee


young girl tourist 738

ME Bank customers who make transactions overseas will now only be charged a 2.30% transaction fee.

With some foreign transaction fees as high as 5.0%, many Australians are getting hit hard when they spend overseas with their regular debit card.

ME Bank customers jetting overseas can celebrate a small win with the provider last night announcing that it has reduced its foreign transaction fee from 2.50% to 2.30%.

It may not seem like much but this reduction can mean quite a significant saving for regular travellers who use their Australian debit card for all their overseas spending.

Generally, most providers will charge a foreign transaction fee of around 3.0% when Aussies use their debit card overseas or when shopping online from non-Australian websites.

This foreign transaction fee is comprised of a merchant cross border fee, which is charged on transactions where the merchant account (for example, Visa or Mastercard) is not held in Australia, and an international fee, which is charged on any foreign currency transaction converted into Australian dollars, payable at the time the currency conversion is made.

This is in addition to ATM fees, which can be as high as $5 when withdrawing cash in another country.

ME’s reduced foreign transaction fee is relatively low when compared to the Big Four. Westpac, NAB, ANZ and CBA each charging a 3.0% fee for international purchases.

Among the highest is QBank, which has a foreign transaction fee of 3.65%, and Queenslanders Credit Union, which charges a huge fee of 5.0% of the purchase amount converted into Australian dollars.

There are several providers who don’t charge any foreign transaction fees, including the Macquarie Bank Platinum Transaction Account and the Citi Plus Everyday Account.

Heading overseas soon? Check out the ways you can avoid currency exchange fees when travelling.

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site