Changes to wording on International Transactions

[gibspmuh]

Just noticed with the latest update to the T&C's of the Citibank cards that they're changing the purchases made that are slugged with their 3.3%-3.4% foriegn exchange fee. Previously it was only charged on those involving a foriegn currency, but it is now moving to include *all* international transactions, regardless of the currency.

So if those friendly folks at a hotel overseas offer to charge you in Australian dollars (at the usual ripoff conversion rates), Citibank will *still* slug you the additional fee on top of that now. Makes it an even easier choice to leave the Citibank card firmly tucked away on any overseas trips (or for overseas purchases in general - not that it was any good for it before these changes).

 

[oz_mark]

I noticed thos changes too, but TBH had not considered what the effect was. Generally don't use Citibank credit cards for foreign purchases anyway due to the fees involved - so mine also stays safely tucked away while I am O/S/

 

[aasz1978]

Yes this is true.

NAB has already implemented that but has confirmed that they will not levy this International Charge for EBAY and Singapore Air (Oz Websites).

ANZ has also confirmed this.

I am not using Citibank for OS purchases anyway unless I'd have to. AMEX is so far proven to be better in rates.

 

[Evan]

Makeing AMEX charges start to look good
Actually i was not aware ANZ had changed so i guess i use the Amex more now.
E

 

[JohnK]

I posted a while back that I thought Citibank were now charging closer to 5% commission on foreign currency exchange when using ATMs overseas.

I know it is not specified that way in the terms and conditions but worked out that way when I was reconciling the transactions. I will be doing another comparison later this month on what is the best source of funds overseas. I will be comparing Citibank Readycredit, CBA Mastercard, CBA Visa, Wizard Mastercard and cash.

 

[NM]

I know it is not specified that way in the terms and conditions but worked out that way when I was reconciling the transactions. I will be doing another comparison later this month on what is the best source of funds overseas. I will be comparing Citibank Readycredit, CBA Mastercard, CBA Visa, Wizard Mastercard and cash.

Note that the Citibank Readycredit can be linked to Visa and the fees for foreign transactions are quite different for the Visa-linked account compared with the original account. When they brought in the Visa link, the default action was to convert all accounts. To remain un-linked you had to specifically decline the "offer".

 

[Mal]

I wonder if these types of changes are linked to the increasing number of merchants who offer "pay in your currency" type deals - thus the banks feel that they are missing out on the currency exchange rort?

Even Amazon has jumped onboard and if paying with Visa/Mastercard will offer (in most cases) to charge you in $A. Many hotels and similar establishments have hopped onboard previously.

 

[JohnK]

Note that the Citibank Readycredit can be linked to Visa and the fees for foreign transactions are quite different for the Visa-linked account compared with the original account. When they brought in the Visa link, the default action was to convert all accounts. To remain un-linked you had to specifically decline the "offer".

My Citibank Readycredit is not linked to Visa in anyway.

 

[NM]

My Citibank Readycredit is not linked to Visa in anyway.

A wise move!