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Foreign transaction fee

Posted by SandyD SandyD
Message 1 of 5 1,208 Views
Hi, I have a Bankwest Zero Mastercard and I was charged a foreign transaction fee when paying for my hotel room in Germany.
I thought that shouldn't happen?
They did ask if I wanted to pay in euros or Australian dollars and I said euros. Should I have chosen Australian dollars?
Thanks.
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Foreign transaction fee

Posted by SandyD SandyD
Message 2 of 5 1,208 Views
Hi, I have a Bankwest Zero Mastercard and I was charged a foreign transaction fee when paying for my hotel room in Germany.
I thought that was incorrect?
They did ask if I wanted to pay in euros or Australian dollars and I said euros. Should I have chosen Australian dollars?
Thanks.
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Re: Foreign transaction fee

Posted by LyndsC LyndsC
Message 3 of 5 1,207 Views

Hi @SandyD , all of our Platinum MasterCard credit cards offer no foreign transaction fees, however this feature is not available on our Classic or Gold cards. If your card is a Platinum Zero the fee should be waived regardless of if you choose Australian Dollars or Euros.

For security reasons we can't access or discuss any personal account information over the Forum, so if your card is a Platinum MasterCard we'd need to speak with you over the phone to look into why this has happened. You can call us from overseas on +61 9486 4130.

This is a reverse charges number. To use this number from outside Australia please contact the international operator in the country you are in and request to be put through to +61 8 9486 4130. Please note: we have no control over any charges applied by the local or international telephone company for contacting the operator.

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Re: Foreign transaction fee

[ Edited ]
Posted by thewinchester thewinchester
Message 4 of 5 1,163 Views

@SandyD: Whatever you do, be alert if you're asked if you want to pay in Australian Dollars when using your credit card overseas.

 

This is known as DCC (Dynamic Currency Conversion), and often the merchant providers have a rate that is lower than the Mastercard or Visa Foreign Exchange rates.

 

Also, on some banking products (not sure about BWA so the forum admins can answer), DCC transactions are still hit with the foreign exchange conversion fees anyway, which just adds to the misery of this service.

 

So when paying with your credit card, be alert if they ask if you want to pay in an alternative currency. Ask them what the rate is, use the Mastercard or Visa tools to find out their rate, and know your card conditions to understand if DCC will incur additional fees and charges. That will allow you to make an informed choice to use, or not use DCC.

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Re: Foreign transaction fee

Posted by SarahF SarahF
Message 5 of 5 1,161 Views

Thanks @thewinchester to confirm, weather the merchant or MasterCard do the exchange currency conversion, if the company/merchant is based overseas the foreign transaction fee is charged (Unless you have a Platinum Credit Card)

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