Is Citi Plus still the best option for overseas cash?

[twiningb]

Is Citi Plus still the best option for overseas cash? Obviously I haven't done a lot of international travel since 2019.

If I have to open some other account it might be time to get started, since we depart in five weeks.

(I'm set for FX-fee-free purchases, with a US Amex Gold backed with a Coles Rewards Mastercard and a Bundll account which charges to my Dragon Visa.)

 

[Lynda2475]

I have the Citibank and also Macquarie Bank Transaction Account debit cards, have not had any issues finding ATMs which dont charge any fees to use these cards when overseas in recent years (Singapore, Hong Kong, USA, Spain, Portugal, Croatia, UK, Asia, USA).

Citibank is especially good New York, their ATMa are everywhere (branches, in drugs and conveininece stores), also plenty of Citibank ATMS in Singapore and Hong KIng. In UK ddnt see any ATMs that charged a fee for non customers.

No minimum desposit or transaction hurdles to jump through. I have highinterest accounts with both, and then just use online banking to transfer funds intot he transaction accoutns when travelling to cover any cash or debit card purchases i make.

 

[DeKa]

Thanks - I had a quick look and thought it was a credit card. Cheers

Ing Orange Everyday is the Debit account.
Ing Orange One is the credit account

 

[SYD]

The Citibank card is the same. Looks like MasterCard but it's a debit card. I have 59 days to sort it.

Does ING charge a % of the $ amount drawn? And are their exchange rates ok?

ING doesn’t charge an Int transaction fee. Ex rates are usually fine.

I’ll be in London next week. I usually do a couple of small purchases on the same day to see how things compare between ING (debit), 28Degrees CC (no fee) and my NAB or AMEX.

Post automatically merged: Mar 19, 2022

Ing Orange Everyday is the Debit account.
Ing Orange One is the credit account

Yes, “Everyday” debit account is fee free on debit and ATMs (they rebate ATM imposed fees up to 5 per month).

To get the benefits for the current month, you need to meet the criteria the previous month. So if travelling in April, you need to deposit $1k and make 5 cleared transactions before the end of March.

 

[kpc]

I have the Citibank and also Macquarie Bank Transaction Account debit cards, have not had any issues finding ATMs which dont charge any fees to use these cards when overseas in recent years (Singapore, Hong Kong, USA, Spain, Portugal, Croatia, UK, Asia, USA).

Citibank is especially good New York, their ATMa are everywhere (branches, in drugs and conveininece stores), also plenty of Citibank ATMS in Singapore and Hong KIng. In UK ddnt see any ATMs that charged a fee for non customers.

No minimum desposit or transaction hurdles to jump through. I have highinterest accounts with both, and then just use online banking to transfer funds intot he transaction accoutns when travelling to cover any cash or debit card purchases i make.

I have the Orange ING debit card but have been thinking about getting the Macquarie Debit Card as a back up....any thing I should know? I gather no ATM / Fx fees, use official Mastercan Fx rate, no hoops like the Ing Orange card....

Edit: Here's the gotcha with the Macquarie card which makes Ing Orange much better:

"We will refund fees charged to you by domestic ATM operators in connection with domestic ATM transactions, but you’ll need to pay any other fee that you’re charged by any international ATM operator."

Transaction account

 

[oz_mark]

I have the Orange ING debit card but have been thinking about getting the Macquarie Debit Card as a back up....any thing I should know? I gather no ATM / Fx fees, use official Mastercan Fx rate, no hoops like the Ing Orange card....
Transaction account

I've had no issues with it. Doesn't rebate operator fees, but does what it says on the lid.

 

[kpc]

I've had no issues with it. Doesn't rebate operator fees, but does what it says on the lid.

Yes...see my edit to my post about OS ATM fees...in Thailand for eg impossible to find ATMs which don't charge fees!

 

[SYD]

Yes...see my edit to my post about OS ATM fees...in Thailand for eg impossible to find ATMs which don't charge fees!

Or the US of A! Unless you go to the SFO City Council Credit Union ATM inside City Hall .

The worst I’ve seen was Argentina. Crazy low max withdrawal limits (circa US$100) and extortionist ATM fees (circa US$10) but ING rebated multiple ATM fees.

 

[Lynda2475]

Depends on where you travel. In UK and Europe i had no trouble finding fee free ATMs, so used Macquarie a lot there.

In USA i use either Citibank, their ATMs are free all over NYC (inside drug stores, convenience stores as well as lots of branches) or use my Westpac debit at Bank of America which is fee free due to partnership (only place without plentiful Bank of America is Hawaii).

Ive never been to Thailand, so no issues for me.

ING inconvenient for me, great for those who use them as their regular banks and have time for the hurdles.

Post automatically merged: Mar 19, 2022

Or the US of A!

Disagree, Bank of America is fee free for Westpac customers, Citibank fee free for citibanks cards.

 

[SYD]

Disagree, Bank of America is fee free for Westpac customers, Citibank fee free for citibanks cards.

WBC is one of the good exceptions with the Oz banks.

The beauty of ING (or similar) is *any* / *every* ATM is free (no running around trying to find or test an ATM to see if it will charge you. Note: I still do to some extent as a matter of principle! My NAB account doesn’t charge ATM or International conversion fees - if it works in an ATM without charging a local fee. Great. Otherwise, stick in the ING. I can transfer funds NAB <-> ING in seconds.

 

[Austman]

have time for the hurdles.

It's a few minutes the month before:

Transfer $1,000.00 (and back again if you like) and pay at the supermarket a bit more slowly than usual (possibly 5 times slower).

 

[Lynda2475]

Im a regular traveller to USA an as stated only place I couldnt find a Bank of America easily was in Hawaii- they are literally in every mall, main shopping street and airport in the lower 48 states. My Westpac savings is fee free and has no deposit or local transaction criteria in order to get Fee Free withdrawals in the USA via BoA, so Im yet to be convinced ING would offer me any benefit given my current travel plans. Especially given cash is becoming less essential.

Now of course that may change in future shoud l I find the need to travle to Thailand or somewhere without plentiful fee free (or free because they are partnered with one of the cards I already hold) withdrawals. But I find in you can tap and go most places, so cash is moot.

 

[kpc]

The main reason I switched from Citibank to Ing Orange was the rebate of OS ATM fees....I found that ATMs in OS airport locations often charge quite significant ATM fees and with the Ing Orange I don't have to worry about that. The reduction by Ing to 5 free transactions per month is a bit annoying but if I travel with +1, she also has an Orange Ing so that is 10 free transactions per month and that should be more than enough

 

[HappyFlyerFamily]

If I recall the other part of the equation is the exchange rate. The non 4 majors used to charge a better foreign exchange rate.

Also in Thailand at some hotels they are happy to charge more on debit card and give cash as change. But of course a traveller can’t plan for that scenario

 

[serfty]

My Westpac savings is fee free and has no deposit or local transaction criteria in order to get Fee Free withdrawals in the USA via BoA

But what exchange rate do you get?

With ING it is generally the current market rate with no arbitrage included.

On January 21, I used my ING card to withdraw USD60 at an ATM with a USD4.25 fee.

The debit against my account was $89.16 which exactly matches the Visa exchange rate for that day. The USD4.25 (AUD5.90) was refunded as a separate transaction same day.

To view daily Visa Exchange rates, see here:

Currency Converter – Exchange Rate Calculator

Exchange Rates & Currency Conversion Calculator – Use the converter to get an indication of the rate you may receive when using your Visa card. Learn more.

www.visa.com.au

Now, exchange rates fluctuate and with the recent AUD increase, that USD60 today would have cost me via ING AUD87.32 with the ATM Fee of AUD5.78 refunded giving a cost of AUD81.54.

Via Westpac using a Global Alliance Partner ATM the cost today would be AUD83.99 or AUD84.18 on a travel card.

Currency converter and FX rates

Convert 30+ foreign currencies, including USD, GBP, NZD, JPY and HKD, to and from Australian dollars. Check foreign exchange rates for travel money & international transfers.

www.westpac.com.au

 

[Lynda2475]

So $3 if one cant find a citibank which is easiest atm to find in NY. How much home loan offset interest does it cost one putting $1000 into ING each month if you dont bank with them vs leaving in offset with another bank?

Like i said personally no benefit for me to deal with hassel of ING given ive never paid an ovseas atm fee, just like i dont care what the interest rate is on a credit card as i dont pay interest as always pay balance in full.

Im sure ING works well for those who can be bothered jumping through hoops and dont need more than 5 atm withdrawals whilst travelling. Is it the best solution for everyone? Absolutely not.

In USA cash is needed less now that they finally have tap and go.

 

[robbo135]

So $3 if one cant find a citibank which is easiest atm to find in NY. How much homeloan offset interest does it cost one putting $1000k a month into ING each month if you dont bank with them va leaving in offset with another bank?

The $1000 doesn't need to be kept within ING, it can be transferred out.

 

[SYD]

The $1000 doesn't need to be kept within ING, it can be transferred out.

As I mentioned above, it can be transferred back out immediately. But of course, you need some cash remaining to access while travelling.

 

[kpc]

The $1000 doesn't need to be kept within ING, it can be transferred out.

..and you don't have to TF $1000 every month· - only the month preceding when you will be OS and using ING Orange for ATM withdrawals. Anyway the positives (and negatives) for the ING Orange have been stated, and if some don't think the positives /benefits outweigh the negatives so be it...

 

[auriga]

Is ATM fees a new thing in Singapore? I don't seem to recall this.
I put my Citibank card into the ATM to withdraw some cash.
OCBC wants $8
POSB wants $5

 

[ksthommo]

OCBC & POSB charges I believe. Try a Citibank ATM if one is nearby.