Save on credit card fees while you travel.
Planning to use a credit card on your overseas holiday? If you play your cards right, you could save on fees, charges and travel insurance so you have more to spend on the fun stuff.
Save on credit card fees while you travel.
Foreign transaction fees.
Foreign transactions are all transactions made in a foreign currency or outside of Australia. This includes online transactions made from Australia where the merchant or bank processing the transaction is located overseas.
It’s common to be charged a fee for foreign transactions, and these can add up quickly when you’re spending money abroad. Check the foreign transaction fee on the credit card you’re planning to use.
You won’t be charged foreign transaction fees or overseas ATM fees if you’re a Platinum or World customer, but other fees and charges might apply including Overseas ATM operator and local non-bank ATM operators may charge a fee.
Annual fees.
Some credit cards come with an annual fee, while others – like our Bankwest Zero Mastercard® – don’t. Not having to pay an annual fee could mean one less thing to budget for.
Cash advance fees.
Using a credit card to take cash out at an ATM – known as a ‘cash advance’ – attracts a fee, and the interest you pay on that cash is higher than if you were to use your credit card to make a purchase.
To avoid cash advance fees and charges, consider using a debit card to withdraw cash if you can. Remember, there might still be ATM or foreign currency conversion fees on some accounts when you withdraw cash with a debit card.
Travel insurance.
You may be able to avoid having to take out separate travel insurance if you have an eligible Bankwest credit card – this is called our Complimentary Overseas Travel Insurance.