Which Card Offers The Best Exchange Rate for No Foreign Transaction Fee Debit /Credit Cards

coolsteps on 30/04/2023 - 15:53
Last edited 30/04/2023 - 16:06

I just wonder which Card Offers The Best Exchange Rate for No Foreign Transaction Fee Debit & Credit Cards?

I know Macquarie black visa card offers points and the Citibank diners club companion card offers 2 reward points but not sure if any rewards cards on the market are better to use or is one better off using a no rewards option if the exchange rate is more favourable?

I heard that Diners club exchange rate is poor once it comes of pending and bills to the account compared to the mastercard intl xrate but not sure on visa intl.

has anyone done test purchases one straight after the other to test to see which cards offer the better exchange rate care to post their experience? or is there a forum or comparison website for Australian issued card exchange rates?

since ING are stopping the reimbursement of the ATM operator fees which can be up to $6 are there any other good card alternatives for Thailand or ATM cash withdrawals abroad?

Does anyone know if the 28 degrees, CommBank Low Fee Gold Credit Card, bankwest, Bundll card or citibank debit mastercard exchange rates were close to the official master card intl rate or if one card is better than the other to use?

can people with the coles no annual fee mastercard still call up and upgrade their card to the rewards card which earns flybuy points over the phone without having to do a credit check and get 12 months annual fee waived and then downgrade back to the no AF card after your overseas trip?
is the coles rewards mastercard still a good option and does it offer a good exchange rate close to the mastercard intl official rate?

Financial Credit Card Debit Card

Comments

  • DrScavenger on 30/04/2023 - 16:23

    Up

  • tebbybabes on 30/04/2023 - 17:12

    I'll be interested in what others chime in.

    My 2 cents - AFAIK, if they are Mastercard or Visa branded cards they'll be using Mastercard and Visa spot prices as long as you're paying in the target currency… My impression is, it's when we take the option to be charged in the equivalent AUD that exchange rate shenanigans happen. At least, that's what I managed to observe - this was many years ago and I will admit, I didn't break out spreadsheets.

    Anyway, that's why I always opt to be charged in whatever the local currency is. When I'm online, I also pay in the target currency with a card that has no foreign transaction fees. That way I'm only paying Visa or Mastercard spot rates (which I've found to be very close to international money market spot rates). eg. paypal exchange rates are always worse than what I would get with straight foreign currency transactions.

  • Bargainitis on 30/04/2023 - 21:14
    +1

    I use the Commbank Ultimate rewards card as my back up.

    No foreign exchange fees for overseas purchases (via online or over there in person using card). The exchange rate is actually pretty good (have spot checked many times against spot rate). Rewards not as good but the no Forex fee makes up for it.

    I have heard 28 degrees works too? Never used it before though.

  • coolsteps on 01/05/2023 - 10:50

    The Bundll card used to be a good option. just use it pay no fees earn some velocity points then pay it off with a rewards credit card shame its coming to an end on May 9th. What about no fee ATM cash withdrawal options? Not sure about fees now so whats to go about citibank debit card using atms overseas now that they sold it to NAB? other options HSBC multicurrency visa debit card and westpac debit MC but not sure which ATMs one can use that are free for cash withdrawals? WISE do they still offer $200 cash out at atms per month free?

  • coolsteps on 01/05/2023 - 14:20

    interesting article here but info may be outdated: https://www.pointhacks.com.au/credit-cards/no-overseas-trans… UPDATED:
    NOVEMBER 14, 2022

    They have a comparison on exchange rates here https://www.pointhacks.com.au/prepaid-travel-cards/ UPDATED:
    AUGUST 9, 2020 . even though info may be old , with the HSBC Everyday Global card offering it was the most competitive FX rates in all currencies displayed. so seems like the HSBC global card is what i might take it as a back up card with me next time but not so sure on their fees for cash withdrawals. shame you cant get 2% cashback on overseas purchases either only on Australian based tap and pay purchases. ref https://www.hsbc.com.au/accounts/products/everyday-global/

  • coolsteps on 01/05/2023 - 14:32

    Now Ing isnt an option i cant find one yet that will rebate ATM fees but Citi, Westpac and HSBC have products that work ATM fee free in many places. ref westpac https://www.westpac.com.au/international-travel/access-money… Global ATM Alliance partners (a 3% foreign transaction fee applies when using a debit or credit card). because of the 3% fee i dont think westpac is worth it. i found this HSBC link https://hsbc.banklocationmaps.com/en HSBC Bank Locations Worldwide and Citibank Locations Worldwide https://citibank.banklocationmaps.com/ but not sure if it is current and shows all the ATMS?

  • twistedbow on 01/05/2023 - 15:44

    For exchange rate, they should be set by mastercard/visa so all cards will be similar when it comes to fx rate. For no fx trans fee, I recommend getting bankwest zero plat credit card. No annual fee and no fx transaction fee.

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