What is the currency conversion fee for Commonwealth Bank? (2024)

What is the currency conversion fee for Commonwealth Bank?

Note: If you use your card for a transaction in a currency that is not loaded, or when we automatically transfer funds between the currencies on your card to enable the completion of the transaction, the Visa exchange rate at the time of the conversion plus 4.00% will apply to the currency conversion.

How much does CommBank charge for currency conversion?

Note: If you use your card for a transaction in a currency that is not loaded, or when we automatically transfer funds between the currencies on your card to enable the completion of the transaction, the Visa exchange rate at the time of the conversion plus 4.00% will apply to the currency conversion.

Does Commonwealth Bank do currency conversion?

If you're a CommBank customer, you can buy or sell 9 foreign currencies at selected CommBank branches in exchange for Australian Dollars.

Does the bank charge a fee to convert currency?

Banks and airport exchange services typically charge a commission on currency exchange and may also charge a service fee.

What is the currency exchange transaction fee?

Many, but not all, credit and debit card issuers and ATM networks charge a per-transaction fee on purchases or withdrawals made overseas or when ordering online with a foreign merchant. The fee varies but typically runs between 2% and 3% of the dollar amount of the purchase or withdrawal.

Does Commonwealth Bank have international fees?

The international transaction fee for these transactions are: Transactions converted by Mastercard® or Visa - 3.50% Transactions in Australian dollars but with an overseas connection - 3.50%

Does Commonwealth Bank have foreign transaction fees?

You get charged every time you withdraw cash from an ATM or pay for items with your Debit Mastercard or Keycard overseas or where there is an overseas connection. International transaction fee: 3% of the transaction value.

Which bank is best for currency exchange?

Is it better to exchange money at bank or currency exchange?

If you don't have time to get cash at the bank before your trip, it can be tempting to get foreign currency at an airport kiosk or currency exchange counter. These merchants offer convenience, but their exchange rates are typically much less favorable than your bank at home.

Where is the best place to convert currency?

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

How can I avoid currency conversion fees?

What bank has no currency conversion fee?

Discover® Bank

Discover doesn't charge foreign ATM network or foreign transaction fees. But Discover card acceptance can be limited outside of the U.S., Canada, Mexico and some Caribbean nations. With an HSBC Premier Checking account, customers pay no foreign transaction fees. HSBC also has a worldwide network of ATMs.

Is there a way to avoid currency exchange fees?

A good rule of thumb when traveling is to select the local currency during payment to avoid conversion fees and to use a card that doesn't charge foreign transaction fees. Cash withdrawals from international ATMs are also subject to fees.

Which cards don t charge foreign transaction fees?

Is it better to exchange money or use credit card?

While you'll always need some cash, using a credit card for your spending needs can significantly simplify overseas travel. You won't really have to deal with converting currency and, armed with the right credit card, you won't pay unnecessary foreign transaction fees.

Why are currency exchange fees so high?

Most banks in most places lose a lot of money on operating bank accounts for customers, and make the money back by charging more than their costs for services like currency exchange. If you don't choose to pay those fees, use an online service instead.

How do I avoid Commonwealth Bank fees?

* Ongoing eligibility conditions apply – see CommBank Yello page for full terms and conditions. Monthly account fee waived for accounts with at least $2,000 deposited each calendar month (excludes Bank initiated transactions). A monthly account fee waiver will also apply if you're under 30 years of age.

How to avoid international transaction fees CBA?

Using prepaid travel cards

Simply buy one before you go, load funds in foreign currency to lock in an exchange rate (you'll know exactly how much you have to spend), then use it like you would a debit card to withdraw cash, pay in person or over the phone, all without transaction fees.

Can I use my Commonwealth Bank debit card overseas?

Debit Mastercard is accepted at more than 35 million locations worldwide. You can also use it to withdraw cash from any ATM that displays the Maestro, Mastercard or Cirrus logo. If either cards are lost or stolen when you're overseas you can: Cancel and order replacement CommBank cards in NetBank or in the CommBank app.

Can I use my Commonwealth Bank account overseas?

When you're overseas. So long as you've got internet access, you can log on to NetBank and the CommBank app from anywhere in the world. Not only can you manage your money on-the-go, you can also reload your Travel Money Card in NetBank and the CommBank app if a currency is running low.

What is the cheapest way to exchange currency?

Is it better to get euros in US or Europe?

It's often more cost-effective to exchange a small amount of euros in America for initial expenses and then withdraw euros from ATMs in Europe for a better exchange rate and lower fees.

Is it better to exchange currency at home or abroad?

Convenience and accessibility are key considerations when deciding between exchanging currency at home or abroad. Exchanging currency before your trip offers the convenience of having local currency readily available upon arrival at your destination and you won't need to worry about exchanging currency abroad.

Should I convert currency before I travel?

Before your trip, it's best to do a currency exchange at your bank or credit union, which likely offers better rates and fewer and/or lower fees. Your bank or credit union may buy back leftover foreign currency in exchange for dollars when you return.

How much cash can you bring into Australia per person?

You may carry an unlimited amount of cash into Australia but if you are carrying AUD10,000 or more you must declare it . Your bags will also be checked for prohibited or restricted items.