Planning to use a credit card on your overseas holiday? If you play your cards right, you could save on fees, charges and travel insurance so you have more to spend on the fun stuff
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Save on credit card fees while you travel
Foreign transaction fees
Foreign transactions are all transactions made in a foreign currency or outside of Australia. This includes online transactions made from Australia where the merchant or bank processing the transaction is located overseas.
It’s common to be charged a fee for foreign transactions, and these can add up quickly when you're spending money abroad. Check the foreign transaction fee on the credit card you’re planning to use.
You won't be charged foreign transaction fees if you're a Platinum or World customer, but other fees and charges might apply (like overseas ATM fees).
Annual fees
Some credit cards come with an annual fee, while others – like our Bankwest Zero Mastercard® – don’t. Not having to pay an annual fee will leave you with more money for your trip.
Cash advance fees
Using a credit card to take cash out at an ATM – known as a ‘cash advance’ – attracts a fee, and the interest you pay on that cash is higher than if you were to use your credit card to make a purchase.
To avoid cash advance fees and charges, consider using a debit card to withdraw cash if you can. Remember, there might still be ATM or foreign currency conversion fees on some accounts when you withdraw cash with a debit card.
Travel insurance
You can avoid having to take out separate travel insurance if you have an eligible Bankwest credit card – this is called our Complimentary Overseas Travel Insurance.
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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.