foreign currency fees - a rip-off!

[Oneworldplus2]

Account and Card were opened and issued in London, not Oz.

 

[spunkarooney]

NAB Gold Banking and linked Gold Visa debit card is now by far the most readily available facility without these conversion fees. It also doesn't charge a fee for using any ATM, in Australia or abroad.

In the last few months I've been in Eastern Europe. Test transactions with this card and a Citibank Visa debit card, even for AUD ~10 equivalent transactions, showed a difference of between 30¢ and 80¢ between the two cards. Transactions were made at the same time, for the same amount and at the same ATM.

Really, you can't go past this.

 

[medhead]

NAB Gold Banking and linked Gold Visa debit card is now by far the most readily available facility without these conversion fees. It also doesn't charge a fee for using any ATM, in Australia or abroad.

Really, you can't go past this.

+1

And those with a NAB Choice package get exactly the same deal, with the CC fees waived as well.

This means I can get a NAB gold rewards Visa, NAB gold velocity and mostly likely the new NAB platinum AMEX/Visa all under the single fee for the Choice package

 

[oz_mark]

+1

And those with a NAB Choice package get exactly the same deal, with the CC fees waived as well.

This means I can get a NAB gold rewards Visa, NAB gold velocity and mostly likely the new NAB platinum AMEX/Visa all under the single fee for the Choice package

As a random question, why would it nclude the platinum version in preference to the gold version?

 

[ANstar]

I've been using the AMEX for overseas transactions after I learnt that you don't earn points with Commonwealth rewards for overseas purchases! Makes a difference with hotel accomodation etc...

 

[spunkarooney]

I've been using the AMEX for overseas transactions after I learnt that you don't earn points with Commonwealth rewards for overseas purchases! Makes a difference with hotel accomodation etc...

That'll teach you to not read terms and conditions.

 

[medhead]

As a random question, why would it nclude the platinum version in preference to the gold version?

Um, I'm not sure what you mean? Maybe I was unclear. I'm not suggesting that the platinum version would be in preference to the gold version. But due to the platinum not being officially released yet, I'm not prepared to guess what fees NAB may or may not charge.

Personally, I would probably rather get the platinum version over the gold because it is a cheap way (provide the fees are waived under the choice package) to get a back up visa to SWMBO and the earning rates for QF will be better than the gold.

 

[Mal]

I've been using the AMEX for overseas transactions after I learnt that you don't earn points with Commonwealth rewards for overseas purchases! Makes a difference with hotel accomodation etc...

Sure about this? I read the T&C's as stating that points will be earnt on the $A equivalent of purchases, but exclude Traveller's Cheques and some other transactions.

http://www.commbank.com.au/personal/apply-online/download-printed-forms/CreditCardsAwardsTC.pdf (Term 18)

 

[ANstar]

Yes I am sure - I quesitoned why I had spend $90,000 on my annual stateement and only received around 50k points.

I was told only Australian transactions are valid and anything done over seas (ie AA.com etC) would not earn points.

I took a look at the attached and it says anf the only thing I can see in the point searning is that "foreign exchange transactions" are excluded - so I prseume this means internaitonal transactions as they are converted on the statement and that will be their way around it.

I was quite miffed, hence why I will be more careful and use the AMEX which does allow for points to be earnt overseas.

Sure about this? I read the T&C's as stating that points will be earnt on the $A equivalent of purchases, but exclude Traveller's Cheques and some other transactions.

http://www.commbank.com.au/personal/apply-online/download-printed-forms/CreditCardsAwardsTC.pdf (Term 18)

 

[pksw]

Yes I am sure - I quesitoned why I had spend $90,000 on my annual stateement and only received around 50k points.

I was quite miffed, hence why I will be more careful and use the AMEX which does allow for points to be earnt overseas.

Anstar, I have a Gold Commonwealth VISA and earn reward points for overseas purchases. I checked my previous statements, and the only component for which I don't get points is the international transfer fee (the 2.x% commission they charge.)

 

[oz_mark]

Anstar, I have a Gold Commonwealth VISA and earn reward points for overseas purchases. I checked my previous statements, and the only component for which I don't get points is the international transfer fee (the 2.x% commission they charge.)

Not sure if it is relevant in this case, but standard cards are capped at 50,000 points per calendar year. (gold is 100K, and Plat is 150K)

 

[thewinchester]

+1 for NAB Gold Banking a/c, and I wish I had that account set-up before I left for Singapore last month.

I was still with Westpac while I was there, and I got a rather large shock on my Savings a/c when I came back. They enjoyed taking nearly $40 in foreign atm and conversion fees while I was there, and that's on top of an already large monthly service fee, and a dearth of foreign atm fees because they have no coverage in the majority of places I go.

After these horrors, and a 13yr banking relationship with Westpac and their failure to even think about providing me something better, I've given them the flick and haven't looked back.

 

[straitman]

Yes I am sure - I quesitoned why I had spend $90,000 on my annual stateement and only received around 50k points.

I was told only Australian transactions are valid and anything done over seas (ie AA.com etC) would not earn points.

I took a look at the attached and it says anf the only thing I can see in the point searning is that "foreign exchange transactions" are excluded - so I prseume this means internaitonal transactions as they are converted on the statement and that will be their way around it.

I was quite miffed, hence why I will be more careful and use the AMEX which does allow for points to be earnt overseas.

Anstar, I have a Gold Commonwealth VISA and earn reward points for overseas purchases. I checked my previous statements, and the only component for which I don't get points is the international transfer fee (the 2.x% commission they charge.)

Thanks for alerting me to this.

I've always assumed that all transactions earn points. I've just been through my Plat MC statement for last month and no points were earned for my Overseas transactions and now that I look at my annual statement there is a huge difference between the dollar spend and points earned.

 

[ANstar]

Thanks - I called up again and was told that you do earn on international. The points discrepancy was due to an error on their systems.

Sliughtly annoyed that the last agent just said you dont earn on internaional... oh well, am still using the AMEX more.

 

[pksw]

Thanks - I called up again and was told that you do earn on international. The points discrepancy was due to an error on their systems.

Sliughtly annoyed that the last agent just said you dont earn on internaional... oh well, am still using the AMEX more.

I hope they give you back your missing points - although as someone has mentioned, there may be yearly caps in the points that can be earnt. I now refuse to use my Amex or VISA for overseas transactions (except for flights, as I need the travel insurance) - the 2.x% transfer fee isn't worth the points to me, and I'd rather just use the Wizard card.

 

[Tortuga]

Just found out about the NAB Gold Banking, it mentioned that overseas it covers all + ATMS. In America, do most the ATMS fall under this category? Where can I find out about the exchange rate they use when a direct debit from an overseas bank in another currency is paid into my account?

 

[wizemen2]

:evil:Beware a currency exchange Operation on the Gold Coast [Known as scam city],Queensland, Australia calling themselfs Kings Currency exchange,and using the shop front name "Crown Currency exchange"
They have several shopfronts around this area.
I just recently paid almost a 30% Yeh! 30%, commission on otherwise worthless Viet Dong I purchased.
Yeh my fault, stupid me,too many Zeros, I lost the plot, and I didnt notice till I got home and worked my calculator.
Next time ill use my credit card in an ATM in Hanoi to pull my Dong, least then Ill know who the crooks are I am dealing with.
Dont we love the banks, Dont they love us?

 

[kdser]

Nab gold banking Visa debit +1

Just found out about the NAB Gold Banking, it mentioned that overseas it covers all + ATMS. In America, do most the ATMS fall under this category? Where can I find out about the exchange rate they use when a direct debit from an overseas bank in another currency is paid into my account?

You don't really know. However, the rate Nab gold uses is better than those used by most of the credit cards, except Wizard.

As such, I use Wizard for Eftpos and Nab gold for ATM. Also I would think Nab gold Visa debit is a good back up if Wizard doesn't work at Eftpos although in my experience, Wizard always works.

 

[medhead]

Nab gold banking Visa debit +1

You don't really know. However, the rate Nab gold uses is better than those used by most of the credit cards, except Wizard.

As such, I use Wizard for Eftpos and Nab gold for ATM. Also I would think Nab gold Visa debit is a good back up if Wizard doesn't work at Eftpos although in my experience, Wizard always works.

The NAB exchange rate seems to be around about their advertised TT exchange rate.

If using a NAB visa debit card, I do think they pass on the network fee (VISA, PLUS or whatever it is) still ok, but there could be a small fee.

 

[$CJ]

Just FYI I did an accidental comparison on USD transactions on the 22nd March using the two cards that most people here seem to use.

Results:

Citibank Platinum 0.66%

Wizard Clear Advantage 0.69%

So it seems Wizard has a fair margin of advantage, though to be fair Citibank includes points and insurance. Interestingly Citibank doesn't appear to have charged a "fee" (they are supposed to show it separately) but rather have just used a coughpier rate. Sneaky, very sneaky.

One very important factor to beware of though are merchants and/or merchant terminals that convert back to AUD without your permission. On a number of times I have handed over the Wizard card - sacrificing points & insurance to get a good rate - only to be scammed at some ridiculous exchange rate anyway.