Funds for overseas

[ffhound]

Hi all

2 years ago I traveled around the world. I took a couple of credit cards with me along with a Qantas cash card and a debit card, as well as some cash.

I mainly utilized funds from my credit cards during the trip. When I returned to Australia I found that several hundreds dollars had been lost in ATM fees, exchange rates and other bank fees.

So my question is, what is the most cost effective way to get access to your funds when overseas? By this I mean, for every hundred dollars you withdraw overseas, which transfer method will most minimize the mixture of exchange rate costs, ATM fees, taxes and bank fees?

Similarly if you must pay for a larger value item whilst overseas what is the best way to pay? Credit card, debit card, Qantas cash? What works out cheapest overall? If you use a debit or credit card, which is cheapest to use?

Cheers Peter

 

[MEL_Traveller]

The Citibank debit card is a good option - no fees for currency conversion, no transaction fees, no ATM fees (although in some cases an ATM fee may be levied by the provider, particularly if those machines are 'independent). With Citibank you get close to the rate you see on xe.com. This card uses your own funds so it's good for getting cash out.

28 degrees is a good card for purchases. It's a credit card, but will charge you for getting out cash (plus interest accrues immediately). It's a good card for hotel security deposits and the like because it's all credit (whereas for Citi it would tie up your funds).

Cash cards, such as Qantas cash, will charge you high fees for the currency loading, and will charge you an ATM fee. You'll lose about $5 on every hundred on cards like these, although you will earn QF points.

There are other cards out there with fee free, transaction free. But for me I take Citi for cash, and 28 degrees for purchases and hotel security deposits.

 

[cove]

28 Degrees credit card does not always work overseas since the idiots at Latitude took over from GE.
Citi debit is a great card but can have issues in Japan.

 

[sinophile888]

I am going to be putting both the Citibank and the 28 degrees MasterCard to the test soon. Hopefully, the cards will work in Singapore, Kuala Lumpur, Dubai, UK, Europe and Russia. I am taking a NAB debit card and an AMEX as emergency backup cards.

Are there any pitfalls for me to keep a lookout for?

 

[cove]

With 28 Degrees do let them know your itinerary which they will then probably ignore. Apparently when your card doesn't work you find that they don't have a 24/7 help phone line.
My youngest son is in the US this month and Citi debit is working ok and 28 Degrees not so much.
I wouldn't travel with only 28 Degrees in 2017.

 

[travelislife]

28 Degrees credit card does not always work overseas since the idiots at Latitude took over from GE.
Citi debit is a great card but can have issues in Japan.

What issues in Japan? I have used it in Japan every year for the past 7 and never had any issues over there with it as long as using it at an international ATM (7Eleven and Japan Post) like required by all other international cards.

 

[travelislife]

Simples: Cash - Citibank Visa Debit. Credit - 28 degrees card. I have both and they sit in the draw when in Aus and get pulled out when I go OS. 100% fee free. Best rates you'll get.

 

[cove]

Not sure as I wasn't travelling with my sons in Japan. Probably tried a machine that wasn't an international card ready machine.

 

[get me outta here]

Which card would be best for a long stay hotel in NYC? My 28D has much lower limit. Currently I use BWWorld.

 

[amaroo]

From 1st July I'll be using my fee free CBA (Amex) Dia for OS spend .... 1.2 QFFP / $ with 0% exchange fee.

 

[get me outta here]

I want one of those. It sounds like a 'hard' to get card.

From 1st July I'll be using my fee free CBA (Amex) Dia for OS spend .... 1.2 QFFP / $ with 0% exchange fee.

 

[cove]

Bankwest World worked well for our U.K. trip recently. Fair exchange rates and 0.66 points meant that we earned more than a Qantas point per pound with no ugly 3% to 8% set of exchange conversion rate fees.

 

[Major]

I also use the Citibank Plus card and the only fee charged is from the non aligned banks and some independent machines

https://www.citibank.com.au/aus/banking/everyday_banking/citibank_plus.htm

 

[amaroo]

I want one of those. It sounds like a 'hard' to get card.

I get if fee free - so it's a no brainer. It's totally useless for domestic spend outside of supermarkets, fuel, department stores, but for international transactions it's morphing into a beauty from the 1st July. 1.2p/$, 400,000 annual QFFP earn limit (no monthly low ball threshold), comprehensive travel insurance (no need to pay with the card), and 0% international transaction fee.

 

[get me outta here]

Lucky you. I see online that it's $349 or so for lesser mortals.

 

[sinophile888]

I know that I can use my Citibank card at Westpac ATMs in Australia. We have often used it in China but you have to get the bank correct. Citibank don't seem to have any branches in many of the places we are visiting. eg Amsterdam, Frankfurt and only one at Canary Wharf in UK.

What ATMs can be used overseas for cash withdrawals with the Citibank Debit card? I haven't had any luck finding the answer. We are going to Singapore, Malaysia, Dubai, UK, Europe and Russia.

 

[amaroo]

Lucky you. I see online that it's $349 or so for lesser mortals.

Do you do business with CBA? They can't give this card away (for free) quick enough!

 

[mannej]

I know that I can use my Citibank card at Westpac ATMs in Australia. We have often used it in China but you have to get the bank correct. Citibank don't seem to have any branches in many of the places we are visiting. eg Amsterdam, Frankfurt and only one at Canary Wharf in UK.

What ATMs can be used overseas for cash withdrawals with the Citibank Debit card? I haven't had any luck finding the answer. We are going to Singapore, Malaysia, Dubai, UK, Europe and Russia.

Have you got the Citibank app on your phone? This is the image I got from a quick search using the app

 

[neil37]

I have traveled with Citibank Debit and 28 Degrees in Singapore Malaysia and Russia and never had issues except with a particular Russian bank that happened to be on Obama's watchlist and was keeping all foreign cards. I did get it back though!

 

[MEL_Traveller]

I know that I can use my Citibank card at Westpac ATMs in Australia. We have often used it in China but you have to get the bank correct. Citibank don't seem to have any branches in many of the places we are visiting. eg Amsterdam, Frankfurt and only one at Canary Wharf in UK.

What ATMs can be used overseas for cash withdrawals with the Citibank Debit card? I haven't had any luck finding the answer. We are going to Singapore, Malaysia, Dubai, UK, Europe and Russia.

I just use it anywhere in China - never been charged a fee - the bank doesn't matter. The only places I'd be wary of are independent ATMs (often found in the USA in convenience stores), and some of the larger small banks in the USA also charge the fee. Thailand is a different story, all ATMs charge a tourist tax, except Citibank. But they only have three branches in Bangkok (luckily one near my hotel... saved a lot of money).