Australia: ME Bank lowers foreign transaction fee

ME Bank has announced that customers spending overseas will receive lower foreign transaction fees, with the fee falling from 2.50% of the transaction value to 2.30%. The reduction is good news for regular travellers who often use their Australian credit or debit cards overseas.

RFi Group data shows that 30% of transaction account holders have travelled overseas within the last 12 months, with a large proportion of these travellers using their credit (55%) and debit cards (33%) for overseas purchases or cash withdrawals.

RFi Group data shows that 30% of transaction account holders have travelled overseas within the last 12 months, with a large proportion of these travellers using their credit (55%) and debit cards (33%) for overseas purchases or cash withdrawals. The reduction is also applied on purchases when shopping online from overseas websites, resulting in cheaper prices for consumers.

The low rate ME Bank is providing, offers a significantly cheaper debit card and a good differentiating point from other cards, with the average foreign transaction fee roughly 3.00% according to comparison site Finder. However, there are some providers who don’t charge any foreign transactions fees, such as the likes of the Citibank Plus Everyday Account and the Macquarie Bank Platinum Transaction Account.

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