Travelling to a European country and want to take some Euro (EUR) banknotes with you?
It is possible to use a credit card to buy Euros from Australia and while overseas. However, there are a few important things to keep in mind. Scroll down for more details.
Inside this guide
Buying Euros with a credit card in Australia
If you're looking to use your credit card to buy Euros in Australia, there are a few ways to go about it. If you have not done so already, find out what rates and fees your card will apply before proceeding.
What cards you can use
- American Express, Mastercard, and Visa. You can use any credit card to buy Euros in Australia. However, you will incur the cash advance rate and cash advance fee.
Where you can buy Euros with a credit card
- Your bank's local branch. You can exchange Australian dollars for Euros, i.e. buy Euros, at most local bank branches. Their exchange rates may not be the most competitive though.
- Currency exchangers. You'll also be able to buy Euros at a specialist currency exchanger such as Travelex and Travel Money Oz.
- Money transfer services. You can also use your credit card to send Euros to a recipient overseas.
Buying Euros with a credit card while in Europe
When you are overseas, several options are available, each with their own set of considerations.
- At a bureau de change. If you use a foreign exchange bureau to buy Euros while you are in Europe, the transaction will be classified as a cash advance. Typically this means you will be charged interest at the cash advance rate and cash advance fee. A foreign currency fee may also apply.
- Withdrawing from an ATM. You can withdraw Euros from an ATM. However, you will be charged the cash advance rate and a cash advance, plus an overseas ATM withdrawal fee. Your card may also charge a foreign currency fee, making this a very expensive way to get Euros.
What it might cost
|Type of fee||Incurred in Australia?||Incurred overseas?||Cost|
|Cash advance interest||Yes||Yes||Around 20% (daily, no interest-free period)|
|Cash advance fee||Yes||Yes||2 - 3% (one-off)|
|Foreign currency fee||Yes||Yes||2 - 3% (one-off)|
|Overseas ATM withdrawal fee||No||Yes||2 - 3% (one-off)|
Credit cards that don't charge a foreign currency fee can help reduce the cost of spending in Euros.
Want more help?
Can you earn credit card points when buying Euros?
No. Buying foreign currency such as Euros or British pounds is classified as a cash equivalent. The transaction will be processed as a cash advance, for which no credit card earns points.
Can you get cashback when buying Euros?
No. The transaction will be classified as a cash equivalent. This means it will be treated as a cash advance, making it ineligible for cashback.