ANZ has a wide range of accounts with convenient debit card options, but before you go travelling with one of these cards it is important to look at additional fees.

While there are a number of ANZ debit card accounts that do not charge monthly fees or service usage fees in Australia, like the ANZ Access Basic and Deeming accounts, there are charges for using cards overseas.

The two main charges people come across when using a Mastercard or Visa debit card overseas are transaction fees and currency conversion fees.

Almost all banks with debit card accounts have versions of these fees, calculated at different rates, so it is important to look at the terms that will directly affect your card use. In most cases ANZ debit cardholders are charged the following rates:

1. Overseas ATM withdrawal in a foreign currency – $5 plus 3% of the transaction value.
2. Overseas transaction fee – 3%, charged at any merchant outside of Australia.

While these fees do add to overall travel expenses, it is worth noting that ANZ does not charge anything for overseas ATM balance enquiries and the $5 ATM fee is calculated based on what the operator will charge, not ANZ directly.

Transaction fees are also waived for point-of-sale refunds, so really it is just the 3% transaction charges that should be factored in before using an ANZ Visa debit card.

A good way to reduce the fees you deal with when travelling with your debit card is to also take local currency so that you can pay for purchases with cash when debit cards are not accepted and do not have to rely on ATMs.

Using a combination of cash and card like this is often a lot more secure than picking just one payment option.

Travelling with a debit card is often a convenient and useful option, particularly for booking accommodation and flights, but it is important to factor the fees into your budget first.

Looking at the kinds of fees a bank like ANZ charges, and even comparing them to other bank fees, will help you be as money efficient as possible anywhere in the world.