Understanding overseas charges and exchange rates

Macquarie debit and credit cards offer $0 Macquarie international transaction fees on overseas purchases, both in-store and online. 

However, additional fees and charges may apply at ATMs and for over-the-counter transactions.

Here are a few tips for using your Macquarie cards overseas to help save on fees and charges.

• Choose to be charged in the local currency rather than AUD
• Select Credit when transacting in-store and using overseas ATMs
• If you experience issues tapping your card, please try the transaction again and insert or swipe your card.

This way you’re benefiting from competitive foreign exchange (FX) rates that we offer on our credit and debit cards (see below). You’ll also avoid paying commissions or fees that many local merchants charge if you elect to pay in AUD.

Macquarie doesn’t charge any fees to withdraw cash at overseas ATMs using our debit card. However, please note that the ATM operator in the country you’re travelling to may still charge their own fee. We’d suggest doing some quick research on the applicable operator fees before you travel.

When using your Macquarie credit card to withdraw cash from an overseas ATM or over the counter overseas you’ll incur the following charges:

• a cash advance fee of $5 or 3% of the value of the transaction (whichever is greater), and
• the cash advance interest rate from the date of the cash withdrawal.

Some overseas banks or ATM providers might also charge you a processing fee. Just like in Australia, the amount of this fee varies depending on the provider. This fee may be charged in the foreign currency. For overseas cash withdrawals on our credit cards, a cash advance fee of $5 or 3% of the transaction (whichever is greater) will still apply. Overseas banks and ATM operators may charge you fees for these transactions.

In addition, cash advance balances on Macquarie Credit Cards are capped at $1,000 in total. Once this limit has been reached, you must pay down your existing cash balance before you can withdraw cash again. You can view your available cash advance by following the below steps:

1. Select your credit card account in Macquarie Online Banking or your Macquarie Mobile Banking app
2. Select More and Details.

If you choose to make a purchase in a foreign currency, the amount will be converted into Australian dollars using the Mastercard FX Rate (Debit cards) or Visa FX Rate (Credit cards).

A purchase made in a foreign currency will have an approximate amount in Australian dollars displayed at time of purchase. This approximate amount will be displayed on Macquarie Online Banking and the Macquarie Mobile Banking app, whilst the transaction is awaiting settlement.

Once the transaction is finalised the transaction amount will be updated to reflect the final foreign exchange rate that has been applied.

If you choose to make a purchase in Australian dollars at the point of sale or online when the merchant or the financial institution processing the transaction is located overseas, the amount will be converted by the merchant. Whilst making a purchase in Australian dollars may provide you with certainty of the exchange rate, you may end up paying more for the transaction.

Here’s more information on the Mastercard FX Rate and Visa FX Rate.

Please note that currency converter calculators will only provide an indication of the rate you may receive when using your card. The actual rate you receive may differ given how frequently exchange rates change.

If you choose to make a purchase in Australian dollars at the point of sale or online when the merchant or the financial institution processing the transaction is located overseas, the amount will be converted by the merchant. While making a purchase in Australian dollars may provide you with certainty of the exchange rate, you may end up paying more for the transaction.