Credit cards with no overseas (or foreign) transaction fees can provide substantial savings for those who frequently transact in foreign currencies, such as when travelling overseas and interacting with the overseas versions of websites such as Amazon, eBay and Macy’s.

The typical overseas transaction fee for most credit cards in Australia is 2-4% of the converted amount, meaning that a US$100 transaction will convert to ~AU$158 plus add on an average ~AU$4.74 fee.

restaurant in Singapore
Using a card that doesn’t charge overseas transaction fees will reduce the cost of eating out at this restaurant in Singapore

If you travelled overseas for three weeks a year and spent the equivalent of AU$120/day not using a card that waives overseas transaction fees, the charges would rack up to over $75, which is almost the annual fee of some cards that earn you a solid points rate.

However, while international transaction fee waivers are welcome, they need to be given in conjunction with a good foreign exchange rate on the credit card. We’ve also been asked about credit cards with no forex fees a number of times – here, here, here and here, just for a small handful – so below is a round-up of some of the cards on the Australian market that offer no overseas transaction fees.

NAB Rewards Signature

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  • Rewards Earn Rate: Earn 1.5 NAB Rewards Points earned per $1 spent on everyday purchases up to $15,000 per statement period, then 0.5 NAB Rewards Points for every $1 spent, uncapped thereafter. 
  • Annual Fee: $24 monthly fee, can be reversed when you spend $5,000 or more in a statement period.

The NAB Rewards Signature Card is the highest points-earning card in the NAB Rewards line-up. It has no international transaction fees on all eligible purchases and comes with a Delayed Flight Lounge Pass that gives you complimentary access to an airport lounge at selected locations in the event of a 60 minute or more delay to your domestic or international flight.

Westpac Lite Credit Card

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  • Rewards Earn Rate:
  • Annual Fee: $9 Monthly card fee

The Westpac Lite Credit Card has no foreign transaction fees including for shopping and offer a low variable purchase rate of 9.90% per annum. The card has a monthly fee of $9 for a total of $108 annually.

Bankwest Qantas World Mastercard

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  • Rewards Earn Rate: 1 Qantas point earned per $1 on eligible purchases up to $5,000 per month. 0.5 Qantas Point per $1 thereafter. 
  • Annual Fee: $270 p.a. ongoing

The Bankwest Qantas World Mastercard is great for those who are looking for a Qantas-point earning card that has no foreign transaction fees for online and overseas purchases. Comes with several complimentary insurances including overseas travel insurance.

Bankwest Qantas Platinum

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  • Sign-up Bonus: Up to 50,000 bonus Qantas Points
  • Rewards Earn Rate: 0.75 Qantas Point per $1 spent on eligible purchases up to $2,500 per month, 0.3 Qantas Points per $1 thereafter. 
  • Annual Fee: $160 p.a.

Bankwest is offering up to 50,000 bonus Qantas Points for new cardholders who apply for the Qantas Platinum Mastercard and spend $3,000 on eligible purchases in the first 90 days and keep their card open for over 15 months. The card earns 0.75 Qantas Points per dollar and has no foreign transaction fees for online and overseas purchases.

Macquarie Black and Platinum cards

Macquarie bank has no overseas transaction fees on all their cards, including the rewards points-earning Macquarie Black and Platinum cards.

You can earn Macquarie Rewards points a rate of up to two points per dollar for the Black Card. Or, up to one point per dollar for the Platinum Card. However, Macquarie no longer offers credit cards with Qantas Points attached. You also can’t transfer Macquarie Rewards points into frequent flyer points.

CommBank Awards cards with no overseas transaction fees

The Commonwealth Bank has a couple of credit cards with no overseas transaction fees, which also earn points. The most rewarding is the Ultimate Awards card. It earns up to three Awards points per $1 spent overseas (up to $10,000 spent per month). That’s equivalent to 1.5 Velocity Points, 1.2 Flying Blue Miles or 1 KrisFlyer mile per $1 transacted overseas. If you opt-in for Qantas Points (an additional fee applies), earn up to 1.2 Qantas Points per $1 spent abroad.

CBA’s Smart Awards credit card also comes without international transaction fees. However, the earning rate overseas matches what’s possible in Australia. On general transactions, that’s 1.5 Awards points (equal to 0.75 Velocity Points) or 0.6 Qantas Points per $1 spent. This rate applies when spending up to $5,000 per monthly statement period.

On both of the CBA cards mentioned above, earning rates decrease on transactions beyond these thresholds. Other fees, including monthly fees, may apply. However, these fees can be waived by using the card regularly. The usual $19/month fee for the Smart Awards card is waived in each statement period where you spend at least $2,000. On the Ultimate Awards card, the $35 monthly fee is waived when spending at least $4,000 per statement period.

Non-points-earning cards with no overseas transaction fees

Latitude 28 Degrees Global Platinum Mastercard

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  • Rewards Earn Rate:
  • Annual Fee: $8 card fee per month

The 28 Degrees Global Platinum Mastercard offers fee-free international transactions and currency conversion. It also comes with free global wifi and is a favourite of savvy overseas travellers to help minimise payment fees abroad.

The no-annual-fee Bankwest Zero Platinum Mastercard is another option. But note that the Classic version of this card does apply overseas transaction fees.

The Westpac Lite card has a $9 monthly fee.

The ING Orange One card will waive the overseas transaction fee if you deposit a specified amount in an ING account and use your card a certain number of times.

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Tip

When travelling overseas and a card terminal prompts you to select your currency, always pay in the local currency. That’s because the rates offered by the terminal include some padding – adding margin for the store owner. And, with many Australian credit cards, those ‘AUD’ transactions overseas would still be subject to international transaction fees.

Summing up

By adding a credit card with no overseas transaction fees to your wallet, you can minimise costs when travelling and spending in foreign currencies. Even if that means using another card (or cards) that prove more rewarding within Australia.

Also read: What is an ‘eligible purchase’ on a credit card?


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These credit cards have no overseas transaction fees was last modified: February 24th, 2025 by Daniel Sciberras