Westpac Cards to charge fee on foreign transactions converted to AUD fr 20/3/2014

[AdMEL]

Re: Westpac Cards to charge fee on foreign transactions converted to AUD fr 20/3/...

Sorry to necro this, but I just noticed something on my Westpac Altitude Black statement from a few months back(as part of an audit to reconcile everything):

"Effective 27th February 2015, transactions made using Westpac American Express companion card that are in Australian dollars and the merchant or financial institution is located overseas will not incur a foreign transaction fee."

Not sure why they just removed the "foreign transaction fee"(as opposed to "foreign currency fee") for only the Amex card, and not the Mastercard card as well.

EDIT: Just found the relevant page on the westpac website as well: http://www.westpac.com.au/travel-centre/access-money-overseas/credit-cards/ , and definitely seems that the "foreign transaction fee" doesn't apply only for the Amex cards when the transaction is already in AUD and payment processor is located overseas.

Missed that, though I did notice I am no longer being charged an extra fee on things like Spotify.

 

[N860CR]

Uber was another annoying one. Glad it's fixed though

 

[woodborer]

Re: Westpac Cards to charge fee on foreign transactions converted to AUD fr 20/3/...

Not sure why they just removed the "foreign transaction fee"(as opposed to "foreign currency fee") for only the Amex card, and not the Mastercard card as well.

The answer to that is that Visa and Mastercard charge the banks a fee when the transaction goes across boundaries. Mastercard call it something like Cross Border Assessment Fee, and it is basically a charge for the transaction going through the schemes international infrastructure. As I understand it , Amex waive this fee when it is goinf cross border in your home currency. So Vias and Mastercard charge your bank, your bank adds a bit on, and charges you!