Save 3% on your Facebook ad spend by eliminating hidden bank fees
Despite paying for your Facebook advertising in AUD, the Big 4 Banks charge 3% international card transaction fees. Scroll down for more information.
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Beware of international card transaction fees on your AUD Facebook marketing spend
The Big 4 Australian banks charge a 3% foreign transaction fee. Even if the transaction is in AUD, the fee still applies when the merchant or entity processing the transaction is located outside of Australia.
Facebook ad is a significant expense for many Australian businesses and because they process transactions outside of Australian, this fee is often charged despite your ad account and invoice being in AUD.
That's why it's worth checking your card statements for international transaction fees or speaking to your finance team, as you may be forfeiting an additional 3%, on top of your ad spend, that could instead be invested in growth.
How do I know if my merchant is located outside of Australia?
The guaranteed way of finding out if the merchant’s location is outside of Australia is looking at their Merchant of Record (MoR). Unfortunately, this information is only available to issuing banks and not easily accessible by the public.
For other businesses, this could be done by reviewing your card statements, identifying the largest international transactions, or multiplying these amounts by ‘33.33’ to work out the associated transaction. Yes, the banks don’t make this easy...
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The good news is that not all card issuers charge international card transactions fees. Airwallex being one popular option for fast-growing Australian businesses.
The provider with the most competitive and transparent fees is the one you should go with. Whether or not that’s us.
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The above estimations are calculated based on published fees of the Big Four banks and what is included in their PDS documents. You can find more information on how they charge their foreign transaction fees here link to T&Cs on ‘International Card Transaction Fees Comparison Disclaimer’.