Delay to Currency Conversion Fee changes

Changes to our Currency Conversion Fee have been delayed

Changes to our Currency Conversion Fee and international transactions have been delayed

We previously communicated that from 1 December 2024, we’ll be updating our Summary of Accounts, Availability of Access Facilities and Transaction Limits, Conditions of use and Fees and Charges to reflect changes to when international conversion fees may apply.

Please note these changes have been delayed until 9 April 2025.

What are the changes?

Community First charges a Currency Conversion Fee of 3% of the transaction value in AUD when you use your Visa card (debit of credit) for a foreign currency transaction or where an Australian dollar transaction is processed outside Australia.

The changes aim to clarify that the fee will also apply where the merchant, financial institution or entity processing the transaction is located overseas (even if in Australian currency and may include refunds and reversals). It will also apply to any instance where it is considered by Visa to require conversion into Australian currency.

Sometimes, overseas merchants, financial institutions or intermediaries allow you to pay for a transaction in Australian dollars or allow you to choose the currency for purchases (also known as Dynamic Currency), however this is still classified as an international transaction because your transaction is processed overseas. This can apply whether the transaction is made in person, over the phone or online. It may also apply to websites that end in .com.au and that displays prices in Australian dollars. It may not always be clear when a transaction may be an international transaction. You should check with the merchant if you’re unsure.

Moving forward the Currency Conversion Fee will now be known as an International Transaction Fee.

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Last updated: 14 February 2024

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.