ANZ Qantas Gold - increase of forex conv rate?

[Jeffrey O'Neill]

I just noticed that some recent overseas purchases have been charged a 3% forex conversion fee.

I'm sure late last yr when i was overseas it was only 2.5%

The only info on the web i can find is it should be 2.5%

Does anyone know if ANZ have increased it recently?

 

[wxxnxs]

I think they have increased for a while, I saw some information in the old thread which metioned about that. Anyway, not only ANZ but also other banks increased forex conv rate, I think most of them are around 3%. Even AMEX will raise to 3%. I believe the best card to use in overseas at the moment is NAB GOLD BANKING visa debit card, there is no conv fee at all, even ATM withdraw.

 

[Jeffrey O'Neill]

damn them all :evil:

i tend to use the wizard mastercard for cash withdrawls as usually they are free with no forex conv fee.

it's getting close to the point where it's better to save on the forex conv fee and pay with a card that doesn't charge that. unless you're getting some free travel insurance.

 

[wxxnxs]

damn them all :evil:

i tend to use the wizard mastercard for cash withdrawls as usually they are free with no forex conv fee.

it's getting close to the point where it's better to save on the forex conv fee and pay with a card that doesn't charge that. unless you're getting some free travel insurance.

Just querying why you prefer using credit card to withdraw cash, even though wizard card does not have any fees for overseas spending but gold banking does have fees either plus if withdraw more than cash loaded, then high credit card interest will apply, another risk you have to take.

 

[Jeffrey O'Neill]

i always put a few hundred $ on my wizard card before flying out, and then just bpay top ups as required.

has worked well for em over the last few yrs.

seems slowly but surely they are aqueezing most of the benefits out of the cards. The ANZ gold QF card no longer gives free travel insurance.

 

[wxxnxs]

i always put a few hundred $ on my wizard card before flying out, and then just bpay top ups as required.

has worked well for em over the last few yrs.

seems slowly but surely they are aqueezing most of the benefits out of the cards. The ANZ gold QF card no longer gives free travel insurance.

I know NAB gold banking gives your free travel insurance if you use visa debit card to pay for the airline ticket, and last month I used in overseas, the fee is quite reasonable, after convert to OZ $ I can not find any other scheme fees included. Hope it helps

 

[serfty]

... I believe the best card to use in overseas at the moment is NAB GOLD BANKING visa debit card, there is no conv fee at all, even ATM withdraw.

I know NAB gold banking gives your free travel insurance if you use visa debit card to pay for the airline ticket, and last month I used in overseas, the fee is quite reasonable, after convert to OZ $ I can not find any other scheme fees included. Hope it helps

For a start one needs to qualify to avoid fees for a NAB Gold Banking card.

Just querying why you prefer using credit card to withdraw cash, even though wizard card does not have any fees for overseas spending but gold banking does have fees either plus if withdraw more than cash loaded, then high credit card interest will apply, another risk you have to take.

As posted any interest can be avoided, but for clarity's sake, the interest charged with the Wizard is 15.74% - certainly not high by CC standards. (As a comparison, the NAB Gold card has a rate of 17.89%.)

 

[markis10]

For a start one needs to qualify for a NAB Gold Banking card, let alone have one.
The interest charged with the Wizard is 15.74% - certainly not high by CC standards. (The NAB Gold card has a rate of 17.89%.)

What qualification - we are talking about NAB GOLD everyday banking with the Visa Debit card for $10 a month if you dont put $5K through it - NAB - NAB Visa Debit

Not a bad deal if you are wanting to use your own money and get extra warranty/insurance. I was not aware of this card until the post above, spent 5 minutes on the weekend applying as the lack of a foreign currency fee will save me heaps.

 

[serfty]

What qualification - ...

The Qualification of putting at least $60K per annum through it to avoid up to $120 of fees.

I've clarified my post.

 

[markis10]

The Qualification of putting at least $60K per annum through it to avoid up to $120 of fees.

I've clarified my post.

No worries, I am still trying to find the catch (fees aside), at 5K of foreign transactions the lack of a fee saves me the annual fee for the card each time in transaction fees, let alone the extended warranty benefits. Sure there are no points available but it seems to be quite a good deal!

 

[Diesellife]

60k on the book is rather easy to be honest... so long you know what you are doing. I know someone who is getting paid 2k a month and still using it as a fee free card.

So qualification as a requirement is out.

No interest and no fee applies for NAB gold BANKING debit card. On top of that, there is no need to bpay/transfer to credit card, and certainly it does not capped your withdraw limit to your credit card limit. Moreover, 2000 AUD allowance a day against 1000 on most of other cards.

Gold banking also give one of the best EX rates available.
For example, last week. Yen/AUD at 78 and HK$/AUD at 6.2.

 

[wxxnxs]

The Qualification of putting at least $60K per annum through it to avoid up to $120 of fees.

I've clarified my post.

I don't think to deposit 5K/M to avoid monthly fee is a hard deal, because any money into that accout does count as a deposit not just your salary, it could be interest, dividends or money transferred from another account. I don't earn 60K per annum but there are some ways you can work out to avoid that fee.

 

[serfty]

60k on the book is rather easy to be honest... so long you know what you are doing. I know someone who is getting paid 2k a month and still using it as a fee free card.

So qualification as a requirement is out.
...

I don't think to deposit 5K/M to avoid monthly fee is a hard deal ... I don't earn 60K per annum but there are some ways you can work out to avoid that fee.

Both posts indicate you still need to consider the $60K so Qualification is an added level of complexity.

For example, last week. Yen/AUD at 78 and HK$/AUD at 6.2.

Yep, and the Wizard gives even better rates ...