Let us guess. You are as fed up with being stung by foreign currency fees as we are? Well, you’ve come to the right place! This guide should help you understand when these foreign currency fees are charged and what you can do to give them the flick.
Foreign currency fees come in different shapes and sizes, but typically they are charged if currency conversion needs to occur such as when making a purchase in a currency other than AUD or with a seller who is not located in Australia. This could be when you are shopping online or travelling (you know, that thing we used to do!). There can also be a different fee for making a cash withdrawal out of an ATM overseas, but we won’t cover them in this article.
A foreign currency or overseas transaction fee is typically charged as a % of the purchase value you make. Typically around 2-3% which doesn’t sound like much, but they can obviously add up over time. And as you know, it doesn’t matter how big or small the fee is – at Finspo we don’t like seeing our users pay them!
So to help you with this, below we have compiled a list of some of the available credit cards which don’t charge these annoying fees. Please keep in mind however, these cards may have other fees and charges associated with them and the interest rate is also an important consideration. We have not gone into all the details here. You should check directly with the provider for full terms and conditions applicable before making any decisions.
Credit cards with 0% foreign currency conversion transaction fees as at 04/02/2021
| Provider | Product | Foreign Currency Fee | Annual Fee |
| Latitude | 28° Global Platinum Mastercard | 0% | $0 |
| BankWest | Zero Platinum Mastercard | 0% | $0 |
| NAB | Straight Up | 0% | Monthly fees apply |
| CommBank | Neo Card | 0% | Monthly fees apply |
| Coles | Reward Mastercard | 0% | $0 (first year, then $99 thereafter) |
| Macquarie | RateSaver Card | 0% | $69 |
| HSBC | Low Rate Card | 0% | $99 |
| ANZ | Rewards Travel Adventures Card | 0% | $120 |
The list is not intended to be exhaustive and should not be taken as a suggestion or recommendation for you to get them, but it is purely to help you understand what options exist in the market. Importantly, Finspo does not benefit in any way by your decision to apply for any product. We are providing this information only to help you with your decision making.
Disclaimers
This information is factual or general in nature and is not intended to include any recommendation or suggestion or constitute credit assistance about any of the products referred to in this insight. Finspo has presumed that any credit contract currently held by you will continue however this should not be treated as advice to do so. Please consider whether this information is right for you before making any decisions and seek professional independent tax or financial advice. Conditions and fees may apply.