What bank card is more cost-effective to get when traveling to Australia?

For CMB debit cards, UnionPay cards can only be used overseas on machines with the UnionPay logo. When UnionPay cards are used for overseas consumption, the currency used for transactions is the local currency of the place where the transaction occurs, and the settlement currency is RMB. Please ensure that you have activated the UnionPay overseas ATM withdrawal function or the UnionPay overseas POS consumption function; at the same time, please ensure that there is sufficient RMB balance in your account. How to activate UnionPay overseas ATM withdrawal function or UnionPay overseas POS consumption function: Please log in to the professional version and activate it in "Account Management - ATM and POS Limits"; or please bring your ID card and all-in-one card to the counter to apply.

Overseas use of international debit cards is divided into overseas ATM transactions and overseas POS transactions. The currency of overseas transactions is the local currency of the place where the transaction occurs.

When used at an overseas ATM or POS machine with both the "UnionPay" logo and the "VISA" or "MasterCard" logo, your account usage will be determined based on the priority network of the local acquiring bank.

If you use the "UnionPay system", the clearing currency is RMB; if you use the "VISA" or "MasterCard" system, the clearing currency is US dollars;

If you use the "overseas system" (VISA) /MasterCard), use three main current accounts of US dollar cash, US dollar spot exchange and RMB. The order of use is: first use the US dollar cash account; if the balance of the US dollar cash account is insufficient, call the US dollar current account; if the balance of the US dollar current account is still insufficient, then call the US dollar current account RMB current account; the prerequisite for using the main RMB current account funds is that you activate the RMB entrusted foreign exchange purchase function.

UnionPay ATM withdrawal: 5‰ of the withdrawal amount, with a minimum of RMB 10 per transaction.

VISA/MasterCard ATM withdrawal: 1% of the withdrawal amount, minimum USD 2, maximum USD 100 per transaction; transactions in non-USD zone countries will incur a 1.5% currency exchange fee.

Currently, China Merchants Bank’s credit cards have two basic credit card lines, UnionPay lines and international lines (VISA, MASTERCARD, JCB or American Express, etc.). When the card is swiped on UnionPay lines, the payment will be settled directly in RMB; when the card is swiped on international lines, the payment will be settled in US dollars. Since overseas consumption by credit card will be settled in U.S. dollars, if the consumption amount is non-U.S. dollars, there will be an exchange fee between the two currencies, which is 1.5% of the transaction amount. The exchange fee is collected by our bank on behalf of international organizations. If the consumption amount is in US dollars, there will be no foreign exchange settlement fee. (If you use a full-currency credit card, you can spend any foreign currency around the world with 0 currency exchange fees, the foreign exchange purchase function will be automatically activated, and foreign currency consumption can be repaid in RMB.

)