Complete Guide to Macquarie Bank Travel Cards: Available Options, Fees, Exchange Rates

Travelling overseas can be fun but it can also have you scratching your head about the best way to spend money. You might worry about how to pay, what currencies are accepted and if your cards will work. An easy solution is a prepaid travel money card that lets you convert Australian dollars into a local foreign currency for convenient spending abroad.

If your bank doesn’t offer a travel card, you can check the policies and fees for using a debit or credit card abroad. Many banks let you use your existing cards to withdraw cash from ATMs overseas and make purchases online or in-store in foreign currencies. If you are a current Macquarie account holder, read on to learn more about what the bank offers for Australians heading abroad.

We'll also introduce you to Wise Travel Card as an alternative, that can help you save on your international travel by offering currency conversions at mid-market rates without any hidden markups.

Macquarie Bank Travel Cards

While many Australian banks offer travel cards, Macquarie Bank currently does not have a dedicated travel card. However, you can use your existing Macquarie Bank debit or credit cards when travelling internationally.

Macquarie Bank debit and credit cards can be used everywhere Mastercard or Visa are accepted. While it is convenient to use your usual card while abroad, especially for existing Macquarie cardholders, there may be downsides:

• Spending in Australian dollars: You can’t pre-load foreign currency onto your debit or credit cards, which means you can't lock in exchange rates and protect yourself against potential rate fluctuations. Every purchase will be converted to AUD in real time and deducted from your account at the bank’s exchange rate.
• Potentially expensive: Debit and credit cards can add to your budget, especially with an exchange rate markup. Credit card users are also hit with a cash advance fee and rate when withdrawing cash from an ATM.
• Limited travel insurance: Not all Macquarie Bank debit or credit cards offer perks like travel insurance.

Macquarie Bank Debit Card for Travel

Macquarie Bank offers a range of savings and transaction accounts, many of which come with a debit card. These debit cards, linked to your account, can be used anywhere Mastercard is accepted globally, including restaurants, hotels and ATMs.

Key benefits:

• No fees: There may be no international transaction fees or ATM fees.
• Wide Acceptance: Your card can be used nearly everywhere in the world.
• ATM Withdrawals: Withdraw cash conveniently from ATMs globally.
• Contactless Payments: The debit card offers contactless payments for fast and secure transactions, and can be added to a digital wallet like Google Pay or Apple Pay.

Double-check with your account to make sure you qualify for benefits like no international transaction fees. Check out our blog to learn more about using your Macquarie debit card overseas.¹

Using Macquarie Bank Credit Card Overseas

Macquarie Bank offers three credit cards that can be used when travelling abroad

• Macquarie Black Card: This card offers rewards points, no international transaction fees and travel insurance coverage for cardholders and their families.
• Macquarie RateSaver Card: This card features low annual fees and no international transaction fees, making it a wallet-friendly option for international travel.
• Macquarie Platinum Card: An ideal credit card for foreign travellers due to its comprehensive travel insurance coverage for cardholders, spouses, and dependents.

All the Macquarie Bank credit cards use Visa and can be used anywhere it is accepted. Using a credit card for overseas purchases can be convenient and help you earn points and rewards, however your transactions can eat into your budget. The exchange rate you get on every purchase can hide a fee that adds up quickly. Read more on the exchange rate markup to expect later in the article.²

Free Travel Insurance with Macquarie Bank Credit Card

Travel insurance is a great way to protect yourself and your loved ones when you travel, and is offered free to Macquarie Black and Platinum credit card members. A travel insurance policy is through Chubb Insurance Australia Limited and can provide financial compensation if things go wrong on a trip.³

To be eligible, you must:

• Be an Australian resident with an active Macquarie Bank Black or Platinum credit card.
• The travel ticket from Australia must be paid in full using the credit card.
• Below the age of 85 years old.
• Have a trip that is starting and ending in Australia, with a maximum trip length of 90 days for international trips.

Travel insurance coverage is also available for domestic trips.

Policy coverage includes:

• Overseas medical emergency expenses
• Travel delays and cancellations
• Loss or damage to luggage
• Rental vehicle excess
• International purchases

Pre-existing medical conditions are not covered. Contact the bank for more information on travel insurance through your Macquarie credit card.

Traveling abroad with Macquarie Bank Cards

Ready to head out for your trip? Here are a few steps to take before leaving with your Macquarie Bank debit or credit cards:⁴

• Let the bank know about your trip, like the dates you’ll be gone and destinations. It will help avoid your card being blocked for fraud if you use it abroad. You can inform the bank seamlessly through online banking or the mobile banking app under the Travel option.
• Share any contact numbers or email address so the bank can contact you in an emergency.
• Enable push notifications from Macquarie Bank.
• Download the Macquarie Bank Authenticator app, which allows you to approve or deny transactions made from your account in real-time, even if you’re not connected to a network.
• Pay only at merchants that accept the network- Visa or Mastercard- linked with your card; the same goes for ATMs.

If you need to send money before your trip, check out our guide to Macquarie Bank International Transfers.

Cost of using Macquarie Bank Card Overseas

While Macquarie Bank makes it easy to use your existing debit or credit cards abroad, there can still be some costs attached.

The Macquarie Bank credit cards come with an annual fee:

Generally, all international purchases done in person or on foreign websites don’t have a fee. However, you may still see a charge from the merchant’s bank.

Where you may pay a fee with Macquarie Bank is when you get cash from an ATM. This is particularly true when getting cash using your credit card.

Macquarie Bank International ATM Withdrawal Charges

Remember, the cash advance interest rate on the amount you borrow is in addition to the cash advance fee.

Macquarie Bank International Transaction Charges

Macquarie Bank doesn’t charge international transaction fees for ATM withdrawals and overseas purchases on its credit and debit cards. However, third-party or merchant charges can apply and you may be charged an exchange rate markup. More on that in the next section.

Similarly, foreign bank charges may also apply to international money transfers.

Foreign Exchange Rates on Macquarie Bank Cards

When using your Macquarie Bank debit or credit card overseas, you'll typically encounter two currency conversion options:⁷

• Pay in foreign currency: Your purchase is initially processed in the foreign currency and then converted to Australian dollars by Visa using their prevailing exchange rate. Visa generally converts to Australian dollars for purchases made in major currencies like U.S. dollars, Canadian dollars, Singapore dollars, New Zealand dollars, Euros, Pound Sterling, and Japanese Yen. For other currencies, the transaction is first converted to U.S. dollars and then to Australian dollars.The exchange rate is set by Visa and may include a rate markup, which you can be hit with twice if you are using one of the non-major currencies.
• Pay in Australian Dollars: When you choose to pay in Australian dollars, the merchant directly converts the foreign currency amount into Australian dollars at their prevailing rate. This is known as dynamic currency conversion.It's important to note that Visa doesn’t control this exchange rate, and it can be more expensive with high exchange rate markups.

What is an exchange rate markup? It’s a small hidden fee that banks and providers add on to an exchange rate when you convert a foreign currency to your home currency. You can compare the rate you get to the mid-market exchange rate you see on Google. The small rate difference is the markup and it takes a cut of every purchase you convert. It can seem like a fraction, but it adds up quickly- especially when you’re spending on holiday.

Want to save money when spending abroad? As an alternative, we would like to introduce you to the Wise Travel Card that offers the mid-market exchange rate on currency conversion. You can use the Wise Travel Card in countries and swipe like a local to make purchases at restaurants, stores and local sites.

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Meet Wise: Your Smart Travel Money Card

Wise offers a convenient travel card and money transfer services that make managing your finances abroad a breeze. The Wise card lets you spend like a local in over countries, with

• Excellent exchange rates: Always get the mid-market exchange rate – the same one you usually see on Google – so you get the most out of your money.
• Low, transparent fees: Say goodbye to hidden charges and hefty markups. Wise keeps its fees low and transparent, so you know exactly what you're paying.
• Convenient card and app: Use your Wise card to swipe like a local in supported countries. Manage your money, track spending, and even freeze your card if needed, all through the Wise app .
• Cash withdrawals: Easily withdraw cash from supported ATMs abroad with low, transparent fees. But be mindful that ATM providers may charge their own cash withdrawal fees.
• International transfers: Send money abroad with the same mid-market exchange rates and low fees.

Get your Wise Card 🚀

1. Macquarie Bank Debit Card
2. Macquarie Bank Credit Card
3. Macquarie Bank Platinum/Black Credit card travel insurance
4. What to do before traveling
5. Macquarie Bank Debit Card Fees
6. Macquarie Bank Credit Card Fees
7. Macquarie Bank Exchange Rates