ANZ credit card international transaction fee. The lowdown

Travelling overseas doesn’t have to be an overly expensive activity if you plan accordingly. There can be extra costs though that may come as a surprise if you do take a credit card with you to pay for your expenses.

Before you depart, it's important to weigh up if using a credit card abroad suits your trip or your overall travel needs. This article deep dives into some of the fees and other good to know if you want to use an ANZ credit card abroad.

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Table of contents

Using your ANZ credit card overseas What are international transaction fees How foreign currency transaction fees work with ANZ credit cards ANZ foreign transaction credit card fees Exchange rate ANZ uses for your overseas foreign currency payments Benefits of using your credit card for international transactions Cons of using your credit card for foreign transactions How do refunds or credits in a foreign currency work on ANZ credit cards? Keep in mind - Tips Talk to your bank Carry more payment methods Get to know what a safe ATM looks like Understand Dynamic Currency Conversion Check lost or stolen card process Contacting ANZ The Wise Account and Debit Card

Using your ANZ credit card overseas

Yes, you can use your ANZ credit card overseas.¹ Compared to a debit card – which allows you to spend what you have on your account – a credit card can be a good way to take advantage of additional credit to push up your travel budget while overseas.

However, it can also get pricey if used in certain ways. We’ll clarify these pros and cons later in the article.

What are international transaction fees

When paying for things within Australia and in Australian dollars, the transactions are quite simple. Travelling overseas, you will have to spend in the local currency for the country you are in. This is where an international transaction fee is likely to be charged.

These are fees charged to you by your bank or card issuer when buying things overseas or when you pay in a foreign currency.²

How foreign currency transaction fees work with ANZ credit cards

ANZ refers to these fees as overseas transaction fees. These can be incurred on purchases made abroad with your credit or debit card, using an international ATM for cash advances, or buying something in a foreign currency online. ANZ may offer some credit cards that offer reduced or no overseas transaction fees. Generally though, an overseas transaction may incur a fee in one way or another.²

ANZ foreign transaction credit card fees

Getting to know what you're up for when using an ANZ credit card abroad is a great way to mitigate the chance of an unwanted surprise on your post-trip statement. Here are some of the common fees to keep in mind for ANZ credit cards.²

Card maintenance fees	Varies between $26 per year up to $370 per year depending on which ANZ credit card is ordered
International transaction fee	3% on each payment
Foreign ATM fees	**Local cash advance ** 3% fee or minimum of $3, and a maximum of $20 per withdrawal Foreign cash advance 5$ plus with an additional 3% overseas transaction fee per withdrawal Note: Third party ATM providers may charge their own fees
Late repayments	$20

As seen on 09 October 2024

Exchange rate ANZ uses for your overseas foreign currency payments

For overseas foreign currency payments made on your credit card, ANZ uses the Visa exchange rate for conversions. Sometimes an extra hidden fee is incorporated into an exchange rate that is separate to the overseas transaction fee you have to pay.³

To see if there's a margin included, we’ll do an example transaction for a purchase made in GPB using an ANZ credit card and compare it with Wise, a provider that offers the mid-market rate on foreign conversions.

ANZ Credit Cards Visa rate⁴	Wise mid-market rate⁵
For a 1000 GBP purchase, you will be charged a 3% overseas transaction fee as part of the transaction plus a 0.69% mark-up which is built into the exchange rate. The Visa exchange rate is 1 GBP = 1.9962 AUD This means you’ll be spending around $1996.20 AUD	For a 1000 GBP purchase using the Wise debit card that uses the mid-market rate, you’ll be charged 3.19 GBP as part of the transaction. The exchange rate is 1 GBP = 1.9449 AUD This means you’ll be spending around $1938.77 AUD⁷

As seen on 08 October 2024

Benefits of using your credit card for international transactions

Other than the two benefits that were mentioned earlier, there’s a whole array of other benefits of using a credit card for international transactions. Credit cards can:

• Be a convenience and limit how much cash you need to carry
• Provide more security for your money with fraud protection technologies working in the background
• Offer more competitive exchange rates than some foreign exchange outlets
• Help you manage and track your spending more easily
• Let you access additional rewards or travel benefits
• Provide travel insurance for your trip

When push comes to shove, credit cards can help you extend your travel budget a pinch further.

Cons of using your credit card for foreign transactions

When we switch to the cons, the additional fees make up the crux of the issues. You could:

• Have an extra cost for each purchase
• Be charged with high ATM fees, especially if making a cash advance
• Experience double the fees if you get charged by ANZ and merchant
• Have delayed charges where fees may not show up right away

When you travel frequently, these extra fees could impact your overall travel cost.

How do refunds or credits in a foreign currency work on ANZ credit cards?

For any purchase that requires a conversion from or to a different currency, an overseas transaction fee will still apply if a refund or reversal is processed. This fee is still 3% of the purchase and will be charged as part of the refund.²

Keep in mind - Tips

To make your trip as smooth as possible, here are some tips to keep in mind.

Talk to your bank

You should always Inform your bank before you travel, and update them on the destination you plan to visit to prevent your card from being unexpectedly declined.¹

Carry more payment methods

While this may seem counterintuitive to taking your credit card, carrying multiple payment methods – especially cash – can be a lifesaver if one method stops working.

This does not mean you should carry them all at the same time though, rather keeping them in a safe and secure play at your accommodation when it is not needed.⁶

Get to know what a safe ATM looks like

Falling victim to a shady ATM after withdrawing money is more common abroad than you think. Always check for any dodgy features such as:

• Loose keypad
• Damage to the card slot
• Hidden cameras
• Lingering individuals

It’s also a good idea to see if ANZ or your provider has a trusted ATM network in your destination country. Doing this can also save you from being charged third-party ATM fees.

Understand Dynamic Currency Conversion

Dynamic currency conversion or DCC is when a merchant offers you the choice between paying in your home currency or the local currency where the purchase is being made. It is usually recommended to choose the local currency in these transactions as you may be charged a less favourable exchange rate when having the amount converted to AUD.

Check lost or stolen card process

When the unexpected happens and your credit card gets lost or stolen, being aware of where and how to block or cancel your card can help mitigate any unauthorised transactions.¹

Contacting ANZ

If you need to contact ANZ for any reason, you can:

• Call 13 13 14 from within Australia
• Call +61 3 9683 9999 from overseas

You can also visit their support page for tailored support lines.

The Wise Account and Debit Card

With a Wise Account you can hold money in currencies and spend it in countries. You can also order local account details in popular world currencies like AUD, NZD, USD, EUR, GBP to receive local and/or international payments like a local.

Whenever you exchange currencies it’s done using the mid-market rate with a transparent conversion fee shown upfront.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a conversion fee.

The Wise card may suit you better if you’re to spend money that you’ve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU, or foreign equivalent, per month (keep in mind that ATM providers may charge their own fees). You can see our full fee breakdown for ATM withdrawals here.

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Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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Sources:

1. ANZ Credit card
2. ANZ fees and charges
3. ANZ Terms and conditions
4. Visa Exchange
5. Wise exchange rate
6. ANZ Travel tips
7. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Sources checked on: 10 October 2024