Many Australians get stung with excessive transaction fees

Research shows a person who spends $5,000 a year overseas would pay $171 in bank fees

One in three Australians travels overseas every year, and many get stung with excessive transaction costs when accessing money.

International ATM fees range from $2 to $5 per withdrawal to access your own money - while credit card purchases attract a transaction fee of between 2 to 3 per cent.

Now one bank is scrapping those charges - but there is a catch.