Credit cards often make it easier to book overseas trips and provide security and convenient payment options for any traveller.
But despite the benefits that come with using credit while travelling, it can still cost a lot to pay with plastic overseas thanks to the fees.
Just like many other features, these fees will vary from card to card but the following Big Four Bank rates should give you an idea of what you will pay.
ANZ Overseas Credit Card Fees
ANZ charges 3% of all transactions made outside of Australia on a credit card, regardless of whether the purchase is in Australian or international currency.
While ANZ does not charge an additional fee for overseas ATM use, any cash advance fees or ATM operator fees could add to the overall cost.
Commonwealth Bank Overseas Card Fees
Following a similar baseline to ANZ, the Commonwealth Bank has an International Transaction fee of 2.95% for MasterCard and Visa credit cards, which is lowered to 2% if the transaction is made in Australian dollars.
American Express cards only come with a Commbank fee of 1.95% of the transaction but are subject to an extra 1.5% fee from American Express, bringing the total up to 3.45%. ATM balance enquiries will also cost $1.25, plus any operator fees.
NAB International Credit Card Fees
In the last few years NAB has become more committed to reducing service fees and costs for customers, but international transaction fees are still in play for this Big Bank.
MasterCard and Visa credit cards are subject to 2.5% fee for transactions made overseas in a foreign currency, which drops to 2.3% if it is made in Australian dollars or 1.75% if it is a MasterCard transaction made with an “Australian designated merchant”.
As is the case with Commbank, American Express credit cards are charged at a lower 1.5% but have an additional Amex charge that brings the cost up to 2.5%.
Westpac International Credit Card Fees
Westpac overseas credit card fees vary from card to card but in general people can expect to pay between 1.5% and 2% for all overseas card use.
Currency conversion could also be factored in, starting with MasterCard rates of 0.2% and going up to 1.5% for Amex foreign exchange.
All of the major banks, and most other issuers, charge a range of fees for overseas transactions that add to the overall cost of credit when travelling.
The only exception is cards like the GE Money 28 Degrees MasterCard, designed to reduce these travel costs by offering no international transaction fees, but other features should still be considered before deciding on this kind of credit card.
Just like any element of travel, it is important to consider the money side of things carefully before you leave. Finding out about fees will help you find money options that are as convenient as possible while you are overseas.
