Quote Originally Posted by Ralph Wiggum View Post
Each bank has their exchange rate on their website. Using a credit card will almost always attracts foreign transaction fee (usually a percentage of the purchase), though some credit cards have this fee waived.
I was just yesterday shopping for a new credit card (ANZ cut back the points on their rewards program). Given how much I shop internationally, the fee on international credit card transactions was important. After checking the Westpac terms (all the major banks would be the same), the FX rate posted on their website is not the one used to convert the FX on a credit card. Rather its Mastercard, Visa, Amex etc that use the wholesale or interbank rate from the day before to determine the rate. This is good that the bank's own FX rates are not used, because they are a rip-off!!!

You are correct that some cards waive the fee, usually these are the cheap, non-rewards cards.