Wising up to overseas credit card fees

Mozo

Monday 13 July 2009

Aussies heading off on holiday in the coming months need to wise up to the risks of using their credit card overseas.

While credit cards are often touted as a safer alternative to carrying cash on holiday, it is important to remember that in certain circumstances, withdrawing cash and making payments overseas can have costly repercussions.

The Age reports that many travellers have touched down on Aussie turf to discover that they have been charged repeatedly for taking out money at foreign ATMs. Gold Coast resident Shannon Murphy said she had to stump up $150 in transaction fees after her holiday.

"I was aware that there would be bank charges but I was shocked at how high they were and how quickly they add up. It’s definitely a hidden cost of travel," she said.

Last month, the Sydney Morning Herald touted the ANZ Travel Card as a cost-effective alternative to credit cards after putting the product through its paces in the US.

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