Guide to Malaysia credit card overseas transaction fees: Foreign transaction, dynamic currency conversion, and more

Before you spend with your Malaysian credit card abroad, you’ll need to check if any additional fees apply. It’s extremely common for your foreign currency spending to be converted back to MYR to be added to your bill using an overseas transaction fee. This can mean you spend from 1% - 2.5% more every time you spend in a foreign currency, compared to spending at home.

Don’t get caught out by the Malaysian credit card overseas transaction fee - this guide covers all you need to know. We'll also introduce the Wise card, a handy travel companion to make seamless card payments when you're overseas.

Table of contents
What Malaysia credit card overseas transaction fees are there? Malaysian bank credit card overseas transaction fees UOB CIMB Maybank Public Bank HSBC RHB Standard Chartered Get the Wise card and enjoy zero foreign transaction fees and the mid-market exchange rate when spending abroad

What Malaysia credit card overseas transaction fees are there?

Each bank or card issuer will set their own fee schedule. This means it’s crucial you read through the fee document and product disclosure carefully before you apply for a card - and certainly before you start to spend.

As well as the fees you might expect, such as an annual fee and finance charges, you’re likely to find that a foreign transaction fee, also called an overseas transaction fee, applies. This charge will usually apply on spending when you travel abroad, and also on spending online with foreign retailers. Let’s look at these charges in more detail.

Foreign transaction fees

The overseas transaction fee applied by different banks can run from around 1% to 2.5%, and might cover both a fee you pay to the card network, and a fee you pay to the bank itself.

This might not seem like a huge amount, but because it is added to all your foreign currency spending it can add up quite quickly. If you’re making a single purchase of 100 MYR, the additional fee might be an extra 2.5 MYR, just for currency conversion. If you were to use your card for all your spending on a trip abroad, this small amount can become pretty large, pretty quickly. Say you spend 3,000 MYR on a family trip - the additional fee could be as much as 75 MYR. If you’re not expecting this additional charge, it can be a very unwelcome surprise when your bill comes after your vacation.

Dynamic conversion fees

Dynamic conversion fees can apply in a couple of scenarios - and are well worth knowing about in advance.

One time this fee can creep in is if you spend online with a retailer which has an overseas payment gateway. This is quite tricky to navigate, as the retailer may display their prices in MYR, but actually process the payment through a foreign country.

Often the only way to be sure whether or not the retailer is using an overseas payment gateway is to ask. This adds hassle to a simple transaction, but can ensure you don’t get hit with a surprise fee.

It’s also helpful to note that you may pay this fee if you choose to pay overseas in MYR rather than the local currency wherever you are. In this case, the merchant will set the exchange rate that’s used - which might be less favourable than the rate you’d get from your bank or card issuer - and you’ll also usually pay the bank’s administrative fee, which can mean paying an extra 1% on all your payments.

Overseas ATM withdrawal fees

If you choose to use your Malaysian credit card in an ATM overseas, you’ll pay any fee the ATM operator levies, plus there’s usually a cash advance fee and an overseas transaction fee to pay to your bank. To give an example, the cash advance fee can be up to 5% with Standard Chartered, or with RHB, plus the bank’s standard overseas transaction fee and any applicable interest.

Make sure you’re aware of any fees which can apply before you use your card to get cash.

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Malaysian bank credit card overseas transaction fees

To make sure you’re not surprised by extra fees, let’s look at some of the Malaysian bank credit card overseas transaction fees you might run into when you travel.

UOB credit card overseas transaction fee

UOB credit card overseas transaction fee: 1%¹

UOB markets several credit cards as being great options for travel, based on the rewards and privileges you can unlock when you use them. The UOB PRVI Miles Card, for example, is described as a travel card, and offers 5X UNIRM - UOB reward points - for overseas spending. Other cards offer perks like lounge access which can also be attractive for frequent travellers.

It’s worth knowing that although these cards are aimed at people who travel a lot, they are still subject to the UOB credit card overseas transaction fee. This is 1%, in addition to any fee that the card network - Visa or Mastercard - add to the exchange rate used to convert your overseas spending back to ringgit. This is in addition to other fees applied, including the annual card fee which can be from 90 MYR to 3,000 MYR depending on the card you pick.

CIMB credit card overseas transaction fee

CIMB credit card overseas transaction fee: 1%, waived for the CIMB Travel World Elite Credit Card²

CIMB has a full range of credit card options for Malaysian customers, including some which are aimed at people who travel. The top cards can offer great perks like airport lounge access and additional rewards when you spend overseas. However, it’s important to remember that the standard CIMB credit card overseas transaction fee is 1%, which is added to any charges levied by the card network at the point of exchange.

The only exception to this is the CIMB Travel World Elite Credit Card³, which has no foreign transaction fee to pay when you spend abroad. However, this card requires a pretty high minimum annual income of 250,000 MYR, making it an option primarily for higher earners who want to unlock top tier travel and lifestyle privileges.

Maybank credit card overseas transaction fee

Maybank credit card overseas transaction fee: 2.25% - 2.5% depending on the card⁴

Maybank credit cards can offer enviable rewards, promotions and discounts, including travel and lifestyle benefits. However, the Maybank credit card overseas transaction fee is pretty high, at 2.25% - 2.5% depending on the card.

The overseas transaction fee for cards issued on the Visa or Mastercard networks are 2.25%, which is a fee of 1.25% paid to the card network, plus a 1% administrative fee which is paid to Maybank. Cards which are issued on the American Express network have a total fee of 2.5%. Annual fees may also apply to Maybank credit cards, although there are quite a few cards which are free for life, which can be a good pick if you want to avoid ongoing charges.

Public Bank credit card overseas transaction fee

Public Bank credit card overseas transaction fee: 1.25%⁵

Public Bank (PBE) allows you to filter their credit cards based on the type of card you’d prefer - including travel cards. Travel credit cards from PBE tend to offer higher reward earning rates when you spend overseas, compared to local spending in Malaysia. You might also be able to access other nice treats like airport lounge access, to make travel more comfortable.

All PBE credit cards are subject to the Public Bank credit card overseas transaction fee which is 1.25% of the spending amount. Other fees can also apply depending on the card you select, such as finance charges, penalties and an annual fee.

HSBC credit card overseas transaction fee

HSBC credit card overseas transaction fee: 1%⁶

The standard HSBC credit card overseas transaction fee is 1%, which is added on top of any fee that the card network might charge. It’s helpful to note that the conversion of your overseas spending might not be done on the same day the purchase is made. As with the other cards we’ve profiled in this guide, the network will use the live exchange rate at the time of processing the payment, which may be a day or two after you spend abroad.

Aside from the foreign transaction fee you pay to HSBC, there can also be other fees including annual fees.

RHB credit card overseas transaction fee

RHB credit card overseas transaction fee: 1%⁷

Many RHB credit cards offer some travel benefits, including unlimited lounge access in some cases. There are also cards which come with complimentary travel insurance as part of the package which can be attractive if you need to travel often. Annual fees and minimum income rates do vary quite a lot between cards, so you’ll need to check the eligibility criteria for any card you’re interested in.

If you choose to use an RHB credit card to spend overseas, you’ll need to pay the

RHB credit card overseas transaction fee which is set at 1% in addition to any fee which is added by the card network - Visa or Mastercard.

Standard Chartered credit card overseas transaction fee

Standard Chartered credit card overseas transaction fee: 1% plus any network fee applied⁸

Standard Chartered has a large range of credit cards, which include travel optimised cards which have great perks, and cash back cards.

When you use a Standard Chartered credit card overseas, the spending is converted back to MYR by either the network or the bank. The exchange rate is set by the network or bank, and may include a fee. In addition to any charges which are added into the exchange rate applied to your conversion, there’s a Standard Chartered credit card overseas transaction fee. This is an administrative fee of 1% which is paid directly to the bank.

Get the Wise card and enjoy zero foreign transaction fees and the mid-market exchange rate when spending abroad

The Wise card lets you spend in 40+ currencies at the mid-market rate including CNY, JPY, GBP, and SGD so you know you'll be getting a great deal in over 150+ countries. Simply create a free Wise account, order a card and top-up MYR to get started.

Virtual cards are free and can be added to your Google or Apple Pay wallet, while a physical Wise card can be ordered for a low fee of 13.7 MYR. Having a physical Wise card allows you to make chip and pin payments, as well as two free ATM withdrawals to the value of 1,000 MYR each month, before low fees start.

While abroad, you can choose to spend with directly in MYR and let auto-conversion do the trick, or convert to your desired currency with your Wise account. Either way, you’ll get the exchange rate you see on Google, with low, transparent fees from 0.77%.

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Sources:

1. UOB card fee schedule
2. CIMB card fee schedule
3. CIMB Travel World Elite Credit Card
4. Maybank card fee schedule
5. PBE card fee schedule
6. HSBC card fee schedule
7. RHB service charges
8. Standard Chartered fee schedule