Access your money overseas without paying extra charges by comparing credit cards with 0% foreign fees.
Comparison of No Foreign Currency Exchange Fee Credit Cards
Rates last updated January 20th, 2017.
Jonathan
Compare International Credit Cards with No Annual Fee
Compare international credit cards that don't charge foreign transaction fees or annual fees. These cards also have no currency conversion fees and overseas ATM fees.
| Credit Card | Currency Conversion Fee | Overseas ATM Fee | Annual fee |
|---|---|---|---|
| Bankwest Zero Platinum MasterCard | 0% of transaction value | $0 | $0 p.a. |
| 28 Degrees Platinum MasterCard | 0% of transaction value | $0 | $0 p.a. |
How to compare and choose the right 0% foreign fee credit card for you
- Currency conversion fees. Most credit cards charge 2-3% for converting currency. Outstanding offers will charge 0% for currency conversion.
- Overseas ATM withdrawal fees. Typically a percentage of the total cash advance amount or a set charge for withdrawing cash overseas. Competitive cards will provide $0 fees for overseas withdrawals to access your cash. It is important to note unless you have loaded your account in credit, you will be charged the cash advance interest rate. Choosing a card which doesn't charge for international ATM withdrawals can allow you to avoid this charge.
- Annual fees. Also look at the annual fee for the card; on 0% cards, this is often higher than regular cards.
- What's the interest rate on purchases? If you're using your card to make overseas purchases but won't be paying back your balance in full each month, you'll need to take the purchase rate into consideration.
- Are there other travel benefits? Some cards offer additional travel benefits, such as complimentary travel insurance when you purchase your trip on your card, or bonus frequent flyer points.
How does foreign currency conversion work?
When you make a purchase or transaction in a foreign currency, your Australian Dollars will be converted to the local currency at the exchange rate that's in place on the day. Please note that most banks use an exchange rate that's less competitive than the standard rate.
What exchange rate will I receive?
Depending on the card you're using, you will receive the exchange rate set by MasterCard, VISA or American Express. The following diagram explains how Australian credit cards convert currency with American Express, MasterCard or Visa:
MasterCard and American Express will convert the foreign currency amount to USD before converting it to AUD (unless your transaction is already in USD). Both of these conversions will transfer at the daily exchange rate.
VISA will convert your foreign currency amount directly to AUD at the daily exchange rate.
- MasterCard and American Express. All transactions made in a currency other than United States Dollars (USD) will be converted to USD before it is converted to AUD.
- VISA. Transactions made in the following currencies will be converted directly to Australian Dollars (AUD):
- United States Dollars (USD)
- Canadian Dollars
- New Zealand Dollars
- Singapore Dollars
- Pounds Sterling
- Euros
- Japanese Yen
As a result, if the Australian Dollar is not favourable against the United States Dollar, using a VISA credit card may incur less currency conversion fees.
Foreign currency exchange calculators
- MasterCard. Provide a currency conversion calculator. Simply select your settlement date, base currency (AUD) and MasterCard will show you the daily exchange rates.
- VISA. Also provide a currency conversion calculator. Select the country which your credit card was issued from, the currency which you require and VISA will provide you with the daily exchange rates.
- American Express. Unfortunately American Express have not released a currency conversion calculator at this point of time.
What is 'Dynamic Currency Conversion'?
Dynamic Currency Conversion (DCC) allows you to pay directly with AUD at the point of sale, instead of converting the foreign currency. If you have travelled overseas you may have been offered the choice of paying in the local currency or in Australian Dollars. By choosing to pay directly with Australian Dollars you will attract the DCC fee. Learn more about Dynamic Currency Conversion.
- How much is the DCC? The DCC ranges from 3-10%, which is why you're generally discouraged from opting for it.
- Is it a good idea to use DCC overseas? If the Australian Dollar has improved significantly against the foreign currency, you may still save money after incurring the DCC fee. Generally, though, it's best not to use the DCC.
Want to lock in exchange rates, avoid foreign currency conversion fees and spend in multiple currencies? Prepaid travel cards may suit your travel money needs.
If you don't qualify for a credit card or don't want to risk running up extra interest bills, a prepaid travel card still gives you the convenience of paying with plastic and loading your funds before you leave. Most Australian prepaid travel cards let you load the card with Australian dollars and move it into any of the supported foreign currency wallets, meaning you can spend your own cash and avoid currency conversion fees.
ANZ Travel Card
The ANZ Travel Card is a prepaid card that can be loaded with up to 10 foreign currencies to make purchases overseas at over 36 million locations.
- Lock in your exchange rates and know how much money you have to spend
- No transaction fees for electronic purchases in Australia and overseas
- Multiple reload options - online, over the phone or in person
- Manage your money online or over phone 24/7
- Spare card if in case one is lost or stolen
Compare Prepaid Travel Money Cards
You can learn more about prepaid travel money in our guide
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Is there a ATM withdrawal fee for 28 Degrees MasterCard from an ATM in the US? Can I withdraw from any ATMs in US? Thanks.
Hi Yong,
Thank you for your enquiry.
There’s no ATM withdrawal fee with 28 Degrees MasterCard when used with ATMs with the MasterCard logo anywhere in the world. Please note though that there would be a cash advance fee of $4 or 3% of the cash advance (whichever is greater) when you withdraw cash from an ATM with this card. Please click this link for more information about 28 Degrees MasterCard.
Kind regards,
Jason
I am tossing up between Bankwest and 28 degrees both have some good and bad reviews. Does the Bankwest charge the payment fee that everyone seems to be complaining about 95c to make a payment?
Hi Narelle,
Thanks for your question.
No, Bankwest does not charge you a fee when making payments for your credit cards bills.
Cheers,
May
We are Canadians travelling to Australia & New Zealand. I am confused about wether it is more advantageous to use a Canadian credit card or a U.S. dollar credit card in these countries. Both cards have no currency surcharge transaction fee. They are both Mastercards. I believe the exchange rate is more favourable for the Candian dollar.
Hi Brenda,
Thank you for your comment.
Just to confirm that the credit cards we feature on our site are available to people in Australia only.
As for your cards issued in Canada and in the US, since those cards have a MasterCard logo, most likely, those can be used in any ATM in Australia and New Zealand that accepts MasterCard. Though please note that you have to contact your issuing banks to verify the other possible fees they charge when you use them overseas.
Cheers,
May
Why do 28deg M/C charge above M/Cards’s exchange rate.When they claim no currency conversion fees?
Hi Dan,
Thanks for your question.
The cards don’t charge a currency conversion fee, but your funds will still be impacted by the exchange rates in place if you spend in a foreign currency. So while you might not be charged an additional fee when making a purchase in a foreign currency, your funds will be exchanged in accordance with the exchange rate that is in place.
I hope this has helped.
Cheers,
Sally
I have a smart salary meal entertainment card. l intend to use it in Malaysia, is there a transaction fee and conversion fee?
Hi Kim,
Thanks for your comment.
Unfortunately, as we do not have information on the financial institution that backed your salary meal entertainment card, I’m afraid we’re unable to check if transaction and conversion fees are applicable to your card.
Cheers,
May
Hi, I’m looking at your foreign currency international fee free cards and noted that you had not included Coles Rewards card. Have you missed this card or have I not understood what the coles rewards credit card actually offers
Hi Anthony,
Thanks for your question.
The credit cards featured above are those with no foreign currency conversion and overseas ATM fees. While Coles Rewards MasterCard does not charge foreign currency conversion fees, it charges $4 on overseas ATM withdrawals.
Cheers,
Anndy
I am interested in your opinion of best credit card where the following points are relevant to me:
I pay off the balance every month.
I like to use for international transactions.
I would like to earn high miles.
I am attracted to the special deals of getting a lot of Qantas FF miles with a new credit card.
Unfortunately it doesn’t seem that you can have all – either the foreign transaction fees are high, or you have no fees and no miles. In the US – my platinum premier credit card has no fee and accumulates points which can be used for cash back or miles (but not with Qantas).
Hi Justine,
Thanks for your question.
As a financial comparison service, we can’t recommend any specific products as the ‘best’ option will depend on your individual circumstances.
You can start by comparing Qantas Frequent Flyer credit cards here. You can also look at frequent flyer credit cards with no foreign transaction fees here.
That is correct though, you can rarely get a card that has both a rewards program and $0 foreign transaction fees. Instead, you need to consider how you’ll be using the card and which feature offers you the most value.
I hope this has helped.
Cheers,
Sally
Will I be able to use my BOQ Debit card in Cuba?
Hi Den,
Thanks for your question.
This might depend on what type of card you have. MasterCard and Visa are both accepted in Cuba, but it’s largely a cash society, so you’ll need access to an ATM to withdraw funds.
Depending on what type of card you have, you might incur currency conversion fees when you try to use your Australian dollars to pay in Cuban peso or Cuban convertible peso.
If so, you might want to consider using a debit card that charges low or no foreign transaction fees when travelling overseas.
For more travel money tips for your holiday to Cuba, please see our Cuba Travel Money Guide.
I hope this has helped.
Cheers,
Sally
Hi
I want to use my Australian HSBC credit card in Singapore for my stay. Can you please let me know what fee will I be paying.
Also is it better to use Hsbc credit card or debit card.
Thanks
Sid
Hi Sid,
Thanks for your inquiry.
Please note that you’ve come through finder.com.au, an online comparison service and we’re not in the position to recommend specific card issuers, products or services.
For HSBC Credit Card, a foreign conversion fee of 3% of the transaction value applies and there is also an overseas ATM withdrawal fee of $4.50.
If you are considering debit card for your travel, you may wish to check what are the things to consider on using debit card on your next trip.
You can also compare the differences of credit card and debit card here.
I hope this helps.
Cheers,
Debbie
Hi, we have the coles platinum mastercard. It says there are no international transaction fees but it doesn’t mention the currency conversion fee. I just called them and of course I get an overseas call centre, who tells me that there is no currency conversion fees but I can’t locate those words. Do you know if this card charges a currency conversion fee? Many thanks.
Hi Kim,
Thanks for reaching out.
Foreign currency conversion fees and international transaction fees are just about the same.
The Coles Platinum card doesn’t charge any.
For your reference, you may read through our Coles Platinum review page here.
I hope this has helped.
Cheers,
Ally