What is the foreign transaction fee for BOQ?

Foreign Transaction Fees with BOQ

When making purchases or withdrawals with your BOQ credit or debit card outside of Australia, you may encounter foreign transaction fees. These fees are charged by BOQ to cover the costs associated with converting the currency of the transaction into Australian dollars.

Credit Card Foreign Transaction Fees

BOQ credit cards are subject to a 3.20% currency conversion fee. This fee applies to all purchases made in foreign currencies, regardless of where they are made. However, it’s important to note that BOQ credit cards offer rewards programs, which can potentially offset the foreign transaction fee by earning points or cash back.

Debit Card Foreign Transaction Fees

BOQ debit cards also incur a currency conversion fee of 2.95%. Additionally, a $5.00 ATM withdrawal fee may be charged for each withdrawal made from an ATM outside of Australia. This fee is separate from the currency conversion fee and may be subject to additional charges from the ATM provider.

Minimizing Foreign Transaction Fees

There are a few ways to minimize foreign transaction fees when using your BOQ card:

• Use your credit card for purchases: As mentioned earlier, BOQ credit cards offer rewards programs that can help you earn points or cash back to offset the foreign transaction fee.
• Avoid using your debit card for ATM withdrawals: The $5.00 ATM withdrawal fee can add up quickly, especially if you’re making multiple withdrawals during your trip.
• Consider currency conversion services: There are several third-party services that offer currency conversion services with lower fees than BOQ. By converting your currency before you travel, you can avoid the foreign transaction fee altogether.

It’s important to be aware of foreign transaction fees before using your BOQ card abroad. By understanding these fees and taking steps to minimize them, you can save money on your international transactions.