Up joins exclusive club by ditching debit card fees for international travellers

Flights, accommodation, food and sightseeing - the list of expenses for an international trip can really add up, so the last thing travellers will want to see on their bank statements is a list of fees for using their debit card abroad. 

Well in good news for Up Bank customers, the neobank has become the latest in a growing number of Australian banks to ditch pesky, travel-associated fees altogether. 

While the Up EveryDay Account and linked Mastercard Debit card already featured a 0% foreign exchange commission, Up has now removed the $5 international ATM withdrawal fee that’s been in place since the account was launched. 

RELATED: Neobanks 86 400 and Up top charts amid savings rates crash

That means Aussie travellers using an Up debit card won’t be hit with a fee from Up when withdrawing money from an overseas ATM, though it’s worth noting that ATM providers themselves may still charge a fee. 

“It’s encouraging to see more and more banks, including Up, making it easier and cheaper for Australian travellers to spend their own money abroad without being penalised,” said Mozo Director, Kirsty Lamont.  

“After all, as anyone who’s travelled overseas will know, the fees for regularly using a debit card to make purchases or withdraw cash can quickly start to add up over time.”

The fee-free travellers club 

As Lamont stated though, Up are just the latest Australian bank to offer 0% foreign exchange commission as well as free international ATM withdrawals for Aussie travellers on select debit cards. It still remains a relatively exclusive club. 

Of the 178 bank accounts currently being tracked in the Mozo database, just ten (including the Up Everyday Account) offer both of these travel-friendly features. The current list includes:

BankAccount
CitiGlobal Currency Account
CitiPlus Transaction Account
HSBCEveryday Global Account
INGOrange Everyday
INGOrange Everyday Youth
MacquariePlatinum Transaction Account
MacquarieTransaction Account
UBankUSaver Ultra Transaction Account
Up Everyday Account
XinjaBank Account

To put that into perspective, the average foreign exchange commission in the Mozo database (for bank accounts) is 2.71% while the average fee for a withdrawal using an international ATM is $3.37.

Meanwhile, Australia’s Big Four banks all fare worse than the Mozo average. 

Australian travellers using a debit card linked with an ANZ Access Advantage Account, Commonwealth Bank Smart Access Account, NAB Classic Banking Account or Westpac Choice Account can expect to fork out a 3.00% foreign exchange commission and a $5 international ATM withdrawal fee.  

RELATED: Digital banking and neobanks

Ready to make a fresh start to 2020 with a new debit card and bank account? Get started today by checking out some of the hot offers in the table below, or check out our Up Everyday Account review for even more information about Up’s account features and fees.

Compare debit cards - rates updated daily

Search promoted debit cards below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Go Account

    account fee
    Payment Options
    what kind of card
    $0.00
    Apple Pay, Google Pay, Samsung Pay
    Visa Debit

    Enjoy earning Virgin Money points on purchases (conditions apply). Bundled with the Virgin Money Boost Saver. No Account fees. Available as a joint account.

    Go to site
    Details
  • placeholder
    Glide Account

    account fee
    Payment Options
    what kind of card
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin
    Visa Debit

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.

    Go to site
    Details
  • placeholder
    Everyday Global Account

    account fee
    Payment Options
    what kind of card
    $0.00
    Apple Pay, Google Pay, PayID
    Visa Debit

    No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply). Mozo's Experts Choice 2021 winner for Exceptional Everyday Account.

    Go to site
    Details
  • placeholder
    & Transaction Account

    account fee
    Payment Options
    what kind of card
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    Visa Debit or
    EFTPOS

    An everyday transaction account where you can enjoy fee-free transactions and a range of convenient payment options, including Apple Pay, Google Pay, or Samsung Pay. Open your account online and instantly access your card details securely to transact online or add to your Digital Wallet to make purchases instore.

    Go to site
    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.