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Best Foreign Currency Debit & Credit Cards - Every Bank's Fee Compared

Save money on overseas purchases by picking the best credit card with the lowest fees. We review all the banks, highlighting the cheapest fees available.
​Updated 31 August​ 2026

Important: This guide was relaunched in August 2026. Every rate, fee and rewards figure was checked against each issuer's published terms. Issuers can change these at any time, so confirm the details on the issuer's site (linked under each card) before you apply. Report an error on this page - no name or email needed.

Summary
  • Foreign currency fees on New Zealand cards have changed more in 2026 than in the previous decade. ANZ dropped the fee to 0% on every personal credit card on 24 June 2026; ASB announced the fees would be removed from all personal Visa credit cards on 16 September 2026; Westpac's Fee Free Mastercard and the Flight Centre Mastercard were already 0%.
  • For most people, the best credit card for overseas and international-website spending is now a bank card with no fee - ANZ's, or ASB's from mid-September - rather than a specialist product such as a travel money card.
  • For debit cards, the Wise Debit Card still wins: the mid-market exchange rate plus a conversion fee of around 0.4-0.7%, against 1.83-2.50% on most bank debit cards.
  • The worst ways to pay in foreign currency haven't changed: PayPal's own conversion (around 3-4% above the market rate) and the Prezzy Card (3.50%).
  • Kiwibank is the one bank that charges its 1.85% fee on NZD transactions processed overseas - Netflix, Airbnb, Google, most airlines - as well as on foreign-currency ones. Check your statements if you bank there.
  • If you pay with PayPal, we suggest you choose "convert with card issuing bank" at checkout so you pay your bank's fee instead of PayPal's.

This step-by-step guide covers what your card currently charges you to use it on any foreign purchase, the cards and payment methods to avoid and finally a few tips to make big savings. We cover:
Know This First - What Changed in 2026
At the start of 2026, every New Zealand bank charged between 1.30% and 2.50% on foreign-currency purchases, and the only way around it was a specialist card. What changed:
  • ANZ, 24 June 2026: 0% foreign currency fee on all personal ANZ credit cards - including the Airpoints Visa Platinum and CashBack cards, so you can earn rewards on overseas spend with no fee.
  • ASB, 16 September 2026: the Offshore Service Margin (ASB's name for the fee, currently 2.10%) is removed from all personal ASB Visa credit cards. ASB's Visa Flex already had none.
  • American Express stayed at 2.50%, which makes it the highest fee among the major cards - relevant if you hold an Amex for the Airpoints and use it overseas.
  • Gaps emerge: The gap between the cheapest and dearest way to pay a NZ$1,000 hotel bill is now $0 versus around $40. The table below shows every bank.

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MoneyHub Founder Christopher Walsh shares his views on bank foreign currency fees and the alternatives that innovate to help New Zealanders:

"For years I've said banks charge foreign currency fees because they can, not because it costs them. In 2026 ANZ proved the point by dropping the fee to nothing on every personal credit card, and ASB followed.

That's the biggest change in card fees I've seen since MoneyHub started, and it means the best card for overseas spending is now, for many people, the one they already have - if it's an ANZ card, or an ASB one from mid-September. Westpac's Fee Free Mastercard and the Flight Centre Mastercard were already at 0%. The banks still charging 1.80% to 2.50% - and American Express at 2.50% - now need to become competitive. 

For a debit card, nothing has changed at the top: I use the Wise Debit Card and swear by it. It doesn't have any tricky fees - you pay NZ$14 for the card to be issued and posted to you, and then get the best exchange rates and pay very low fees on each transaction. It also has an app so you can track your spending, which is very helpful. You can transfer NZD from your bank account to the card for free. The balance is yours to spend or withdraw as you please - every transaction will then be deducted in NZD at the best rates and lowest fees.

I don't have much time for the rest of the travel money cards available. They seem like old technology and have not innovated (other than how to charge fees). Most of the bank debit and credit cards listed below don't excite me either. For this reason, the Wise Debit Card leads the market".
MoneyHub Founder Christopher Walsh

Credit Card and Debit card Overseas Fees by Bank

Our table below showcases the range in fees, which we summarise below:
  1. Credit card - no annual fee: Any ANZ personal credit card (0% since June 2026), the Westpac Fee Free Mastercard (0%), or ASB Visa Flex (0%) and ASB personal Visa credit card (0% from 16 September 2026).
  2. Debit card foreign exchange costs: Wise Debit Card - mid-market rate plus 0.4-0.7%, one-off $14 card fee.
  3. High foreign currency fees: AMEX (2.5%), Prezzy Card (3.50%), and PayPal's own conversion (3-4%).
Issuer / method Credit cards Debit cards Fee on a NZ$1,000 purchase Notes
Wise Debit Card - About 0.4% to 0.7% About $4 to $7 Mid-market exchange rate; one-off $14 card fee; two fee-free ATM withdrawals up to NZ$350 a month combined
ANZ 0% 1.30% $0 credit; $13 debit 0% on all personal credit cards since 24 June 2026, including Airpoints and CashBack cards; the cheapest bank debit card at 1.30%
Westpac 0% Fee Free Mastercard; 1.83% other personal cards 1.83% $0 or $18.30 credit; $18.30 debit Business credit cards charge 2.50%
Flight Centre Mastercard 0% - $0 $50 annual fee; rewards redeemable at Flight Centre only; 24.99% p.a.
ASB 2.10% until 16 September 2026, then 0% on all personal Visa credit cards (Visa Flex already 0%) 2.10% $21 credit (then $0); $21 debit ASB calls the fee the Offshore Service Margin; the removal applies to personal Visa credit cards, not Visa Debit
Q Mastercard 1.40% - $14
Kiwibank 1.85% 1.85% $18.50 Charged on any transaction processed overseas, including NZD purchases from offshore merchants (Netflix, Airbnb, Google, most airlines) - the only bank to do this
TSB 1.90% 1.90% $19
The Co-operative Bank 1.90% 1.90% $19 Debit Mastercard has a $10 annual fee (first year free) and a $6.50 overseas ATM withdrawal fee
SBS Bank 2.00% 2.00% $20 Charged on transactions processed in an overseas currency
BNZ 2.25% 2.25% $22.50 Charged on the NZ dollar value of withdrawals and purchases
American Express 2.50% - $25 All Amex NZ cards; the highest of the major credit cards
Prezzy Card - 3.50% (prepaid) $35 Plus purchase and load fees
PayPal (PayPal's conversion) Around 3% to 4% above the market rate $30 to $40 Choose "convert with card issuing bank" at checkout to pay your bank's fee instead

The Worst Cards and Payment Methods for Foreign Currency Purchases (And How to Avoid Them)

Two payment methods cost far more than any bank card:
  • PayPal's own conversion adds around 3-4% above the market rate, and it isn't itemised - you just see one NZD total.
  • The Prezzy Card charges 3.50%, plus purchase and load fees.
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The fix for PayPal takes one click: at checkout, choose "convert with card issuing bank". PayPal then charges your card in the foreign currency, and you pay your bank's fee instead - which on an ANZ credit card is nothing. The only difference you'll see is the foreign currency amount on your card statement.

Know This: Not All Statements Show the Fee
  • Some banks itemise the exchange rate and fees on your statement (Kiwibank shows each separately, as outlined below); others, like BNZ, show one NZD total with the fee built in.
  • If you can't see a fee, that doesn't mean you didn't pay one - the table above shows what your bank charges.

Travel Money Cards vs Bank-Issued Debit and Credit Cards - What's Best?

  • Traditional travel money cards build a margin of around 2-3% into the exchange rate when you load them, which makes them as expensive as the dearest bank cards - or worse.
  • The Wise Debit Card is the exception: the mid-market rate plus about 0.4-0.7%, which is why it's the only travel money card we rate. And since ANZ dropped its credit card fee to 0%, the cheapest option of all may be the card already in your wallet.
  • Our guide to Travel Money Cards has more details.
Related guides
​​Travel Money by Country: