No Foreign Transaction Fee Credit Cards

Compare credit cards with no foreign transaction fees to find the best option for in-store or online international spending.

By   |   Updated 10 Apr 2024

As seen on

Media - The Sydney Morning Herald
Media - Yahoo Finance
Media - News.com.au
Media - Daily Mail Australia
Media - Australian Fintech
Media - Dynamic Business

Comparing no foreign transaction fee credit cards

Bankwest Zero Platinum Mastercard

On website

Highlights

  • Annual fee waived.
  • 0% p.a. interest for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
  • No charges for foreign transactions, plus complimentary international credit card travel insurance.
  • Offer valid for new customers within a specified timeframe. Additional fees and terms and conditions apply.

Pros

  • No annual fee to pay — ever.
  • Very long interest-free balance transfer offer.
  • No fees on purchases in a foreign currency.
  • Complimentary international travel insurance.

Cons

  • There is a 3% fee on balance transfers.
  • You can't earn rewards points.
Bankwest Breeze Platinum Mastercard

On website

Highlights

  • Experience 0% p.a. interest on balance transfers for 12 months (with a 2% BT fee, then 12.99% p.a.).
  • 0% p.a. for 12 months on purchases (reverting to 12.99% p.a.).
  • Benefit from up to 55 interest-free days.
  • Offer exclusively for new customers within a specified period. Additional charges, along with terms and conditions, apply.

Pros

  • 0% p.a. on balance transfers for 12 months.
  • 0% p.a. for 12 months on purchases.
  • No foreign transaction fees.

Cons

  • There is no rewards program on this card.
  • There is a 2% BT fee.
NAB StraightUp Credit Card

On website

Highlights

  • Obtain the latest credit card from NAB - straightforward, affordable, and above all, interest-free!
  • No Use, No Pay. Should your NAB StraightUp credit card remain unused throughout the entire statement period, the monthly fee will be reimbursed. No unexpected charges!
  • Utilize your card for foreign currency transactions and relish in zero foreign transaction fees!
  • Consistent fixed minimum payments determined by your credit limit, providing you with assurance of monthly payment amounts.

Pros

  • Charges a monthly fee based on your selected credit limit.
  • The monthly fee will be reversed if you do not have any outstanding balance or purchase.
  • No interest charges or other fees, including foreign currency fees and late payment fees.

Cons

  • No rewards program for this card.
  • No balance transfers or cash advances.
Latitude 28° Global Platinum Mastercard®

On website

Highlights

  • $0 yearly fee.
  • Zero currency conversion charges.
  • No foreign transaction fees for purchases during travel or online shopping.
  • Interest rate of 22.99% per annum on purchases and cash advances.

Pros

  • The $0 annual fee.
  • No currency conversion free or foreign transaction fee.
  • Enjoy up to 55 days interest-free on purchases.
  • Free Global Wi-Fi at more than 1 million hotspots worldwide.

Cons

  • A high purchase interest rate of 22.99% p.a.
  • There is no rewards program on this card.
  • In-person payment handling fees of $2.50 is expected to increase to $3.95.
Coles Rewards Mastercard

On website

Apply by 30 June 2024

Coles Rewards Mastercard

Highlights

  • Receive 50,000 Flybuys bonus points upon spending $3,000 or more on eligible purchases within 90 days of approval. Terms and Conditions apply.
  • Earn 2 points per $1 on eligible spend—this is in addition to the regular Flybuys Points earned from other partners.
  • Pay $0 in international transaction fees for purchases made online or overseas.

Pros

  • Get 50,000 Flybuys bonus points when you meet the criteria.
  • Collect 2 points per $1 on eligible spend – that’s on top of the usual flybuys points from other partners.
  • Access to the Coles concierge service.

Cons

  • The annual fee of $99 p.a.
  • No international travel insurance.
Bendigo Ready Credit Card

On website

Bendigo Ready Credit Card

Highlights

  • No annual fee charged annually.
  • Zero international transaction fees.
  • Enjoy up to 55 days interest-free.

Pros

  • No additional cardholder fee.
  • Get up to 90 consecutive days of international travel insurance.
  • Compatible with Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, and Samsung Pay,

Cons

  • You can't earn credit card rewards.
HSBC Low Rate Credit Card

On website

Highlights

  • Enjoy 0% p.a. for 20 months on balance transfers with a 2% fee.
  • Benefit from a low ongoing purchase rate of 12.99% p.a.
  • Pay no overseas transaction fees and receive complimentary domestic travel insurance.

Pros

  • 0% p.a. for 20 months on balances transferred.
  • Low ongoing rate on purchases at just 12.99% p.a.
  • Enjoy complimentary domestic travel insurance.

Cons

  • Balance transfers revert to the high cash advance rate.
  • 25.99% p.a. charged on cash advances.
  • There is a 2% balance transfer fee.
  • No rewards program.
Westpac Lite Mastercard

On website

Westpac Lite Mastercard

Highlights

  • Low variable purchase rate of 9.90% p.a.
  • No foreign transaction fee when using your card overseas.
  • $108 p.a. annual fee.

Pros

  • Low-interest rate.
  • Up to 45 interest-free days on purchases.
  • Get an additional cardholder at no extra cost.

Cons

  • No rewards program.
  • No introductory balance transfer offer.

No foreign transaction fee credit cards do not charge you an additional fee for making purchases in a foreign currency.

Considering the fee on foreign currency transactions is typically 2-3% of the amount spent, shopping while overseas can come with a costly surprise when the statement arrives. It's also easy to rack up currency conversion fees shopping online from stores based overseas or who charge in a foreign currency.

"Credit card foreign transaction fees can sneak up when you least expect them. For example, you may be shopping online without realising the store charges from an overseas entity. A credit card with no foreign transaction fee means you don't have to worry about this kind of nasty surprise appearing on your statement."
David Boyd
CEO at Credit Card Compare

Key features of a no foreign transaction fee credit card

  • Savings on transaction fees: One of the primary reasons to opt for a no foreign transaction fee credit card is the potential savings. With these cards, you avoid additional charges that typically range between 1% and 3% of the transaction amount for purchases made in a foreign currency. Over time, these savings can accumulate, making a notable difference in your overall expenses.
  • Convenient international use: No foreign transaction fee credit cards are convenient for international travellers and for online shoppers. Travellers don't need to carry local currency and deal with currency conversion, both of which contribute to a hassle-free payment experience wherever you go. Additionally, these cards offer the flexibility to transact in various currencies without worrying about hidden fees.

How no foreign transaction fee credit cards work

No foreign transaction fee credit cards operate in the same way as standard credit cards. If you were to lay a credit card with no foreign transaction fee beside one that does charge a fee on foreign currency conversions, there would be no way to discern the difference visually.

Although there is no additional fee on currency conversions, the bank's currency conversion rate may not be as competitive as the mid-market rate.

This type of card is particularly useful for international travellers and shoppers who regularly deal with overseas merchants.

What to consider when choosing a no foreign transaction fee credit card

  • Rewards program: Consider whether the card offers rewards points, cashback, or other incentives for your spending. Consider how these rewards align with your needs and preferences. If you're travelling a lot, find out what their overseas earn rate is — it's often higher than it is for domestic spend.
  • Annual fees: While some no foreign transaction fee credit cards may have no annual fees, others do. Cards with no annual fee and no foreign currency conversion fee are not particularly uncommon.
  • Interest rates: Pay attention to the interest rates of these cards, especially if you plan to carry a balance. Look for competitive rates that suit your financial situation.
  • Additional benefits: Given the travel focus, pay attention to other travel-centric features such as travel insurance and airport lounge access.

Help choosing a no foreign transaction fee credit card

How to avoid extra charges with a no foreign transaction fee card when shopping online or overseas.

  • FAQs

  • Pros & cons

  • Alternatives

How do I avoid foreign transaction fees when using a credit card?

To avoid foreign transaction fees when using a credit card, opt for a card that explicitly states it has no foreign transaction fees. Use this card for purchases made overseas or online in foreign currencies.

What are the benefits of using a no foreign transaction fee credit card?

The benefits of using a no foreign transaction fee credit card include saving money on international purchases, as you won't incur additional fees typically charged by other cards. It simplifies your spending abroad and provides transparency in your transactions.

Are there any disadvantages to using a credit card with no foreign transaction fees?

While credit cards with no foreign transaction fees offer cost-saving advantages, some may come with higher annual fees or interest rates. Additionally, not all merchants abroad may accept your card, so it's wise to carry a backup payment method.

How do credit cards with no foreign transaction fee save money shopping online?

If you shop online and purchase in a foreign currency, using a credit card with no foreign currency conversion fee will mean not incurring an extra charge (which is usually 2-3% of the amount spent).

Does every credit card charge foreign transaction fees?

No, not all credit cards charge foreign transaction fees. However, it's essential to check the terms and conditions of your specific credit card to confirm whether foreign transaction fees apply or not. Choosing a card with no foreign transaction fees can be advantageous for frequent international travelers or online shoppers.

Pros

Eliminating foreign transaction fees

Ideal for globetrotters and online shoppers alike, these cards remove the extra charge on purchases made in foreign currencies abroad and with online merchants charging from overseas or in a foreign currency.

Cost savings on travel

You could potentially save a considerable amount of money by avoiding the typical 2-3% foreign transaction fee, especially if you spend regularly in a foreign currency.

Cons

Other charges may apply

Despite the lack of foreign transaction fees, other costs, such as currency conversion fees or ATM withdrawal fees abroad, might still apply.

Value offset by other fees

The benefit of there being no fee for foreign currency transactions may be offset with the annual fee.

Travel money cards

Travel money cards can be loaded with foreign currency in Australia, which can be spent overseas.

Debit cards

A range of debit cards exist that do not charge a foreign currency transaction fee. The issue though is you may need to open a new bank account to get one.