This fee will be disclosed at the time of transaction, and is set by the provider. TThe local provider that owns the ATM you use overseas can also charge you a fee for using their machine. Apparently, banks get a little jealous if you cheat on them. This fee is charged by your bank for using an ATM overseas, because you’re conducting a transaction outside of their network of ATMs. You might want to put the kettle on before heading through the chaos of international ATM fees. If it’s an obscure currency we don’t support though, there are some fiddly fees – all of which you can find on our website. If you do use your Travel Money Nz Cash Passport overseas, and it isn’t preloaded with the right currency, you can definitely still use it! If it’s a currency we support, it’s a nice and simple conversion to the local currency – no extra fees. *We didn’t cough, we’re just not great at bragging about our ‘no currency conversion fee’ policy. And if you go with someone decent (cough cough*) you won’t get charged currency conversion fees! You’re better off bringing either the local cash, or a Cash Passport that is preloaded with the right currency. You hardly need Sherlock Holmes’ help for this one, but the best solution is to avoid using your credit card overseas. Over an entire holiday, you can see how this adds up. $100 for dinner, and that’s another $2.50 gone. So if you use your debit card overseas to pay $3,000 for a hotel, you’ve instantly spent $75 on currency conversion fees. And it normally works out at around 2.5% of the transaction fee:ĭata sourced from mentioned Banks websites- correct as at 23 March 2017 It’ll go by a few names up and down the track, such as a foreign transaction fee, foreign currency conversion fee or cross currency conversion fee.īut in short, these are just the bank’s way of charging you for them having to do the transfer to a foreign currency. This bad boy is responsible for most of the extra charges you’ll see on your bank statement after a holiday. And to help out a little, we’ve gone and done some of that research for you! Currency conversion fees Rather than blindly handing your hard-earned money over to your bank, you can make your travel funds stretch further – it just takes a bit of research into your options. By opting for convenience, your bank can sit in a swivel-chair and stroke a cat while laughing psychopathically as they rake in all the fees and charges of using your credit card overseas. There’s no doubt if you’re looking for the easiest holiday possible, you might as well use your own bank card.
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