If you are a fellow travelling Australian who is trying to cut through the spin to find the best bank account for overseas assess, you’re in luck! You’ve stumbled across the website I wished existed when I was faced with the same dilemma earlier this year.
Before leaving for Thailand I did hours of research into what the different bank accounts in Australia were offering international travelers, which I have reproduced below.
Most people know there are massive conversion fees and ATM fees for travellers on top of all the standard reasons the banks find to charge you back home.
Let’s compare the fees and charges for a low-budget traveller overseas (you can do the sums with your own estimates):
- a period of six months overseas,
- an estimated $2000 purchased on plastic (EFTPOS or Debit),
- $4200 in cash withdrawals (from branches or ATMs), and
- 5 ATM uses per month.
I have compared each of the serious travel account options below. You will find other cards/accounts are not serious contenders (for example, large overseas ATM fees).
Travelex Prepaid Cash Passport
$3.75 per overseas ATM use =$112
1% commission on money ‘deposited’ onto card = 1% of $6200 = $62
1% currency conversion fee = $62
Total costs = $236
National Gold Banking Debit Card
No overseas ATM fees.
$12 monthly account fee = $72
1% currency conversion fee = $62
Total costs = $134
Wizard Clear Advantage MasterCard
No overseas ATM fees, no conversion fees, no annual fee, no cash advance fee.
Can deposit onto card to avoid paying interest rate.
Pay 4.99% on ‘loaded’ amount, say on average $1000 at all times = approx. $25.
BPAY 50c per transaction = $3.
Total costs = $28
Big Sky Credit Union Visa Debit Card
No Overseas ATM fees, no conversion fees, no cash advance fee.
$2 monthly account fee = $12
5 free ATM transactions per month ($2 thereafter).
Uses MasterCard exchange rate.
Side account facility allows you to earn 7.00 pa interest on savings.
Total costs = $12
Big Sky wins out!
I’ve been using my Big Sky Visa Debit over here in Thailand without any glitches. Its getting me a great rate of Australian Dollars to Thai Baht and internet banking is simple to use. Because its a credit union I can call and ask for to speak with the same guy who always looks after my account.
All for the measly sum of $12 for 6 months.
I thought I better give them a plug on my bloggie, because (a) they don’t seem to plug themselves, at least not for overseas customers, and (b) I have no doubt there are countless other young people out in internet world who are trying to solve exactly the same problem I was faced with when going overseas.
