International Transaction Fees - Aussie Stock Forums

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  1. #1

    Default International Transaction Fees

    These are the bank fees on credit card charges processed outside Australia and they are really starting to bug me.

    My bank is up-front about them and has provided details of what the charges will be for making international charges. The problem is it's often not possible to anticipate that the processing will be offshore. I've been stung a number of times making online purchases from companies with a .com.au address and charging in Australian dollars. Its only when the credit card statement comes that I see the payment went through an offshore company and an international processing fee was charged.

    My most recent experience was on a P&O Australia cruise. P&O advised that if you used a credit card for incidental charges, it would incur a 1.5% surcharge. Fair enough. I knew about this and accepted it. Then I get my amex statement and find the bank has charged an additional 2.5% because the P&O Australia Aust dollar charges were processed through Carnival Australia in Reservsanta Clarita, wherever that is.

    We are not talking huge sums here, but it is still very annoying when I have a separate credit card that doesn't charge any international transaction fees and I could have used that. I think any company charging in Aust dollars should be required to inform you if the processing will be done offshore.

    Anyway, that's my rant.

  2. #2

    Default Re: International Transaction Fees

    Frequent flyers/travellers best friend.

    2 of the best cards out there at the moment.

    Citibank Plus Credit Card

    28 Degrees Credit Card

    I gave up the 28 Degrees card recently in favour of the Citibank card.

    Both have very good fx rates (Citi slightly better) and zero fees for all transactions. Citi can also be used to withdraw money globally - Visa debit card - (28 Degrees had cash advance, but is stopping this feature), and both are fee free (Citibank - if using a Citibank atm, heaps out there).

  3. #3

    Default Re: International Transaction Fees

    I've got a Citibank debit card and a 28 degrees credit card and I use both for overseas travel and internet purchases. I use an amex card for Australian purchases though, because of its rewards program.

    What bugs me is that I can't always make an informed decision on which card to use....

  4. #4
    Administrator Joe Blow's Avatar
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    May 2004
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    Default Re: International Transaction Fees

    Hi Ferret, the two cards that I have found to be the most international transaction friendly are the 28 Degrees Mastercard and the Citibank Plus Visa debit card.

    The 28 Degrees Mastercard currently has no currency conversion fees on transactions in foreign currencies and no overseas ATM fees. However, as of January 1st, 2014, they will be introducing a cash advance fee of 3% of the cash advance or $4 (whichever is greater) will be charged to the account on each occasion on which you obtain a cash advance or make a cash equivalent transaction. Regular transactions in foreign currencies will continue to have no currency conversion fees applied.

    The Citibank Plus Visa debit card has no currency conversion fees, or overseas ATM fees, unless the ATM owner charges a fee. However, this is not a credit card so you will be using your own funds every time you use it.

    Neither card charges monthly account keeping fees.

    If you have a lot of transactions in foreign currencies it may be worth switching to one of those two.

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