The Best Travel & Forex Cards for Australians (Zero Foreign Transaction Fees)

If you bank with CommBank, Westpac, NAB, or ANZ, taking your everyday debit card overseas is a costly mistake. The Big Four typically charge a 3% "International Transaction Fee" on every purchase made in a foreign currency, plus a flat fee of $5 (or more) for international ATM withdrawals.

If you spend $5,000 on a holiday to Europe or Bali, you are giving your bank $150 in hidden fees. For Australian students studying abroad or frequent travelers, this is completely avoidable.

The Australian FinTech scene has exploded, offering excellent alternatives that waive all international transaction fees and pass on the pure Visa or Mastercard exchange rate.

1. Up Bank: Up is widely considered the best bank for young Australians and travelers. It has zero international transaction fees on purchases. For ATMs, they don't charge any fees from their end, though the local ATM operator might. Their app is incredible for tracking spending in local currency vs. AUD.

2. ING Orange Everyday: For years, this was the undisputed king of Aussie travel cards. If you meet their monthly conditions (depositing $1,000 and making 5 settled card purchases), they refund ALL international transaction fees AND they rebate any ATM fees charged by foreign operators.

3. Macquarie Bank: If you don't want to jump through ING's hoops, Macquarie Bank offers a transaction account with zero international purchase fees and zero fees on foreign ATMs (from their end). It's a "set and forget" travel card.

If you prefer the security of a credit card or need to book flights and hotels, you need a No-FX credit card.

1. 28 Degrees Global Platinum Mastercard: The legendary Australian travel credit card. It has no annual fee and no international transaction fees on purchases. It has been the staple for Aussie backpackers for a decade.

2. Bankwest Platinum Mastercard: Another excellent credit card option that waives all foreign transaction fees and includes complimentary overseas travel insurance.

If you are moving overseas for a working holiday or semester abroad, you will eventually need to transfer a large chunk of AUD into GBP, EUR, or USD.

Do not use your standard bank to do this. Use Wise (formerly TransferWise). Wise allows you to convert AUD to other currencies at the mid-market rate with a transparent, incredibly low fee. It's the cheapest way to fund a foreign bank account.