No foreign transaction fee credit cards

Compare credit cards that don't charge the typical 2-3% foreign transaction fee when shopping overseas or transacting with overseas online retailers.

By   |   Verified by David Boyd   |   Updated 10th August 2020

Comparing no foreign transaction fee credit cards

Coles Rewards Mastercard

On Coles' website

Apply by 31 August 2020

Coles Rewards Mastercard

Foreign exchange fee

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$99.00 p.a. ongoing

Highlights

  • 0% p.a. on balance transfers for 18 months (reverts to Cash Advance rate).
  • Collect 2 points per $1 on eligible spend – that’s on top of the usual flybuys points from other partners.
  • Get $10 off your Coles Supermarket shop instantly at the checkout every time you redeem 2,000 flybuys points.
Bankwest Zero Platinum Mastercard

On Bankwest's website

Bankwest Zero Platinum Mastercard

Foreign exchange fee

N/A

Purchase rate

17.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • No annual fee.
  • 2.99% p.a. for 9 months on balances transferred.
  • No foreign transaction fees and complimentary international credit card travel insurance.
Bankwest More Platinum Mastercard

On Bankwest's website

Bankwest More Platinum Mastercard

Foreign exchange fee

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$160.00 p.a. ongoing

Highlights

  • 75,000 annual bonus points when you spend $48,000 on eligible purchases in the year.
  • Earn up to 2 points per $1 spent on eligible purchases.
  • No foreign transaction fees and complimentary international credit card travel insurance.
Bankwest More World Mastercard

On Bankwest's website

Bankwest More World Mastercard

Foreign exchange fee

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$270.00 p.a. ongoing

Highlights

  • 115,000 annual bonus points when you spend $84,000 on eligible purchases in the year.
  • Earn up to 2.5 points per $1 spent on eligible purchases.
  • Enjoy ten airport lounge passes per year with LoungeKey.
Bankwest Breeze Platinum Mastercard

On Bankwest's website

Bankwest Breeze Platinum Mastercard

Foreign exchange fee

N/A

Purchase rate

15 months at 0% p.a.

Annual fee

$99.00 p.a. ongoing

Highlights

  • 0% p.a. on purchases up to 15 months (reverts to 12.99% thereafter).
  • 2.99% for 9 months on balance transfers with no BT fee (reverts to 12.99% thereafter).
  • Low annual fee of $99 p.a.
  • Limited time only. Fees, T&Cs apply. New Breeze Platinum Mastercard customers only.
Bankwest Qantas Platinum Mastercard

On Bankwest's website

Bankwest Qantas Platinum Mastercard

Foreign exchange fee

N/A

Purchase rate

20.49% p.a. ongoing

Annual fee

$160.00 p.a. ongoing

Highlights

  • Earn 0.75 points per $1 on your first $2,500 spent on eligible purchase per month.
  • Up to 12 months of extended warranty insurance and 3 months purchase security insurance (conditions apply).
  • Enjoy complimentary insurances along with this card including overseas travel insurance for you and family members travelling with you.
Bankwest Qantas World Mastercard

On Bankwest's website

Bankwest Qantas World Mastercard

Foreign exchange fee

N/A

Purchase rate

20.49% p.a. ongoing

Annual fee

$270.00 p.a. ongoing

Highlights

  • Uncapped points-earning potential.
  • Up to 12 months of extended warranty insurance and 3 months purchase security insurance (conditions apply).
  • Enjoy complimentary insurances along with this card including overseas travel insurance for you and family members travelling with you.

Learn all about no foreign transaction fee credit cards

  • Q&As

What is the foreign transaction fee?

The foreign transaction fee is a fee that some banks apply to each individual purchase made where the purchase is made overseas, i.e. outside Australia. The fee itself is typically worked out as a percentage of the purchase. It is usually around 2-3%.

If I am not overseas, does the foreign transaction fee still apply?

It depends. If you are shopping from a UK online store while in Australia, then you will be charged a foreign transaction fee unless you are using a credit card with no foreign transaction fee. If you are on an overseas holiday and use a credit card that does have a foreign transaction fee, then you will be charged for any foreign transactions made while abroad. So, it really depends on the card you have.

It's important to note that if you are purchasing something overseas or buying from an overseas e-commerce store, you may still be charged a foreign exchange fee.

Is the foreign transaction fee the same thing as the foreign exchange fee?

No. These are two separate fees. Not all banks charge both.

  • The foreign transaction fee is levied on transactions that originate overseas.
  • The foreign exchange fee applies to transactions that are billed in a foreign currency, e.g. GBP, USD, EUR, etc.

Check what you would be charged for either because it is possible that a no foreign transaction fee card may still charge a foreign currency exchange fee.

Even if a no foreign transaction fee card did charge a foreign exchange fee, it would still be cheaper than a card that levied fees on both.

Does the foreign transaction fee cost more than the foreign exchange fee?

No, it generally doesn't. Typically foreign transactions are charged a flat fee of 1-3% on the total purchase. The foreign exchange fee is typically in the range of 3%, although this varies from bank to bank.

Are there any other foreign fees?

Yes, unfortunately there are.

  • Overseas ATM Balance Fee: Charged every time you check your credit card's balance using an ATM while overseas.
  • Overseas ATM Withdrawal Fee: Charged every time you withdraw cash from your credit card account from an ATM while overseas.
  • Overseas Cash Advance Fee: Charged every time you withdraw cash from your credit card account while overseas (in addition to the base cash advance rate).
  • Overseas Emergency Card Replacement Fee: Charged if you request a replacement credit card if lost or stolen while overseas.

What would I be charged to withdraw a cash advance from an overseas ATM using my credit card?

This works out to be extremely expensive and should be avoided unless absolutely necessary.

  • Overseas ATM Fee: Typically around $5 per withdrawal, unless you are using an ATM with which your bank has an alliance with.
  • Cash Advance Rate: The base rate of interest for cash advances would be applied, which is typically around 22%.
  • Overseas Cash Advance Fee: Charged in addition to the base cash advance rate.
  • Foreign Exchange Fee: Because you probably will not be able to withdraw AUD.

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