Compare accounts with no overseas eftpos fees

Bank Accounts with no overseas fees. Compare product details, interest rates, fees and more. - Data last updated on 20 Jul 2019

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Compare no overseas eftpos fee bank accounts

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It’s easy to chip away at your spending money when travelling overseas. Aside from unexpected expenses popping up, there are plenty of fees associated with overseas spending that can quickly cut into your budget.

The good news is that with some planning and research, you can reduce or even eliminate overseas EFTPOS fees and other international fees, so you can put your money towards having a good trip.

What is an overseas EFTPOS fee?

An overseas EFTPOS fee is also known as a ‘foreign transaction fee’, an ‘international transaction fee’ or an ‘overseas transaction fee’.

This is an extra charge that you incur when you use a debit card linked to your everyday bank account to make a purchase at an EFTPOS terminal overseas.

For example, if you use your debit card to buy a souvenir in a store in another country, you can be charged extra by your bank for making the transaction. The fee is usually a set dollar amount or a percentage of the total purchase price.

While most banks charge a fee for overseas transactions, some debit cards come with low or no overseas EFTPOS fees. However, debit cards with no overseas EFTPOS fee can still come with other international fees.

Other types of international fees

Along with overseas EFTPOS fees, there are certain other types of fees you can be charged for spending or withdrawing money overseas:

  • ATM withdrawal fee – You can be charged twice for withdrawing cash at an overseas ATM using a debit or credit card – once by your bank and once by the foreign ATM provider.
  • Currency conversion fee – Currency conversion fees can be charged when you use a travel card, credit card or debit card. You’ll usually incur a fee if you pay for something in a currency foreign to the default currency on your card (Australian dollars).
  • Merchant fee – Some overseas merchants add a surcharge to transactions for using an overseas card, however this applies only to credit cards.
  • Money exchange fee – If you buy foreign money, the exchange desk or money changer may charge a money exchange fee or give you a lower exchange rate so they can make a profit.
  • Cash advance fee – If you’re using a credit card, you’ll incur a cash advance fee each time you make an ATM withdrawal.

Tips for avoiding fees when travelling overseas

Although it’s difficult to avoid fees altogether when travelling, you can minimise how much you pay. Here are some simple tips:

Choose a card with no EFTPOS fees or ATM withdrawal fees

Some bank accounts come with debit cards with no overseas transaction fees or ATM withdrawal fees. Compare bank accounts to see what’s available.

Withdraw money from partner ATMs

Some banks have a network of global alliance partners that allow you to withdraw money from their ATMs for free. Keep an eye out for your bank’s global ATM partners.

Make charges to your card in Australian dollars

Some merchants allow you to make EFTPOS transactions in Australian dollars. By doing so, you may be able to avoid a currency conversion fee.

Limit withdrawals and transactions

If your bank charges fees as a set dollar amount, rather than a percentage of the total amount, spending or withdrawing money in bulk means you’ll have to pay the base fee less often.

FAQs

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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