If you are an Australian travelling abroad, foreign exchange fees, travellers cheques and bank fees can quickly add up. Here are a few ways you can avoid these extra charges!

Note: Your situation may vary, check first that these options are best for you. Information was correct at time of writing, but verify anything directly with the financial provider.

Not Australian? Check out my American and UK recommendations!

Debit/credit

Regardless of bank, debit or credit – not all providers are the same. The big three are Visa, Mastercard and American Express. Amex is big in the USA and moderately accepted in Australia, but is almost never possible to use overseas (except in high-end western stores). Mastercard is widely accepted – but Visa… Visa is king.

Visa is the most accepted method in South America and South East Asia. Some ATMs in the Philippines will only work with Visa debit cards, for example. Be aware of this when picking a card. Having multiple cards through different providers is recommended, in case one network is down.

Accessing Cash

Need cash? Go to any ATM with these banks. Never use travel cards (they usually have plenty of extra fees). Be aware that “fees” refers to “fees from the bank”. Some 3rd party ATMs in Australia charge fees, and some foreign ATMs charge fees (common in the USA, Thailand and Philippines).

Four recommendations: Citibank, ING, HSBC and Macquarie.

HSBC

https://www.ing.com.au/everyday-banking.html

A simple account, much like Citibank Australia, with a few extra features – and is Visa-based.

Account name: Everyday Global

Fees: none. Of any kind, anywhere.

Bonuses: $100 for new accounts. 2% of your purchases back (cashback) when you pay by tapping (Visa paywave, or similar). You can load and convert 10 different currencies (like a travel card), for free.

Requirements: None – or $2000/month. For most purposes there are no requirements. However, for new accounts, or to get the 2% cashback feature, you need to deposit $2000 a month to activate.

Card type: Visa

Macquarie

https://www.macquarie.com.au/everyday-banking/transaction-account.html

Account name: Platinum transaction

Fees: none. Of any kind, anywhere.

Bonuses: Refunds Australian ATM fees. 90 day bonus insurance on all purchases for damage or theft. Up to $500 insurance on lost or stolen wallets (10% excess). Platinum concierge services. Emergency travel assistance – free 90 days travel insurance, no purchase required. Get a 1%-10% discount (3%-5% usually) on gift cards for most Australian retailers.

Requirements: None.

Card type: Mastercard

Previously

Citibank Australia

Citibank have closed most of their operations in Australia, and moved their accounts to NAB.

ING Bank

ING have removed their foreign ATM refund feature, and combined with the account requirements, this is no longer worth recommending.

Credit Cards

For online shopping, from any seller not in Australia, this credit card is one of the best options.

Bendigo Ready

https://www.bendigobank.com.au/personal/credit-cards/ready/

Account name: Bendigo Ready Credit Card

Fees: none. Of any kind, anywhere.

Bonuses: 55 days interest free. Free travel insurance (90 days with Allianz). Free extended warranty and purchase protection.

Requirements: Minimum $3000 credit limit.

Card type: Mastercard

Previously

28 Degrees

This card is now $8/month ($96/year), and as such I cannot recommend it any more. They are now offering purchase insurance, and $10 gift cards, but that isn’t really important to travellers.

Transfering Money

If you have large money to send, like paying a big hotel or dive trip bill, Transferwise is almost always the best option by far.

For person to person transfers, between mates covering each other bills, Beemit is great, (Aussie to Aussie).

Transferwise

http://transferwise.com/u/michaelf713

Fees: varies based on country

Send money internationally for a fraction of the bank or Western Union rates. Can send from bank transfers, credit cards, debit cards and POLi.

First time is for free! (first 500GBP/$930AUD for new users)

BeemIt

http://download.beemit.com.au/QRPF5Z

Fees: none at all.

Requirements: Australian Mastercard or Visa debit card. Can only activate and sign up which geographically, physically in Australia (or using an Australian VPN) – but once active, can use anywhere in the world.

Send money instantly to anyone else with the app. It also helps with bill splitting, can pay friends later or on the spot. App is owned by Commonwealth Bank, NAB and Westpac.

Complete registration and enter my referral code: QRPF5Z, and you’ll get $5.

Bonus: shares

Selfwealth

While not directly related to travel, I’ve had good success using Selfwealth. Their website is easy to use, and while I’ve had my ups and downs, at least they’re charging less than half of what the banks do.

Fees: $9.50 per trade, regardless of size.

Superhero

While Selfwealth lets you own your shares Superhero holds them for you. Slightly different, but usually doesn’t matter for most people. The advantage is: cheaper.

Fees: $2 per trade.