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It may take some time and patience to research and find a credit card that doesn't charge foreign transaction fees. Consumers can carry cash but need to be mindful of who is around and to not show their cash. The safest and ideal option is to use traveller's cheques. Traveller's cheques can be spent just like cash, with the protection from loss and theft.
Foreign transaction fees are charged when a currency conversion happens. For example, when using your Australian debit card overseas or when shopping online from overseas stores. These fees can quickly add up, but there are a few ways you can avoid them which we'll outline in this guide.
Let's take a look at these four options in a bit more detail.
Several Australian debit cards don't charge any foreign transaction fees. This is a great option for Australians who travel often and want to use their Australian debit card overseas, instead of having to organise foreign cash or a special travel card. These accounts are free to open. You can compare a range of Australian debit cards that don't charge foreign transaction fees in the table below.
A prepaid travel card allows you to load up some foreign currency onto the card before you leave Australia. This means that when you're overseas, you can use the card to pay like a local. As you've already got the local currency on the card, no currency conversion occurs and no foreign transaction fees apply. Another benefit of using a travel money card is you can load up on the currency you need well before your trip when exchange rates are good.
Like debit cards, there are also a number of Australian credit cards available that don't charge any foreign transaction fees. Plus, using a credit card might help you earn reward points and some even offer additional travel perks like discounted insurance and airport lounge access. You might also find a credit card will come in handy at a lot of international hotels that require a credit card on arrival as a deposit.
If you don't like the idea of opening a new debit card, prepaid travel card or credit card you could opt to get some foreign cash. You can buy some foreign cash in the currency you need before you leave Australia, then simply use cash to make purchases while you're overseas. Using cash to pay is an easy way to make sure you're not paying any foreign transaction fees. But keep in mind, there are safety implications of carrying a large amount of cash with you, so this option might be better suited to short trips only.
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