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 Credit Card Offer

Apply for a Bankwest Zero Platinum Mastercard and pay $0 foreign transaction fees.

  • $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
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Comparison of No Foreign Currency Exchange Fee Credit Cards

Rates last updated August 18th, 2017
Name Product Foreign Currency Conversion Fee (MC) Foreign Currency Conversion Fee (VISA) 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 $4.00
$0 p.a.
Receive complimentary international travel insurance, access to a 24/7 concierge service and $0 foreign transaction fees.
ANZ Rewards Travel Adventures card
0% of transaction value
$0
$225 p.a.
Receive 40,000 bonus Velocity Points when you spend $500 on eligible purchases in the first three months.
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 no international transaction fees on purchases and no currency conversion fees.
Coles Platinum Rewards Mastercard
0% of transaction value
$4
$4
$99 p.a.
Suited to cardholders with higher incomes and credit needs, plus collect 20,000 bonus flybuys points if you apply, and meet the spend criteria.
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 13 months with a 2% BT fee, plus platinum perks.

Compare up to 4 providers

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