How to beat the 2% charge? - Aussie Stock Forums

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  1. #1
    Learner WaySolid's Avatar
    Join Date
    Jul 2004
    Europe & Gold Coast

    Default How to beat the 2% charge?

    An item that has been on my 'to do' list for over a year, but better late than never in this case...

    Everytime I use an ATM to withdraw money overseas I'm slugged with a 2% foreign currency conversion fee from my bank.

    Any good suggestions for better ways to transfer savings account funds to cash in pocket without incurring this fee? I'm sure they exist.

  2. #2

    Default Re: How to beat the 2% charge?

    Yeh its stinks.

    In the UK I took Travellers cheques and found that Barclays changed them with NO fee at face value.

    I also found some Travel agents did the same.
    I know thats not a card but perhaps you could have some T/Cheques.
    I dont know about other countries.

  3. #3

    Default Re: How to beat the 2% charge?

    I used the wizard card while in Germany, no foreign currency conversion fees at all. Interest rate not too bad either.

    Other thing is to withdraw from you savings account and not credit card. It should only be a flat fee not a percentage, and use eftpos and its a bit cheaper still.

    As for travellers cheques, you may be paying a commission for 1% or so when you buy them unless you have gold credit card (some banks offer no commission when you have one)

    There is a credit union a mate in Isle of Man set up an account with that charged no fees for international transactions, I think it was Queensland Credit union, might check with him later

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