28° Mastercard Cash Advances while overseas [No more free cash advances from 1/1/14]

[MEL_Traveller]

It will be the check out date that the rate is calculated on.

Plugging the quoted figures into xe.com the first one is good:The second seems poor:

the second one does seem poor. just wondering, was it a dynamic currency conversion?? (although it thught that would have shown up in aud only...)

 

[travelislife]

Just to mention the site has been down the last couple of days but now back up!

I'm confused with my latest statement as I thought when AU dollar was $1.03 to US that I would come out on top but my statement shows the opposite?

ie:
16 - Nov 19 - Nov HOLIDAY INN EXPRES HAWTHORNE CA 389.87AU
390.88 USD Rate: 0.997416 .

25 - Nov 29 - Nov MARRAKECH NEW YORK NY 658.47AU
636.41 USD Rate: 1.034663 .

Are you sure they didn't do a dynamic conversion before you paid the second one? But then I guess it should just come straight up all in AUD, not showing the USD. Maybe a call is in order just to ask? Grab the spot rate of the day off xe.com first so you have a basis to talk to them about. It should have been similar to your first transaction.

 

[oz_mark]

Late November saw quite an appreciation in the AUD, so the settelement date used is going to cause some changes like this (e.g. if you use the check-in date instead you get a much closer answer).

What are the actual statement dates for the transactions?

 

[PLANT]

Late November saw quite an appreciation in the AUD, so the settelement date used is going to cause some changes like this (e.g. if you use the check-in date instead you get a much closer answer).

What are the actual statement dates for the transactions?

16 - Nov 19 - Nov HOLIDAY INN EXPRES HAWTHORNE CA 389.87
390.88 USD Rate: 0.997416 .

25 - Nov 29 - Nov MARRAKECH NEW YORK NY 658.47
636.41 USD Rate: 1.034663 .

 

[serfty]

You can only have one "transaction date".

Is the MARRAKECH date the 29th Nov?

 

[PLANT]

You can only have one "transaction date".

Is the MARRAKECH date the 29th Nov?

Reviewed the STATEMENT:
First date is Transaction
Second date is DATE POSTED?????

So is it 0.97 AU but posted as 1.03 US?????

 

[MEL_Traveller]

Reviewed the STATEMENT:
First date is Transaction
Second date is DATE POSTED?????

So is it 0.97 AU but posted as 1.03 US?????

the foreign exchange rate should be that of the transaction date, not the posting date.

I have also read... but cannot confirm, that the rate used by MasterCard is the lowest rate on the day before the transaction was made. so if you bought something on 2 December, then the lowest rate of 1 December will be applied.

I haven't done the analysis to see if that's true or not... but I know I bought some Swiss francs last year at a time when the Aussie was particularly volatile (loke it dropped a couple of cents overnight) i got the better (pre drop) rate...

 

[serfty]

the foreign exchange rate should be that of the transaction date, not the posting date. ...

Yup!

This make a little more sense: (To be honest, I though the date range was the length of your hotel stays.)

Originally Posted by 29Nov

Value of transaction in your currency: (Excluding bank charges)	653.59 AUD
Amount shown on credit card statement:	658.47 AUD
ACTUAL BANK FEES for this purchase:	4.88 AUD ( 0.746% )

< 1% is with normal 28° realms ...

 

[oz_mark]

I have also read... but cannot confirm, that the rate used by MasterCard is the lowest rate on the day before the transaction was made. so if you bought something on 2 December, then the lowest rate of 1 December will be applied.

I haven't done the analysis to see if that's true or not... but I know I bought some Swiss francs last year at a time when the Aussie was particularly volatile (loke it dropped a couple of cents overnight) i got the better (pre drop) rate...

Mastercard publsih their exchange rates (for the EU, but AUD is there), if you really want to track it

https://www.mastercard.com/global/currencyconversion/index.html

 

[Flashback]

the foreign exchange rate should be that of the transaction date, not the posting date.

I have also read... but cannot confirm, that the rate used by MasterCard is the lowest rate on the day before the transaction was made. so if you bought something on 2 December, then the lowest rate of 1 December will be applied.

I haven't done the analysis to see if that's true or not... but I know I bought some Swiss francs last year at a time when the Aussie was particularly volatile (loke it dropped a couple of cents overnight) i got the better (pre drop) rate...

That reminds me actually, I have 100 Swiss Francs laying around from a trip I did to BSL when anat0l was over... maybe I should book another trip to go use them up

 

[cove]

Flashware those Swiss Francs are an investment in the future I believe.

 

[Flashback]

Flashware those Swiss Francs are an investment in the future I believe.

I was thinking that. When I went on a hiking trip in the Lake District a few months ago, I was having a chat to a Swiss guy and we were laughing about how the 2 strongest currencies on the market was the Aussie Dollar and Swiss Francs!

 

[Chicken]

Some transactions I made recently. Seems prettyconsistant so far.

Hong Kong
2011 Dec 29 21:52
HKD 308 / AUD 39.07
Value of transaction in your currency: 39.19 AUD
ACTUAL BANK FEES for this purchase: -0.12 AUD ( -0.301% )

UK
2011 Dec 30 12:09
GBP 40 / AUD 61.35
Value of transaction in your currency: 60.62 AUD
ACTUAL BANK FEES for this purchase: 0.73 AUD ( 1.200% )

UK
2012 Jan 02 20:23
GBP 73.11 / AUD 111.19
Value of transaction in your currency: 110.83 AUD
ACTUAL BANK FEES for this purchase: 0.36 AUD ( 0.324% )

The Netherlands
2012 Jan 05 22:05
EUR 70 / AUD 87.36
Value of transaction in your currency: 87.26 AUD
ACTUAL BANK FEES for this purchase: 0.10 AUD ( 0.110% )

The Netherlands
2012 Jan 06 17:41
EUR 90.95 / AUD 113.5
Value of transaction in your currency: 113.09 AUD
ACTUAL BANK FEES for this purchase: 0.41 AUD ( 0.359% )

Germany
2012 Jan 08 11:37
EUR 13.9 / AUD 17.35
Value of transaction in your currency: 17.28 AUD
ACTUAL BANK FEES for this purchase: 0.07 AUD ( 0.418% )

Germany
2012 Jan 08 20:41
EUR 159 / AUD 198.42
Value of transaction in your currency: 197.64 AUD
ACTUAL BANK FEES for this purchase: 0.78 AUD ( 0.395% )

Germany
2012 Jan 12
EUR 55.46 / AUD 68.8
Value of transaction in your currency: 68.95 AUD
ACTUAL BANK FEES for this purchase: -0.15 AUD ( -0.211% )

 

[cove]

My GP was renovating a place overseas and was really,really impressed as the card saved him $700AUD in 3 months. He said it was the best travel advice he has ever received! Go 28 degrees!

 

[PLANT]

So I set this up with family member who travels the world for work. They had it in credit as per the site.
They have been using it all over the world without hassle.........UNTIL.

They received a letter from them saying this is not a debt card....WTF!


Just to confirm not more than $3000 to load it up in the black right?
Any other tips to get them back under the radar?
Putting an international cruise on it will put it in the red

 

[Chicken]

They received a letter from them saying this is not a debt card....WTF!

Honestly, GE is not going to make any money, or more like losing money, if everyone just put money into this card then use it like an ATM card.

So if you need to do it, do it in small amounts. And when you are not overseas, maybe us the card for overseas purchases e.g. online stores, eBay, etc.

The party is going to get shut down if everyone abuse it.

 

[cove]

Don't exceed your credit limit with funds in credit ever.
Also do some small stuff to use the debit side when you are not travelling nor doing cash advances anywhere.

 

[ZeroPoint]

Once I'm back and I have excess cash on the card I head to the nearest westpac and start withdrawing. You can only manage $1000 per day, but I can do more with it vs it just sitting there on the card.

 

[kpc]

Once I'm back and I have excess cash on the card I head to the nearest westpac and start withdrawing. You can only manage $1000 per day, but I can do more with it vs it just sitting there on the card.

I do the following below; sometimes it takes 2 or 3 visits to the Westpac ATM to withdraw the excess if I have put too much in pre OS trip...

Generally speaking, I put my Wizard into +ve credit before I go away, and when I come back, and once all expenses have been posted, I transfer another small amount to round up the balance, then I go to a local ATM (Westpac to avoid fees) and withdraw the entire balance in AUD...so my statement will never be in credit for more than 1 cycle :idea:

 

[JohnK]

They received a letter from them saying this is not a debt card....WTF!

And I believe the letter is correct. What does GE money make out of ATM transactions when there are no fees and the best possible exchange rate is used?

It is amazing this little scam has lasted this long without more cards being cancelled....