Using your Macquarie debit card abroad. The lowdown

When you travel abroad, it is crucial to have an easy and cheap way to access your money. Sometimes it can be hard to know if the debit card you have already is the best option for your trip.

If you’re with Macquarie Bank already or just looking around, you may be wondering how their Macquarie Debit card works abroad. We’ll give you the lowdown on the fees, travel features and tips to use your card abroad safely.

💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise Debit card while abroad.

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Can you use your Macquarie debit card overseas?

Yes, you can use the Macquarie Debit card overseas. Let’s get to know what sort of fees you can expect and if the things you need to know before setting off abroad¹

What to do before you travel abroad with your Macquarie debit card

The Macquarie App has the built in feature to detect when you are overseas and automatically activates a “Travel Mode”. This feature includes additional benefits including²:

• Exchange rates
• International support information
• Card details

If you let Macquarie know prior to leaving, these features will appear sooner in your app. Nonetheless, to avoid being stranded on the off chance you get flagged for suspicious foreign activity, it is always recommended to notify Macquarie Bank before you leave. You can do this by³:

1. Logging into your App or online banking portal
2. Select the Travel option under menu

You should let them know the dates you are going to travel, the countries you will visit and your emergency contact information.

What are the fees to use your Macquarie debit card abroad

Sometimes spending your money overseas can attract extra fees. Here are some of the fees you can expect.

Fees* in AUD	Macquarie Debit Card¹
Account Keeping fee	$0
International Transaction fee	No fee unless overseas merchant or payment processor charges their own fee
ATM withdrawal fee	Free domestic withdrawals Free international withdrawals unless an overseas provider charges their own fee
Minimum balance	$0

*Fees up to date as of 29th January 2024

What is the exchange rate Macquarie uses for your overseas foreign currency payments

The Macquarie Debit Card uses the Mastercard exchange rate.⁴ Mastercard does not specify if a margin is included in its rate.

To see if they do, we’ll do a sample transaction spending 100 GBP and converting it to AUD. We’ll compare it with Wise, an alternative provider who uses the mid-market rate on transactions using their debit card.

Macquarie Debit Card*⁵	Wise Debit Card*⁶
When you spend 100 GBP on this card, you’ll access Mastercards rate of 1 GBP = 1.9327 AUD This means you’ll be converting $193.27 AUD.	When you spend 100 GBP, you’ll access the mid-market rate of 1.00000 GBP = 1.92617 AUD, This means you’ll be converting $192.62 AUD

*Exchange rates valid as of the 29th January, 2024

Although there is not much difference between both exchange rates, there is a slight margin taken when using Mastercards exchange rate for the Macquarie Debit Card.

What are the card spending limits with Macquarie debit card

There are no limits on how much you can spend on your debit card given there are sufficient funds in the account. You are only allowed to withdraw up to $2000 a day from an ATM.

There is also a $100 contactless payment limit before you require a PIN. If you need to make transfer money to someone using the Pay Anyone options, there is a daily limit of $5000, unless you have set up the Macquarie Authenticator app.¹

Dedicated foreign currency travel cards from Macquarie

Macquarie Bank does not have any dedicated foreign currency travel cards on offer.

Keep in mind before your travel

When you're abroad, you never know what could happen, so here's a few things to keep in mind before and while you travel. You should:

• Notify Macquarie Bank about your travels
• Check your cards will work where you are going
• Choose to pay in the local currency
• Create a pin you can remember
• Carry multiple cards and payment methods
• Get to know the emergency contact numbers if something goes wrong
• Check ATMS or other devices for suspicious devices
• Always secure your cards, cash and important travel documents
• Monitor your account activity frequently

By taking a few extra precautions, you can make sure your trip goes as smoothly as possible.

Blocking your Macquarie card if your card gets lost or stolen abroad

If you do find yourself in the unfortunate event of losing your card, you can temporarily lock the card through the Macquarie Banking App. You can do this by⁷:

1. Selecting the account you need to lock
2. Click through “I want to” and “Manage Card”
3. Choose “Lock”

You can also lock your card through the online banking platform. If you need to unlock the card because it's been found, you can follow the above steps to do so.

If you suspect your card has been stolen, it is important to report this incident to Macquarie Bank immediately. You can do this through the app, or the online banking platform. Macquarie bank will cancel your card and issue a new card to be sent to you between 5 to 10 days.⁷

Contacting Macquarie from overseas

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

• Call 1800 620 673 from within Australia
• Call + 61 2 8245 4383 from overseas

Macquarie is also available through the mobile app or through their support centre on their website.

Travel with Wise

With a Wise Account you can hold money in over 40 currencies and spend it in over 150 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 low 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 low 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.

Join over 16 million customers currently using Wise. It’ll only take a few minutes to register and see what’s inside.

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

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Sources:

1. Macquarie Debit card
2. Macquarie card travel mode
3. Macquarie notify steps
4. Macquarie bank exchange rate
5. Mastercard rate
6. Wise Rate
7. Macquarie lost card

Sources checked on: 29 January 2024