I am aware of some of the Australian debit accounts that provide no foreign transaction fees as a part of the product, but does anyone know which give the best foreign transaction fee exchange rate? Anyone have any personal experience or know of where I can go to compare exchange rates. Please note I am specifically looking at debit card products. Thanks for any help you can provide!
Which Australian Debit Account Gives The Best Exchange Rate?
tete on 18/06/2024 - 00:28
Comments
Ubank Visa Debit is what I used in Indonesia and NZ and rate close to spot rate. I did comparison this with 28 Degrees previously and 28D cheaper by $2-3 per $1000.
thanks, I hadn't heard of Ubank before.
Wise
Guy
Macquarie is pretty good. Uses the official Mastercard rate at the time, awfully close to spot. No foreign fees. Not sure if there’s any truth behind it but have been told Mastercard often have a slightly better exchange rate than Visa on most days/currencies.
official Mastercard rate
It's actually the Mastercard Wholesale rate, so you won't be able to get much lower than that on an account with zero fees. Macquarie's banking products are severely underrated IMO.
+1 to Macquarie. Opened the account in less than 3 mins all online.
Ubank debit worked fine in Europe faster than another card issued there!
No extra exchange fees but when you spent big money on travel, accomm and tour passes, getting speedy food and drinks was worth it to me.
Just one there was a system glitch, so carry some cash just in case.Read the T&C and see if they use Mastercard or Visa's exchange rate - you're gonna be hard pressed to find better than that (except for Wise and Revolut which use their own rates - sometimes better sometimes worse)
ING, Macquarie, Up, UBank
I've found ING debit and credit card very useful on overseas trips. Transactions show up almost immediately and exchange rate almost always the same as xe app (which I use as a guide)
Mine.