5 Best Travel Cards with no Foreign Transaction Fees in Malaysia

Claire Millard
Şeyma Mektepli
Last updated
13 December 2024

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.

Go to Wise 🚀Go to 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

Go to Wise 🚀

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 CardCard 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%

Withdrawal fees: 2 withdrawals per month, to the value of 1,000 MYR for free, then 5 MYR + 1.75%

Exchange rate: Mid-market exchange rate

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

Withdrawal fees: Up to 12 MYR depending on ATM type

Exchange rate: Visa exchange rate

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

Exchange rate: Mastercard exchange rate

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

Withdrawal fees: 5% cash advance fee, plus interest

Exchange rate: Visa exchange rate

Go to Wise 🚀

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:

Go to Wise 🚀

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 cardDisadvantages of Wise international debit card
  • Spend in 150+ countries

  • Hold and exchange 40+ currencies

  • Mid-market rate currency exchange, with conversion fees from 0.57%

  • Send payments to 160+ countries

  • No monthly or annual fees

  • 13.7 MYR card order fee

  • Some ATM fees apply once fee free limit is exhausted

  • No branch network

  • No cash deposits

Go to Wise 🚀

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 cardDisadvantages of RHB debit card
  • Supports up to 33 currencies for holding

  • Global spending wherever Visa is accepted

  • Low foreign transaction fee when spending an unsupported currency 

  • Interest earning

  • 20 MYR annual card fee

  • You’ll also need a RHB MYR account which may have its own fees

  • Variable ATM fees up to 12 MYR per withdrawal

Go to RHB 🚀

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 cardDisadvantages of BigPay debit credit card
  • Budgeting tools

  • Split bills with friends

  • Send local and international payments

  • Some loan access available to customers

  • 1% foreign transaction fee

  • ATM fee up to 10 MYR

  • No multi-currency holding option

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 cardDisadvantages of OCBC credit card
  • Relatively low 1.25% foreign transaction fee

  • Get lounge access, travel benefits and lounge access

  • Metal card 

  • Premium account perks, including an individual service and banking support

  • Extremely high minimum balance requirements at 3 million MYR or more

  • 750 MYR annual fee

  • No multi-currency holding option

Go to OCBC🚀

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 cardDisadvantages of PBE Visa Signature card
  • Up to 3% cash back on spending

  • Low foreign transaction fees

  • Lounge access and other travel related benefits for card holders

  • Accepted globally

  • 388 MYR annual fee

  • 5% cash advance fee if you withdraw cash at an ATM

  • Interest charges and penalties may apply

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:

  1. Download the Wise app or head to the Wise desktop site

  2. Click ‘Open an account’ and enter your email address - you can also register using a Facebook, Google or Apple ID

  3. Follow the prompts to enter your personal and contact information

  4. Upload your MyKad, or an image of your ID and proof of address documents for verification

  5. Once your account is verified you can add your first balance in the currency of your choice

  6. Select the card tab and follow the prompts to order your Wise card

Ready to get started?

Go to Wise 🚀

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

Go to Wise 🚀

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

How do I avoid foreign transaction fees?

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.

Which Malaysian banks charge no foreign transaction fees?

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.

Is it better to pay in local or foreign currency with my card when travelling?

It’s always best to pay in the local currency wherever you are, to avoid the extra fees that come with dynamic currency conversion.

What is the most cost effective way to exchange currency?

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.

Is it better to buy currency for the country you are visiting?

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

How do you avoid exchange rate fees?

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.