No Foreign Transaction Fee Credit Cards
A credit card with no FX fees is an easy way to save 2-3.5% on overseas purchases when you're travelling or shopping online.
How do credit cards with no foreign transaction fees work?
When you travel or shop online with an overseas business, many cards charge a foreign transaction fee of around 2–3.5% of the purchase amount. But credit cards with 0% foreign transaction fees waive this cost or give you a rebate, helping you save money on international transactions.
Not after a credit card? You can also get a debit card with no foreign transaction fees.
What different scores mean
9+
Excellent
These cards offer lower currency conversion fees and relevant perks for travelers like insurance and ATM access.
7+
Great
Reasonable cards for travelers, however can potentially charge higher fees.
5+
Standard
While eligible to be used to travelers internationally, these cards may charge currency conversion, overseas ATM withdrawal and ongoing fees.
0+
Basic
These cards should be used for international purchases only in the event of an emergency.
The lowdown on Finder Score
To qualify for this category, credit cards must:
- Be available to general consumers.
We analyse 250+ credit card products and assess six features, assigning them scores out of 10. Finder Score is weighted according to their importance within the product category.
The methodology is designed by our insights and editorial team. Commercial partnerships carry no weight, all products in the database are scored objectively.
The same card will receive a different score within each category, depending on the features being assessed (e.g.Travel Credit Cards, Balance Transfer),
Our intention is to enable informed financial decision-making without the need to analyse numerous individual data points. Please do consider your own financial circumstances when making a decision.
Finder Score metric assessment - Travel credit cards
| Feature | Definition | Assessment | Weight |
|---|---|---|---|
| Foreign Exchange Fees | Fees charge on international transactions | Lower fees score higher | 50% |
| Travel Insurance | Complimentary travel insurance | Full score for complimentary insurances | 15% |
| Overseas ATM Fees | Fees charged by card provider to withdraw from international ATMs | Lower fees score higher | 10% |
| Purchase Rate | Interest rate on new purchases | Lower rates score higher | 10% |
| First-Year Fee | Annual fee charged in the first year of ownership | Lower fees score higher. $0 fee receives the maximum points. | 7.5% |
| Ongoing Annual Fee | Annual fee charged from the second year onwards | Lower fees score higher. $0 fee receives the maximum points. | 7.5% |
Number crunching the Finder Score
- 9+ Excellent - These cards offer lower currency conversion fees and relevant perks for travellers like insurance and ATM access.
- 7+ Great - Reasonable cards for travellers, however can potentially charge higher fees.
5+ Satisfactory - While eligible to be used to travellers internationally, these cards may charge currency conversion, overseas ATM withdrawal and ongoing fees. - Less than 5 – Basic - These cards should be used for international purchases only in the event of an emergency.
0% Foreign Fee Credit Card for Businesses
Business debit card with no foreign transaction fee
How much can I save with a 0% foreign transaction fee card?
It depends how much you spend overseas and the fees you would pay if you used a different card. But as an example, if you spent $2,000 on a card with a 3% international transaction fee, it would cost you $60. If you had a card with a 0% foreign transaction fee you wouldn't pay anything, so you'd save the full $60.
And if you had a credit card with a higher fee of 3.4% on international transactions, you'd save even more ($68 in this example).
Keep in mind that the cost of foreign transaction fees may not be obvious straight away, as they are added as separate transactions on your credit card account.
The Australian Competition and Consumer Commission (ACCC) has also warned people that some major online brands will charge foreign transaction fees, even if the website ends in .com.au or the price is shown in Australian dollars.
Finder Credit Card Award Winner
The Bankwest Zero Platinum Mastercard was named the Best Travel Credit Card at the 2024 Finder Awards. Another consecutive win for the Bankwest Zero Platinum as it offers a combination of no foreign transaction fees, no annual fee and comprehensive overseas travel insurance. Its 14.99% interest rate on purchases scored well and helped establish it as a card that travellers can use save money on a range of costs.
How to compare no foreign transaction fee credit cards
0% fee requirements
Certain credit cards automatically waive foreign transaction fees when you make an international purchase.
Others offer a rebate on foreign transaction fees when you meet specific requirements, such as spending a set amount per month. If that's the case, you could still be charged a fee if you don't meet the requirements.
Annual fees
Annual fees typically range from $29 to $400 or more for higher-end cards. You can weigh this cost against the value you'd get from 0% foreign transaction fees and any other perks to help choose a card.
If the 0% foreign fee savings aren't as much as you thought, you could be better off comparing $0 annual fee credit cards. You could also consider a card that offers both no foreign transaction fees and no annual fee, although there are only a few of these on the market.
Interest rates
Interest rates on these cards range from around 10% to 28% for purchases. If you pay off your credit card as you go – or pay the total by the due date on your statement – you'll typically get interest-free days on your purchases.
But if you end up carrying over a balance, a low rate credit card could be a more cost-effective option.
Other travel benefits
Some cards offer additional perks when you're travelling, which can include:
If there's another benefit you want, you could use Finder's table filters to narrow down your comparison of 0% foreign transaction fee cards. Just make sure you check what requirements you need to meet to use the perks.
Security features
Australian credit cards offer zero liability for fraudulent transactions and 24-hour emergency support services. Most also offer fraud-monitoring services.
Other security features can include virtual cards, transaction limits for overseas spending, temporary account blocks and extra online security through Visa Secure, Mastercard SecureCode or American Express SafeKey.
💡 Tip: Let your credit card company know you're going overseas and make sure your contact details are up-to-date so they can contact you if there are any security concerns. You could also consider international roaming options for your mobile phone.
Overseas ATM withdrawal fees
Overseas ATM fees typically cost around $5 or between 2-3% of the total transaction. And that's not including any charges added by the overseas ATM operator.
There are credit cards that offer $0 international ATM withdrawals, but keep in mind that you'll still pay cash advance fees and any third-party charges.
💡 Tip: If you're planning to withdraw international currency from an overseas ATM, a multi-currency account such as Wise or the HSBC Everyday Global Account means avoiding cash advance fees. You can also check out Finder's guide to travel money for other options.
Cash advance costs
When you use a credit card to withdraw cash, buy foreign currency or make any other cash advance transaction, you'll pay a fee worth around 2-4% of the transaction. You'll also be charged interest at the cash advance rate, which is higher than the purchase rate on most credit cards.
If you need to get cash when you're overseas, you can avoid these costs by using a debit card or prepaid travel card instead.
Want to use your credit card in Australia as well?
The range of credit cards that offer no foreign transaction fees means it's worth looking for other features that you want on your credit card. For example frequent flyer points, 0% interest rate offers, cashback bonuses or something else. The key is to find a card with features that add value when you're shopping in Australia and overseas.
More credit card tips for travellers
When you're planning to use your card overseas spending, keep the following details in mind:
- Daily cash withdrawal limits. Some credit card providers have a limit on the amount you can withdraw from an ATM using your credit card – and it could be lower than your available credit limit. Check your credit card account details through Internet or mobile banking, or call your provider for specific information on these limits.
- Global ATM alliance networks. Many Australian credit card providers have ATM alliance networks that extend around the world and allow you to get cash out overseas without paying an ATM withdrawal fee. For example, a credit card from Westpac, St.George, BankSA or Bank of Melbourne gives you access to the Global ATM Alliance network, which includes Westpac NZ (New Zealand), Barclays (UK), Bank of America (US) and Deutsche Bank (Germany and Spain).
- Exchange rates. Currency exchange rates will apply when you use an Australian credit card for a transaction in another currency. This rate can fluctuate daily, making it harder to work out the cost in Australian dollars (until it's added to your transaction list). Check with your credit card provider to find out when exchange rates are updated, or just keep an eye on your transaction list and available balance to work out how much you've spent once the transaction is converted to Australian dollars.
Meet our money expert Graham Cooke
Graham heads Finder's insights team and specialises in a variety of financial topics, including credit cards, loans, insurance and investing. He regularly appears on TV including ABC News, Sunrise and Today, and edits Finder's Insights column.
Graham's top credit card tips
- Credit cards often charge a significant foreign transaction fee, so check your card's terms before you travel.
- A card with low or no international transaction fees could help you save when travelling or shopping online with overseas businesses.
- You could also consider debit cards which offer low transaction fees or refund ATM charges.
Frequently asked questions
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Ask a question
What is the most cost effective credit card when travelling overseas?
Hi R,
Thanks for your question.
There are different travel money cards in the market, each with it’s own strengths and weaknesses. These features are reviewed in the above linked page.
Much of the suitability of a particular product depends on where you’re going. Some cards are great to use in Europe, for instance; while others are suited towards Asian countries. Some cards are great for holidays visiting a number of countries; while others are only suited to a single destination journey. There are also other factors to consider, like whether you’re looking to earn rewards points on take advantage of the complimentary international travel insurance that is offered with some credit cards.
I hope this helps.
Cheers,
Jacob
What is a Foreign Currency Conversion fee?
Since you own an Australian credit card, your balance and credit is automatically in Australian dollars. When you make a purchase overseas, say $50 US, it will not only convert to roughly $80 AU. Hope not on that one!
Hi Bin.
Thanks for your question.
When the bank of lending institution processes a transaction in a currency other than Australia dollars, they will charge a fee for the currency exchange service. This is a currency conversion fee. It’s expressed as a percentage and charged on the total value of the transaction. This fee is listed in the table at the top of each of the credit card, debit, travel and store card review page.
I hope this helps.
I have moved to Australia and would like to move my credit card from a UK bank to an Australian one allowing me to pay month debits from my Australian bank account rather then using accounts in each country. Is it possible to transfer a balance from a UK to an Australian credit card on a interest free balance transfer credit card deal?
Hi Sean.
Thanks for your question.
Balance transfers will only be accepted from an Australian account.
Jacob.
Going to Hawaii next month and will spend about $10,000 AUD over there. Believe the Bankwest Platinum Credit Card has no foreign transaction fees. Can you tel me what currency exchange commission they charge. Is it cheaper to use this card than to buy AUD over here thanks. Phil.
Hi Phil. Thanks for your question. I can’t comment on the rate you’re likely to receive overseas; however, you can check Bankwest’s consumer foreign exchange rate by visiting their website. Payments involving MasterCard are converted to USD when a transaction between two different countries is processed. There may be a small margin applied to this transaction, you can find out by comparing rates found on exchange providers websites. I hope this helps. Jacob.
What is the difference between a single currency and a multi currency retailer. NAB charges different rates for these but they are unable to tell me how to determine the difference before I make an online purchase
Hi Gloria. Thanks for your question. The main difference between a single and multi-currency retailer is whether or not they accept Australian currency. A good example to use is duty free shops at the airport. They will ask you whether you would like to pay in AUD or the local currency. If you pay in AUD, then this is a single currency transaction. A multi-currency transaction is more expensive and is when you convert AUD on your card to the local currency to complete the transaction. The transaction is taking place overseas, so you’ll still get charged a fee by the lender, but the size of the charge will depend on whether the merchant will accept AUD as a form of payment (single currency transaction) or wether they require you to pay in the local currency (multiple currency transaction). I hope this helps. Jacob.