The short version
- These accounts charge no fee on purchases in other currencies, usually about 3% elsewhere.
- Some also refund overseas ATM fees.
- Always pay in the local currency when a card machine asks.
What a foreign transaction fee is
Most debit cards charge a fee, often around 3% of the amount, when you pay in a foreign currency. Many also charge it when you buy in Australian dollars from a business based overseas, which can catch you out on overseas websites.
On $5,000 of spending on a trip, a 3% fee adds $150. The accounts on this page list no foreign transaction fee on card purchases.
Other costs overseas
- Your bank's fee for withdrawals from overseas ATMs, which some accounts with no foreign transaction fee still charge.
- The ATM owner's own fee, which your bank can't waive.
- The exchange rate the card network uses. If a shop or ATM offers to charge you in Australian dollars, say no: that conversion usually costs more.
Before you go
Check your card works in the countries you're visiting, add it to your phone's digital wallet as a backup, and take a second card in case one is lost or blocked.
Pros
- Save around $30 on every $1,000 you spend overseas or online in other currencies.
- Useful for travel and for shopping on overseas websites.
- Many also have no monthly fee.
Cons
- Overseas ATM owners can still charge their own fee.
- The exchange rate still matters, so check whose rate is used.
- Some only waive fees if you meet monthly conditions.
Alternatives
- A travel money card, which lets you lock in exchange rates before you go.
- A credit card with no foreign transaction fees, though interest applies if you don't pay it off in full.
How to open one
Most banks let you open one online in about ten minutes, and you can use it straight away with a digital card.
- Have your ID ready. A driver's licence, passport or Medicare card, and your tax file number if the account pays interest.
- Add the card to your phone. Apple Pay or Google Pay lets you spend before the plastic card arrives.
- Move your pay and bills. Give your employer the new BSB and account number, and update direct debits. A PayID makes it easier for people to pay you.
- Open it well before your trip. Plastic cards can take a week or more to arrive.