5 Best Travel Cards with no Foreign Transaction Fees in Malaysia
Do you spend frequently in foreign currencies? Maybe you love to shop online with international retailers, or perhaps you’re a frequent traveller, or you’re living and working abroad. The Malaysian credit card overseas transaction fee can add 3% or more to your bill, every time you spend - same with many debit cards - so what’s the alternative?
Unfortunately you might struggle to find a credit card without foreign transaction fee in Malaysia. But some debit cards have no foreign transaction fees - and prepaid cards and international credit cards are available with low foreign transaction fees. This guide covers all you need to know, including a bit about no foreign transaction fee credit cards in Malaysia, as well as a couple of alternative providers which can help you save - Wise and BigPay.
Key points: Best cards with no or low foreign transaction fees
Wise international debit card: Hold and exchange 40+ currencies, spend with your card in 150+ countries, with no foreign transaction fee and currency exchange with the mid-market rate and low fees from 0.57 %
RHB multi-currency Visa debit card: Hold 33 currencies, with no currency conversion fee for supported currencies
OCBC Premier Voyage Mastercard credit card: Exclusive metal card marketed to high net worth individuals, with a credit card overseas transaction fee of 1.25%, and luxury perks and benefits
BigPay debit card: Handy currency wallet and card, with a relatively low 1% foreign transaction fee and smart budgeting tools to help you keep on top of your finances
PBE Visa Signature: Credit card with cash back earning opportunities and travel perks, with a relatively low 1.25% foreign transaction fee
If your bank uses foreign transaction fees, they can be pretty steep - often around 3% of the dollar amount you spend. We all want our money to go further when we’re on vacation or when we shop online. This guide covers providers and banks which offer cards without foreign transaction fees or with low foreign transaction fees, to help you keep costs low.
We’ll look at a few major Malaysian banks and card networks, plus Wise as a provider with multi-currency holding accounts and no foreign transaction fees - also some low-foreign-transaction-fee options, such as e-wallet, BigPay.
5 Best international cards with no foreign transaction fees in Malaysia
You’ll be able to find international debit, prepaid and credit cards in Malaysia which have low or no foreign transaction fees. However, that doesn’t mean there are no fees to pay at all. Credit cards may have an annual fee, interest, cash advance costs and penalty fees for example, while debit cards can levy their own monthly charges, ATM withdrawal fees and exchange costs.
And unfortunately, if you’re wondering which credit card has no foreign transaction fee - this is particularly tricky. At the time of research we’ve struggled to find any standard credit cards in Malaysia with absolutely no fee - but some with a low foreign transaction fee are available, which we cover here.
As an alternative, banks like RHB and specialist services like Wise have international debit cards with no foreign transaction fees, and their own set of features and fees. Aside from this, there are also a few providers and banks - like BigPay and PBE - which have cards with fairly low foreign transaction fees, which are still well worth a look.
To paint a picture, here’s a comparison chart with some of the options for no or low foreign transaction fee cards available in Malaysia:
| Bank & Name of the Card | Card fees & exchange rates |
|---|---|
| Wise international debit card | 13.7 MYR to get a card, no ongoing monthly or annual fees Currency exchange with low fees from 0.57% |
| RHB multi-currency Visa debit card | 20 MYR annual card fee No fee to spend a currency you hold in your account 1% for MYR conversions to a foreign currency |
| OCBC Premier Voyage Mastercard credit card | 750 MYR annual fee Deposit 3 million MYR or above to access Premier services 15% - 18% p.a. Finance charge Withdrawal fees: 5% cash advance fee, plus interest |
| BigPay debit card | 1% foreign transaction fee Withdrawal fees: 6 MYR locally, 10 MYR internationally Exchange rate: Wholesale rate |
| PBE Visa Signature | 388 MYR annual fee 15% - 18% p.a. Finance charge 1.25% foreign transaction fee |
What is the best travel card for overseas spending?
As you can see from the table, you’ve got a pretty diverse choice when it comes to Malaysian cards with no or low foreign transaction fees, from credit cards with an annual charge to pay, to specialist services which let you hold in multiple currencies, as well as spending globally. That means you can weigh up your options, to pick the perfect card for you.
Here’s a quick summary of the cards we’ve highlighted so far - there’s more detail on each coming right up:
Wise international debit card: 40+ supported currencies, spend globally with no foreign transaction fee and the mid-market rate with low fees from 0.57%
RHB multi-currency Visa debit card: Hold 33 currencies, with no currency conversion fee for supported currencies
OCBC Premier Voyage Mastercard credit card: Account for high net worth individuals, with low foreign transaction fees of 1.25%, and luxury perks and benefits
BigPay debit card: Relatively low 1% foreign transaction fee and smart budgeting tools to help you keep on top of your finances
PBE Visa Signature: Credit card with cash back earning opportunities and travel perks, with a relatively low 1.25% foreign transaction fee
2 Best international cards with no foreign transaction fees
Wise debit card - mid-market rate with low fees
💡Key point: Hold 40+ currencies, spend with the Wise card in 150+ countries with no foreign transaction fees
The Wise account can be opened online for free, to hold and exchange 40+ currencies with the mid-market rate. There’s no foreign transaction fee to pay, and it's free to spend from any currency you hold in your account, as long as you have sufficient balance to cover that transaction. You can also get some free ATM withdrawals every month*.
If you are spending in a currency you don't hold, there are low conversion fees from 0.57% with the mid-market rate*. This makes Wise a smart, low cost choice for international spending in many countries around the world. Plus you can get paid with local and SWIFT details in 8+ currencies and send money internationally to 160+ countries.
- Foreign transaction fee: No foreign transaction fees
- Annual or monthly fee: No fees
- Currency conversion: Mid market exchange rate with conversion fees from 0.57%
- Benefits and rewards: Get local and SWIFT account details to get paid to your Wise account in 8+ currencies
| Advantages of Wise international debit card | Disadvantages of Wise international debit card |
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Learn more: How to use Wise card overseas
*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
*Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
RHB multi-currency Visa debit card - Earns interest
💡Key point: Hold and exchange up to 33 currencies, with no foreign transaction fee to spend a currency you hold
RHB is one of the banks in Malaysia that offers debit cards with no foreign transaction fees. Open an interest earning account you can use to hold a balance in foreign currencies and spend with no foreign transaction fee using your linked Visa card. However, you’ll pay a 1% foreign transaction fee if you’re spending in a currency you don’t hold in your account.
Foreign transaction fee: No foreign transaction fee
Annual or monthly fee: 20 MYR annual card fee
Currency conversion: Visa exchange rate
Benefits and rewards: Interest earning
| Advantages of RHB debit card | Disadvantages of RHB debit card |
|---|---|
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3 Best international cards with low foreign transaction fees
Unfortunately, there’s not a huge range of card options for Malaysian customers, which completely waive foreign transaction fees. However, that doesn’t mean you’re stuck with fees of 2.5% - 3% or more. There are also a few other card options which have pretty low foreign transaction fees, at around the 1% mark. Here are a couple to consider.
BigPay debit card - e-wallet with budgeting tools
💡Key point: Smart e-wallet with linked card which comes with handy budgeting and expense tracking features
BigPay is a popular e-wallet which offers a linked payment card for easy spending and withdrawals. There’s a 1% foreign transaction fee to pay, but that’s on the low side compared to many banks - and there’s no annual or monthly maintenance fee to worry about either.
- Foreign transaction fee: 1%
- Annual or monthly fee: No annual fee
- Currency conversion: Wholesale exchange rate
- Benefits and rewards: Budgeting tools, as well as spending options globally
| Advantages of BigPay debit card | Disadvantages of BigPay debit credit card |
|---|---|
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Learn more: BigPay card review
OCBC Premier Voyage Mastercard credit card - Luxury perks
💡Key point: Marketed at ultra high networth individuals, with a high minimum balance requirement and luxury benefits
OCBC is another bank in Malaysia that offers credit cards with low foreign transaction fees. You’ll need to have a deposit of 3 million MYR to access this card, but if you’re looking for a way to get some luxury benefits, including lounge access, free flights, concierge services and travel insurance, this card could be for you. Foreign spending is converted back to MYR with the Visa exchange rate and a relatively low 1.25% foreign transaction fee. Still worth a look if you’re on the hunt for the best conversion rate credit card out there.
Foreign transaction fee: 1.25% foreign transaction fee
Annual or monthly fee: 750 MYR annual fee
Currency conversion: Visa exchange rate
Benefits and rewards: Luxury perks and benefits on offer
| Advantages of OCBC credit card | Disadvantages of OCBC credit card |
|---|---|
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PBE Visa Signature credit card - Offers travel perks
💡Key point: Travel optimised credit card with ways to earn travel perks, and a low foreign transaction fee at 1.25%
PBE’s Visa Signature has some nice perks for people who travel often, and ways to earn cash back as you spend. That can make it a handy card for overseas spending, as it also has a relatively low 1.25% foreign transaction fee.
Foreign transaction fee: 1.25%
Annual or monthly fee: 388 MYR
Currency conversion: Visa exchange rate
Benefits and rewards: Earn cashback on spending and travel perks like lounge access and travel insurance
| Advantages of PBE Visa Signature card | Disadvantages of PBE Visa Signature card |
|---|---|
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What is a foreign transaction fee?
A foreign transaction fee is a percentage fee charged by your bank or card issuer every time you spend or make a withdrawal with your credit, debit or prepaid card, in a foreign currency. That means that foreign transaction fees can apply when you travel and spend or make ATM withdrawals overseas, or when you’re shopping online with retailers based overseas, and spending in foreign currencies.
Some banks, specialist providers and card issuers waive foreign transaction fees - and others have fairly low fees which can still make them worth considering. We’ve got a few good options to consider coming up later in this article.
How do foreign transaction fees work?
If your bank or card issuer charges a foreign transaction fee, you’ll find that an extra percentage fee is added onto your bill whenever you use your credit, debit or prepaid card to spend in a foreign currency.
When you pay in a foreign currency, you’ll usually find your spending is converted back to ringgit using the bank or card issuer’s exchange rate. The foreign transaction fee is then calculated as a percentage of the ringgit amount, and also deducted from your balance (for a debit card) or added to your bill (when you spend with a credit card).
How much are foreign transaction fees?
As we mentioned earlier, the good news is that not all banks and card issuers charge foreign transaction fees. However, the bad news is that if your bank does use foreign transaction fees, they can be pretty steep - often around 3% of the dollar amount you spend.
That quickly mounts up. Say you’re on vacation, and spend 5,000 MYR in total on shopping and eating out. The foreign transaction fee alone adds 150 ringgit to the total bill - and this rises to 450 ringgit in foreign transaction fees if you’re on a longer break and end up spending 15,000 MYR, for example.
How to get a card with low or no foreign transaction fees in Malaysia
The exact steps you need to take to get a card with no foreign transaction fee in Malaysia may vary depending on the provider you select. However, in most cases, if you’ve got a full set of ID and proof of address documents, and you’re a Malaysian resident, you’ll be able to get your account all set up, and your card ordered, online or through the bank or provider’s app.
As an example, let’s look at how to get a Wise international debit card in Malaysia:
Download the Wise app or head to the Wise desktop site
Click ‘Open an account’ and enter your email address - you can also register using a Facebook, Google or Apple ID
Follow the prompts to enter your personal and contact information
Upload your MyKad, or an image of your ID and proof of address documents for verification
Once your account is verified you can add your first balance in the currency of your choice
Select the card tab and follow the prompts to order your Wise card
Ready to get started?
How to use cards internationally
Generally, using your credit, debit or prepaid card overseas is just as easy as doing so at home in Malaysia. However, some banks may require you to inform them of your travel plans - to avoid your payments flagging as suspicious on their system - and you’ll also need to take a few other simple steps to make sure you can spend easily, and without any extra fees.
Here are a few things to consider:
If you’re making a withdrawal or spending abroad, check that the ATM is compatible with your international card - look for the Amex, Visa or MasterCard logo
Double check the fees charged by your bank for spending and making withdrawals overseas, so there are no surprises
Always pay in the local currency wherever you are to avoid dynamic currency conversion (more on that next)
Update your contact details with your bank, in case they need to get in touch while you’re abroad
Pay your bills on time, so you don’t run into late payment fees from your card issuer
What is dynamic currency conversion?
Dynamic currency conversion (DCC) is where you’re asked, by a merchant or when making an ATM withdrawal, if you’d rather pay in ringgit instead of the local currency where you are. It’s promoted as a time saver - as you’ll instantly see how much your payment is costing in ringgit , with no need to do the maths. However, in reality it usually means you pay more overall, as the merchant or ATM operator can set the rate used to convert your payment to ringgit , and add in fees too. This pushes up the price, and is worth avoiding.
The card operators and specialist providers we’ve touched on in this guide all handle currency conversion in different ways - but they’ll usually offer a much fairer deal than relying on DCC. Here’s how a few convert your money when you spend:
Wise: Currency conversion uses the mid-market rate with low fees from 0.57%, no foreign transaction fee
BigPay: Currency conversion uses the network rate to your plan limit with 1% foreign transaction fee
RHB: No foreign transaction fee to spend currencies you hold, 1% if you need to convert to an unsupported currency
Conclusion: Best card for overseas spending in 2024
If you spend in foreign currencies often - either when you travel or when you shop online, you’re probably wondering which credit card is best for overseas spending. Getting a low or no foreign transaction fee card can make sense - you’ll cut down the overall costs of transacting in foreign currencies, and depending on the card
Best card with no or low overseas transaction fees Malaysian FAQs
To cut the costs of spending overseas it makes sense to try to find a card which avoids foreign transaction fees. Take a look at low cost debit card options from services like Wise, and multi-currency holding accounts from large banks like RHB.
Few major Malaysian banks have cards with no foreign transaction fee. You could look at the RHB multi-currency account as one option. As an alternative, you might consider a debit card with no foreign transaction fee from a non-bank provider like Wise.
It’s always best to pay in the local currency wherever you are, to avoid the extra fees that come with dynamic currency conversion.
Often spending on your no foreign transaction fee card is pretty economical - and usually cheaper than using an airport or hotel currency exchange. Another smart choice is to open a multi-currency account with a provider like Wise or RHB so you can exchange and hold all the currencies you need in one account, ready to spend or withdraw when you travel.
Carrying a lot of cash comes with risks, so making ATM withdrawals when you arrive in your destination is often the better idea. Make sure you have a card with low or no ATM fees and no foreign transaction fee, and avoid credit cards if you can, as these usually mean high cash advance costs. Wise as an example, has low cost account options which have some fee free ATM withdrawals internationally, every month*.
*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
It’s not usually possible to avoid exchange fees entirely, but you can certainly look for a bank or provider which has transparent and low charges, to cut costs overall. Compare your own bank against a specialist service like Wise or BigPay, to see which works out cheaper for the type of transactions you make often.