Macquarie Bank bids farewell to international transaction fees on credit cards

Polly Fleeting

27 Jun 2019

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Today, Macquarie Bank has announced that it will remove international transaction fees on its credit cards at the beginning of next month. 

Now offering both a transaction account and credit cards with zero international fees, the bank says it can fully support its travelling customers across its product range. 

“We know many of our customers travel overseas and we’re always looking at ways to improve their experience,” Head of Personal Banking for Macquarie’s Banking and Financial Services Group, Ben Perham, said. 

“We understand that international transaction fees are frustrating, so we’re delighted to announce this change so our customers can use their Macquarie credit card more effectively on the go, wherever they are in the world.”  

From next Monday, 1 July, Macquarie Black Card and Macquarie Prestige Card customers will no longer pay international transaction fees or be charged the 3% overseas cash withdrawal fee. 

Although the standard cash withdrawal fee still applies when customers use their credit card at an ATM, at home or overseas, Macquarie are also reducing the interest rate to match the standard purchase rate of 20.70%.  

RELATED ARTICLE: Can I use my everyday debit or credit card overseas? 

But Macquarie aren’t alone, other credit card providers have done the same and won’t charge you a thing on overseas transactions.  

According to the RBA’s recent annual bank fee survey, while banks’ income made on credit card fees steadily increased in 2018, there was a decline in the amount banks made in foreign conversion fees. 

So if you're sick of international transaction fees on your credit card, take a look below for two more credit cards that have also axed these charges. 

Promoted

28 Degrees Platinum Mastercard
  • Mozo Experts Choice Winner 2019

  • No international transaction fees

  • 0% currency conversion fee

This award-winning credit card could be the perfect option for any keen traveller. The 28 Degrees Platinum Mastercard took out two 2019 Mozo Experts Choice Awards in the best Travel Credit Card and best Platinum Travel Credit Card categories. Not only are there no international transaction fees, customers won't be charged an annual fee or currency conversion fees. Another handy feature for travellers is Latitude pay any way, which allows 28 Degree Platinum Mastercard holders to pay with their mobile or wearable device. 

Promoted

ANZ Rewards Travel Adventures Card
  • Multiple 2019 Mozo Experts Choice Awards

  • 40,000 bonus Velocity Frequent Flyer points when you spend $550 within the first three months

  • No international transaction fees

The ANZ Rewards Travel Adventures Card comes with a bunch of travel benefits so could be a great credit card option to use overseas. It took out multiple 2019 Mozo Experts Choice Awards across the best Platinum Travel Credit Card and best Rewards Travel Credit Card categories. While there is an annual fee of $225, it's well worth it when you consider the extra perks that come with the card. There are no international transaction or currency conversion fees, as well as a 40,000 bonus Velocity Frequent Flyer point offer when you spend $550 and a complimentary domestic flight every year that your card remains active. 

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