Since launching its TransferWise Platinum Debit Mastercard a year ago, customers have saved $2.6 million in fees while shopping online with overseas retailers and on international travel (prior to the pandemic), compared to using a debit or credit card. 

A study of 1,000 consumers found over one third (35%) knew they could be charged lower fees with a different card provider but wouldn't change their spending habits. 

Almost 60% of shoppers claimed to know which fees their bank was charging, but when pressed to describe what these fees were, 60% answered incorrectly. 

Over half of consumers simply refused to online shop with international retailers to avoid transaction fees entirely, and 61% of consumers weren't even fully aware of currency conversion fees when spending overseas. 

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory and introductory interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 28, 2024. View disclaimer.

        Tim Cameron, TransferWise Australia Country Manager, said getting the most out of our finances was more important than ever. 

        "We may not be travelling right now, but Aussies still face significant fees when purchasing from international websites," Mr Cameron said.

        "Whether it’s a new pair of shoes from your favourite UK retailer, or a Bintang in Bali, each transaction adds up and we want every Australian to be aware of exactly what they’re paying for.

        Despite hidden transaction fees affecting so many Australians, 17% of survey respondents admitted they didn't investigate unexplained fees being deducted from their account after shopping online, and only 15% reviewed their bank statements every six months or less. 

        Additionally, one in four respondents believed there were no fees associated with using their bank card for shopping overseas, and 37% had never compared an exchange rate from an overseas retailer to the rate on Google. 

        "If you are the 57.7% of Australians that are aware of hidden feesour question iswhy would you put up with that?" Mr Cameron said.

        "Especially when there are solutions out there to give you back your spending freedom.

        TransferWise outlined these fees to watch out for when paying in a different currency using your bank card: 

        • Foreign transaction fee

        "Even if you pay in Australian dollars, most banks charge what's known as a foreign or international transaction fee if the retailer is outside of Australia. If you have a Visa, Mastercard or American Express credit/debit card with any of the big four banks, you'll be hit with these international fees which show up on your statement after you purchase." 

        • Currency conversion fee

        "While some debit or credit cards won't charge a foreign transaction fee, a hidden cost you won't know about until it happens is the currency conversion charge. Credit and debit card issuers will often charge you a transaction fee of 3-3.5% of your purchase in order to convert your Australian dollars into the currency used by the retailer." 

        "The TransferWise Platinum debit Mastercard allows users to spend in over 150 different countries in more than 40 currencies and claims to be "11 times cheaper than other top travel cards," Mr Cameron said. 

        The company partnered with neobank Up in October of last year, to offer Up customers international money transfers with no exchange rate markups, in an Australian first.