Which credit cards have no currency conversion fees?
Whether you’re shopping online or heading overseas, currency conversion fees can add up, but luckily there are a few products out there with no such thing.
Many run-of-the-mill credit cards tend to charge a foreign currency conversion fee. Such a fee occurs when you’re in a foreign country or buying from an overseas website, and the credit card company charges you for the privilege of having them convert from say, United States Dollars to Australian Dollars.
This means that aside from the exchange rate, you’ll also have to contend with this fee. The forex fee is often around 3%, meaning a $100 purchase actually costs you $103, plus whatever the exchange rate is doing at the time. In fact, the conversion fee can be bundled in to the exchange rate when you look at your statement, so it can be very easy to gloss over the fact you’re paying this.
Compare Credit Cards With No Foreign Transaction Fees
Below are a handful of credit cards with no foreign currency conversion fees.
[$0 Annual Account Fee in First Year with an ANZ Platinum credit card.
*Reverts to standard purchase rate, currently 20.99% p.a. In each subsequent year, standard Annual Account Fee (currently $87) applies. Eligibility criteria, T&Cs, fees and charges apply.
Offer ongoing until further notice.
View balances, transfer money and make payments simply and easily with the ANZ App.
Apple Pay® and Google Pay let you use your compatible Apple® or Android™ device to tap and pay with an eligible ANZ credit card.
$6, 000 Minimum credit limit
Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[Earn 70, 000 bonus Qantas Points on a new NAB Qantas Rewards Premium Card when you spend $2, 000 on everyday purchases within 60 days of account opening.*
Enjoy a reduced annual card fee (from $295 to $150) for the first year.
Standard Balance Transfer Rate: 0% p.a. for 12 months. 3% BT fee applies. BT reverts to Cash Advance Rate. Minimum monthly repayments required.
NAB may vary or end this offer at any time.
Access to six complimentary insurances when you make an eligible purchase.
Platinum Concierge Service - your own 24 hour, 7 day personal assistant.
Complimentary Qantas Frequent Flyer membership.
Up to 44 days interest free on purchases.
Minimum credit limit $6, 000
Apple Pay, Google Pay, Samsung Pay, ]
[Latitude GO Mastercard® lets you buy now and pay later with a range of Interest Free Payment Plans when you shop with partner retailers, including Harvey Norman, Domayne, Joyce Mayne and thousands of other great stores.
Up to 55 days Interest Free on your everyday purchases.
Late fee $35 Note: Effective from 10th April 2024, the late fee will increase from $35 to $45. Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[Earn 0.75 Qantas Point for every $1 spent on Card purchases, except spend at government bodies in Australia where you will earn 0.5 Qantas Points per $1 spent.
Pay no annual Card fee for up to 4 Supplementary Cards so you can earn more Qantas Points.
Eligible for use with Google Pay, Apple Pay and Samsung Pay
Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[Receive 80, 000 bonus Amplify Points When you apply for a new Amplify Platinum credit card and spend at least $3, 000 on eligible purchases made with the card within 90 days of card approval.
0% p.a. interest on balance transfers for 15 months when requested at card application. 1% balance transfer fee applies if you make a balance transfer. The variable cash advance rate will apply after this promotional period. New cards only.
Apply by 30 November 2021.
Enjoy uncapped points earning potential and double points earned on international spend (overseas merchants).
Complimentary insurance covers if you pay for your travel costs with your Amplify Platinum card before you leave Australia, as set out in the policy.
24/7 Concierge.
Add an additional cardholder at no extra cost.
Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[The convenience of Visa payWave allowing you to make purchases under $100 in seconds by holding your card against the payWave terminal.
A low rate of 12.74% p.a. on retail purchases.
Exclusive Visa Entertainment offers.
Suncorp Clear Options Standard Credit Card Introductory offer of 0% p.a. for 20 months on balance transfers applies. Your total Balance Transfers may not exceed 80% of your Credit Limit. The 0% p.a. interest rate will apply to balances transferred with this offer, and the balance transfer fee, for a period of 20 months. The 20 months promotional period commences when the Balance Transfer is processed, and you must make the Balance Transfer request within the first 3 months from approval to receive this offer. This offer is valid until 28 August 2024.
Apple Pay, Samsung Pay, ]
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Considerations when using a credit card with no currency conversion fees
As the old saying goes, there’s no such thing as a free lunch. When you’re shopping around for a credit card with no currency conversion (a.k.a foreign exchange) fees, it’s important to consider a few things.
Interest Rate
You may have noticed the more perks you get on your credit card, the higher your interest rate. Many of the lowest rate cards do not tend to have perks such as zero currency conversion fees. While this is likely not a problem if you pay off your bill in-full every interest-free period, you could get stung if you let that bill run a bit loose. Many of the lowest interest rate credit cards feature purchase rates less than 10% p.a., versus 19% p.a. or more for cards with no currency conversion fees.
Features & Perks
As said before, something has got to give, and the more perks you have on your credit card, the higher your interest rate could be. On the flip side, many of the cheaper credit cards with no currency conversion fees have comparatively few extra perks. If you’re using your credit card for travel, generally you’ll have to decide whether you value airline points and lounge access, or zero currency conversion fees. Many of the fanciest cards still attract conversion fees of 3% or more.
Annual Fee
If you’re just going to be using your card for occasional travel or online purchases, and purchasing online from overseas, it hardly makes sense to spend, say, $200 on an annual fee when you’re only going to be saving $100 in currency conversion. You’ll have to do the maths yourself here - a credit card with no annual fee could end up working out better than one with no currency conversion fees, or vice versa. Luckily, many credit cards feature both, so you don’t necessarily need to compromise.
Shopping Online - Beware of the Hidden Currency Conversion Fee
The site you’re purchasing from looks Australian, you’re shopping in Aussie Dollars, and the URL has .au or /au so why are you being charged currency conversion fees?
Aha, you’ve stumbled upon a neat little trick websites use. For all intents and purposes, the site looks Australian, but payments are actually routed through an overseas website or payments system, which can trigger currency conversion fees.
This is especially the case with American-owned companies, where the ‘Aussie’ site is just a skin and you’re actually purchasing through the US system. From this author’s personal experience, Adobe, the publisher of Photoshop and Lightroom, charges a currency conversion fee, despite the website looking Australian. Usually this is listed in the fine print, so if unsure, double check, and shop diligently!
Article first published 26 February 2021, last updated 30 June 2021.
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Denise Raward
Emma Duffy
Harrison Astbury
Staff Writers
