Ever used your debit card overseas and then noticed you’ve been slapped with a build up of international fees afterwards? Take it from us, it’s not a good feeling.
On Monday, one of Australia’s newest neobanks, 86 400, said adios, au revoir, and arrivederci to international fees for debit card customers.
The card originally came with a 1.50% foreign transaction fee when customers shopped globally, whether that was in-person overseas or online.
But that’s now a thing of the past!
“Aussies are worldwide spenders whether that’s on an overseas trip or online shopping while sitting at home on the couch, but often international fees slip under the radar for customers,” Mozo Director, Kirsty Lamont said.
“So it’s great to see more and more banks jumping on board and ditching these international fees, especially when foreign exchange costs can actually really add up over time.”
86 400 also charges no overseas ATM withdrawal fees* on its debit card either, making the neobank’s product part of only a handful of 11 bank accounts on the Mozo database that have both no international transaction and foreign ATM fees.
But what difference do no overseas fees on a debit card actually make?
Well, when compared with other debit cards on the market, it can actually make a world of difference.
At the moment in our database, international transaction fees range anywhere from 0% all the way up to 3.65%, while overseas ATM fees can be as hefty as $5.50 per withdrawal!
So after a few taps, swipes or cash withdrawals these costs can really start to stack up as you travel overseas.
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*Just bear in mind, you may be subject to fees charged by the international ATM provider themselves, despite the fact that 86 400 doesn’t charge a fee of their own
Want to see how 86 400’s debit card weighs up against the rest? Check out the table below for other travel debit card options.