Home
Credit Cards
News
ACCC spotlight on overseas transaction fees will encourage more fee-free products

ACCC spotlight on overseas transaction fees will encourage more fee-free products

03 Oct, 2018 - 2 min read

Financial comparison site RateCity.com.au welcomes the Treasurer’s decision today to have the ACCC investigate overseas transaction fees.

RateCity research shows the average overseas ATM fee charged by Australian banks is $4.46 per transaction, but can climb as high as $5.50. The average currency conversion fee is 2.71 per cent of the transaction value.

RateCity research director Sally Tindall said the investigation would shine a much-needed spotlight on an area of banking that is riddled with fees.

“Most Australians travelling overseas are hit with a laundry list of fees when taking money out of the ATM or purchasing items with their card,” she said.

“Over the last twelve months we’ve seen a handful of banks boldly scrap their overseas fees. These banks should be congratulated for putting their customers first.

“Now it’s time for the big banks to step up to the plate. We saw how quickly they acted when it came to domestic ATM fees. Let’s see what they can do with overseas ATM fees,” she said.

RateCity picks: transaction accounts that have no international fees

Bank	O/S ATM fee	Fee from ATM provider	Currency conversion fee	Admin fees	Notes
ING Orange Everyday	$0	Refunded	$0	$0	Must deposit $1K and make 5 transactions a month to qualify for free ATMs
Citibank Plus	$0	At cost	$0	$0	Fee-free international money transfers.
RAMS Action	$0	At cost	$0	$0	Overseas ATM must display the cirrus or maestro logo
Macquarie transaction account	$0	At cost	$0	$0	Macquarie are currently running a special that waives their overseas ATM fee.
HSBC everyday global account	$0	At cost*	$0	$0	This account lets you load up to 10 currencies. *Foreign ATMs charge a fee but HSBC branded ATMs are fee free.
Ubank	$0	At cost	$0	$0

Note: Currency conversion fees can be charged for ATM withdrawals, overseas transactions and online with overseas providers.

Disclaimer

This article is over two years old, last updated on October 3, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent credit cards articles.

Compare credit cards

Product database updated 28 Nov, 2024

This article was reviewed by Money Editor Laine Gordon before it was published as part of RateCity's Fact Check process.

Alex Ritchie

Personal Finance Editor

Alex Ritchie was a Personal Finance Writer and Editor at RateCity, and has been writing about Australian finance for over six years. Her expertise and passion covers loans, credit, superannuation, and closing the gender pay gap, and she aims to help young Aussies to overcome their financial apathy. Alongside RateCity, Alex has been published in numerous publications, including Australia's Money Magazine, Business Insider, Lifehacker Australia, and in health via NPS MedicineWise.