For your convenience, we have listed the most notable updates to the Account and Access Facility Conditions of Use effective from 27 November 2024. Updated wording is noted in italics.
Section 14 Using Visa Outside Australia:
Section heading "Using Visa Outside of Australia" has been replaced with "International Transaction Fees".
Information removed from this section:
" 14.1. All transactions made in a foreign currency on the Visa Card will be converted into Australian currency by Visa Worldwide, and calculated at a wholesale market rate selected by Visa from within a range of wholesale rates or the government mandated rate that is in effect one day prior to the Central Processing Date (that is, the date on which Visa processes the transaction)."
"14.2. All transactions made in a foreign currency or with a Merchant located overseas (even if in Australian currency) on the Visa Card are subject to a conversion fee. Please refer to the Fees & Charges and Transaction Limits brochure for the current conversion fee."
"14.3. Some overseas Merchants and electronic terminals charge a surcharge for making a transaction using your Visa card. Once you have confirmed that transaction you will not be able to dispute the surcharge. The surcharge may appear on your statement as part of the purchase price."
"14.4. Some overseas Merchants and electronic terminals allow the cardholder the option to convert the value of the Transaction into Australian dollars at the point
of sale, also known as Dynamic Currency Conversion. Once you have confirmed the transaction you will not be able to dispute the exchange rate applied."
Information added to this section:
"We charge you an international transaction conversion fee of 3%, debited to your account on the transaction date, of which a service and assessment fee of up to 1% is payable by us to Visa and 1% is payable by us to Cuscal Ltd (as applicable), for any Retail Purchase or Cash Advance transaction in:
- Foreign currency once converted to Australian dollars; and/or
- Australian dollars (or any other currency), when either the Merchant or its financial institution/payment processor is located or registered overseas, including transactions that involve Dynamic Currency Conversion (that is where a transaction denominated in a foreign currency is converted to Australian dollars which is a service that is offered by certain ATMs and Merchants). The process of conversion and the exchange rates applied will be determined by the relevant ATM, Merchant, or Dynamic Currency Conversion service provider as the case may be. We do not determine whether a Card transaction will be converted into Australian dollars by the Merchant or ATM, and you may have to check with the relevant Merchant or ATM provider.
- Please note that even though an online shopping website with a domain name ends in ‘.com.au’ might appear to be an Australian business, they or their bank might be located overseas. This means you could still be charged an international transaction fee.
- Some overseas Merchants and electronic terminals charge a surcharge for making a transaction using your Visa card. Once you have confirmed that transaction you will not be able to dispute the surcharge. The surcharge may appear on your statement as part of the purchase price.
- Some overseas Merchants and electronics terminals allow the cardholder the option to convert the value of the Transaction into Australian dollars at the point of sale, also known as a Dynamic Currency Conversion. Once you have confirmed the transaction you will not be able to dispute the exchange rate applied."
"This fee applies only when you make a transaction with a Merchant or its financial institution/payment processor that is located or registered outside Australia."
"Note: It may not always be clear that the Merchant or its financial institution/payment processor is located or registered outside Australia."
While we've highlighted the changes that we think are the most relevant to our members, we recommend you review the full document here.
If any member would like more information on these changes, please contact us on 13 61 91.
