credit card foreign fees

What You Can Do To Avoid Foreign Transaction Fees

Rates and fees last updated on

Finding a credit card that does not charge foreign transaction fees is one of the options for credit card consumers when it comes to travel outside of their country.

It may take some time and patience in researching and finding a credit card that does not charge foreign transaction fees. Consumers can carry cash but to be mindful of who is around and to not show their cash. And then the safest and ideal option is to use travellers cheques. Travellers cheques can be spent just like cash, with the protection from loss and theft.

Smart tips to avoid foreign transaction fees with your credit card

  • Read the fine print. The easiest way not to incur foreign transaction fees is to only apply for cards that don't assess them. Foreign transaction fees are the norm, so finding a card that does not assess them will require work and research on the credit card consumers part. There are credit cards out there that absorb the fee for currency conversion so that their consumers can travel with the peace of mind knowing there won't be additional fees tacked on for currency conversion. It is the responsibility of the consumer to read the fine print and use the cards that do not carry the foreign transaction fees and penalties for being used online.
  • Pay in cash. The easiest and ideal way for the credit card consumer to avoid the foreign transactions fees is to use cash. This means that the credit card consumer must not use their credit card the entire time while in a foreign country. This does forfeit the convenience of credit cards and does present some risks, should the consumer flash their cash or make it know that they are carrying large amounts of cash. Also if a consumer loses all of their cash, there is no way for compensation.
  • Consider using travellers cheques. Another options for consumers who wish to travel abroad and avoid foreign transactions fees and would rather not travel with all of their cash is to buy travellers cheques. Travellers cheques replace carrying cash but spends the same way. Travellers cheques protect against theft and loss and can easily be replaced usually in 24 hours, providing protection that the credit card consumer would be trapped in a foreign country with no available funds. In this way, travellers cheques allows the credit card consumer to travel around the world without fear of incurring multiple foreign transactions fees and fear of theft or loss.
  • Use a fee free debit card. Debit cards work similar to a credit card, except you are using your own hard earned money, not a line of credit. You can use features available on a Visa or Mastercard such as using them online for credit purchases or overseas. The majority of debit cards come without any fees attached the account. Another benefit is that you don't attract interest that is accrued with credit cards when you make a purchase.

Bankwest Zero Platinum Mastercard

$0 annual fee
0% foreign transaction fees

Eligibility criteria, terms and conditions, fees and charges apply

Bankwest Zero Platinum Mastercard

A platinum credit card that features 0% foreign transaction fees, complimentary travel insurance covers and no annual fee.

  • $0 p.a. annual fee.
  • 17.99% p.a. on purchases
  • Cash advance rate of 21.99% p.a.
  • Up to 55 days interest free
Go to site

Comparison of No Foreign Currency Exchange Fee Credit Cards

Rates last updated December 12th, 2017
Name Product Foreign Currency Conversion Fee Overseas ATM Withdrawal Fee Overseas Cash Advance Fee Annual fee Product Description
Bankwest Zero Platinum Mastercard
0% of transaction value
$0
The greater of 2% or $4
$0 p.a.
Offers a $0 annual fee, 0% foreign transaction fees, complimentary international travel insurance and access to a 24/7 concierge service.
Bankwest Breeze Platinum Mastercard
0% of transaction value
$0
Greater of 2% or $4.00
$99 p.a.
Offers an introductory balance transfer rate of 0% p.a. for 24 months with a 2% BT fee, plus platinum perks.
28 Degrees Platinum Mastercard
0% of transaction value
$0
3% of the cash advance or $4 (whichever is greater)
$0 p.a.
Designed for travel, benefit from 0% foreign transaction fees on purchases, a $0 annual fee for life and a personal concierge service.
ANZ Rewards Travel Adventures card
0% of transaction value
$0
$0
$225 p.a.
Receive 40,000 bonus Velocity Points (when you meet the spend criteria), 2 yearly Virgin Australia lounge passes, plus enjoy paying a $0 overseas transaction fee on purchases.
Westpac Lite Card
0% of transaction value
2%
$108 p.a.
Keep credit card costs low with a maximum credit limit of $4,000, a 9.9% p.a. purchase interest rate and no foreign transaction fees.
Bankwest Qantas Platinum Mastercard
0% of transaction value
$0
2% or $4, whichever is greater
$160 p.a.
Enjoy 0% foreign transaction fees, complimentary travel insurances and earn 0.5 Qantas Points per $1 spent on eligible purchases.
Bankwest More Platinum Mastercard
0% of transaction value
$0
2% or $4, whichever is greater
$160 p.a.
No fees on overseas ATM withdrawal, no foreign transaction fees and earn 75,000 bonus More rewards points.

Compare up to 4 providers

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question