Is Citi Plus still the best option for overseas cash?

[twiningb]

Is Citi Plus still the best option for overseas cash? Obviously I haven't done a lot of international travel since 2019.

If I have to open some other account it might be time to get started, since we depart in five weeks.

(I'm set for FX-fee-free purchases, with a US Amex Gold backed with a Coles Rewards Mastercard and a Bundll account which charges to my Dragon Visa.)

 

[bobbinbrisco]

NAB left us completely stranded in Italy when without advice they changed international access to our debit card. And lodged a complaint with Ombudsman who agreed and fined NAB and gave us compensation. We've currently been using ING and all the debit fees have been repaid as well.

Always handy to have alternative cards when travelling

 

[VPS]

Oz Bargain is reporting

This morning I logged in to Citibank to find my Citibank Plus transaction account had disappeared.

Went on to live chat to query this and was told that my account was closed since it had less than $5 and had been inactive for over 12 months. I didn't think it was possible as I had transferred a few cents into the account when I heard they were discontinuing Citibank Plus. Surely a deposit is considered activity?

I then asked the agent what has happened to the money in the account. The response was 'unfortunately your account can't be reactivated and this was a business decision in line with the account's terms and conditions.' Wtf? They stole my $0.03 !!

Anyone else experienced this?

 

[Pushka]

Always handy to have alternative cards when travelling

Yes however NAB had been used extensively overseas before they changed their conditions. We had two separate NAB accounts. Ended up withdrawing money from credit card then replacing that money before interest incurred.

 

[Lynda2475]

Ive not read the conditions but is is not unusual for an account to have to have a minimum balance to be considered active. I recall years ago my sister realised she has a dollarmite account form school banking days and decided to close it; but Combank needed her to jump some hurdle she couldnt, so instead of closing she withdrew all the balance except for 4c , then a month later she got a letter advising it had been closed for not having minimum balance.

Even when Ive gone months between overseas travel I've always left $100 in the transaction account, whilst moving balance to the linked savings account; and have a reminder on my phone to use the card at least once every 3 months to ensure it stays active).

 

[SYD]

Yes however NAB had been used extensively overseas before they changed their conditions. We had two separate NAB accounts. Ended up withdrawing money from credit card then replacing that money before interest incurred.

What did NAB change? I have a NAB Platinum Debit card (part of a Private Banking package) that’s still supposed to Int tx fee free (although I usually use ING, if not 28° MC or UBank as another backup - oh, and now a Citi Plus!).

NAB used to lets us withdraw from OS ATMs fee free but that appears to have been enhanced late last year and I’m not game to try now (otherwise $5 per transaction plus 3%…). Fortunately, still have ING, UBank and now Citi for ATMs…).

 

[Pushka]

What did NAB change? I have a NAB Platinum Debit card (part of a Private Banking package) that’s still supposed to Int tx fee free (although I usually use ING, if not 28° MC or UBank as another backup - oh, and now a Citi Plus!).

NAB used to lets us withdraw from OS ATMs fee free but that appears to have been enhanced late last year and I’m not game to try now (otherwise $5 per transaction plus 3%…). Fortunately, still have ING, UBank and now Citi for ATMs…).

I think about four years ago transaction cards simply didn’t work at ATM. Looking at my trans history on ING there have been multiple reimbursements of ATM fees. Far more than expected.

 

[SYD]

I think about four years ago transaction cards simply didn’t work at ATM. Looking at my trans history on ING there have been multiple reimbursements of ATM fees. Far more than expected.

Ah, I had that problem in some countries. Came down to which account(s) were linked ("Savings" or "Cheque"). Some countries default to "Cheque" and I didn't have one. So I opened a new account and new debit card. But academic now with NAB enhancing benefits.

I don’t recall having any problem with ING nor UBank (although I don’t use UBank in an ATM very often).

 

[Flashback]

Oz Bargain is reporting

This morning I logged in to Citibank to find my Citibank Plus transaction account had disappeared.

Went on to live chat to query this and was told that my account was closed since it had less than $5 and had been inactive for over 12 months. I didn't think it was possible as I had transferred a few cents into the account when I heard they were discontinuing Citibank Plus. Surely a deposit is considered activity?

I then asked the agent what has happened to the money in the account. The response was 'unfortunately your account can't be reactivated and this was a business decision in line with the account's terms and conditions.' Wtf? They stole my $0.03 !!

Anyone else experienced this?

My account seems OK still, always has a $0 balance. I always move the funds straight over to the attached savings account till I work out what I want to do with them. On average the transaction account has activity every 3 months or so I'd say, so the issue here was more than likely the no activity in >12 months (which Citibank are known for doing).

 

[VPS]

My account seems OK still, always has a $0 balance. I always move the funds straight over to the attached savings account till I work out what I want to do with them. On average the transaction account has activity every 3 months or so I'd say, so the issue here was more than likely the no activity in >12 months (which Citibank are known for doing).

I had transferred all my money out but I put in $10 and will make a note to use it once every 6 months

 

[SYD]

I had transferred all my money out but I put in $10 and will make a note to use it once every 6 months

There’s something upthread about cards (or was it accounts) becoming inactive after 6 mths of non-activity?

Wondering if just doing an account balance at an ATM is sufficient?

 

[VPS]

There’s something upthread about cards (or was it accounts) becoming inactive after 6 mths of non-activity?

Wondering if just doing an account balance at an ATM is sufficient?

I don’t think so if you see the thread on Ozbargain. I’m going to transfer $20 every 6 months then draw it out and leave $10 in there

 

[SYD]

I don’t think so if you see the thread on Ozbargain. I’m going to transfer $20 every 6 months then draw it out and leave $10 in there

I expect to be using my new card more than 6 monthly anyway. So shouldn’t be an issue for me.

 

[Vic]

Just set up a HSBC global account last week.
not sure I'm entirely happy with the A$10 fee to receive money from overseas USD to USD. I suppose that's kind of fair for international transfers getting converted into AUD.
BUT there is also a $10 fee to receive AUD from and AUD account to the HSBC AUD account, if using a Real Time Gross Settlement Transfer. I have NFI what Real Time Gross Settlement Transfer system is in reality. But some googling suggests it is a 'fast' transfer. Now my NAB account defaults to fast transfer, unless I schedule payment for later.

I've never seen a bank charge a $10 fee to receive a 'fast' transfer. It's a bit rude really. If someone else sends me money from an australian bank, why should I have to pay a $10 fee for them using fast transfer.
It's a bit rude really.

 

[SYD]

Just set up a HSBC global account last week.
an entirely happy with the $10 fee to receive money from overseas USD to USD. I suppose that's kind of fair for international transfers getting converted into AUD.
BUT there is also a $10 fee to receive AUD from and AUD account to the HSBC AUD account, if using a Real Time Gross Settlement Transfer. I have NFI what Real Time Gross Settlement Transfer system is in reality. But some googling suggests it is a 'fast' transfer. Now my NAB account defaults to fast transfer, unless I schedule payment for later.

I've never seen a bank charge a $10 fee to receive a 'fast' transfer. It's a bit rude really. If someone else sends me money from an australian bank, why should I have to pay a $10 fee for them using fast transfer.
It's a bit rude really.

What!

You set that up as an AU account with BSB/Acc #? Doesn’t sound right to have to pay to receive cash transfers from another AU bank account.

I believe there are others here using HSBC. Hopefully they can eleaborate.

 

[oz_mark]

What!

You set that up as an AU account with BSB/Acc #? Doesn’t sound right to have to pay to receive cash transfers from another AU bank account.

I believe there are others here using HSBC. Hopefully they can eleaborate.

RTGS is old school stuff. In most cases, using fast payments through the NPP has replaced the need to use RTGS.
I think you could be charged by the sending bank for using RTGS as well.

 

[Vic]

Probably the other thing about all this is I'm now in the currency speculation stage. I'm getting my international board fees, which are set in USD, paid to me in USD. Gambling on the exchange rates.

RTGS is old school stuff. In most cases, using fast payments through the NPP has replaced the need to use RTGS.
I think you could be charged by the sending bank for using RTGS as well.

Thanks. that's a relief. At this stage I've schedule a payment so that gets around the issue. Next time I'll try just a normal transfer.

What!

You set that up as an AU account with BSB/Acc #? Doesn’t sound right to have to pay to receive cash transfers from another AU bank account.

I believe there are others here using HSBC. Hopefully they can eleaborate.

Pretty much that's how it reads, AU account bsb/acc# to HSBC AU account with bsb/acc#
The complication is this RTGS payment thing. I've never heard of it, I guess it is old school. But google found a reserve bank paper on it from 2010, so not so old?
Page 64 Personal banking book, third row in the table.

https://www.hsbc.com.au/content/dam/hsbc/au/docs/ways-to-bank/personal-banking-booklet.pdf

 

[RealtimeY]

I wouldn't worry about it. Extremely few payments are processed by RTGS, it's more of a business service. There are definitely no local payment fees if you're just paying with BSB and Account number

 

[SYD]

I wouldn't worry about it. Extremely few payments are processed by RTGS, it's more of a business service.

Yeah, I was about to say that doesn’t read like a regular “Pay Anyone” bank transfer from another AU account.

 

[MEL_Traveller]

So are we thinking the HSBC account is a good alternative to Citi? We’re looking to open a new account for international use. It’s hard to keep track of where this thread has landed… ING seems to be out.

 

[SYD]

So are we thinking the HSBC account is a good alternative to Citi? We’re looking to open a new account for international use. It’s hard to keep track of where this thread has landed… ING seems to be out.

ING, UBank and others are / will be fine for fee free Debit purchase. Plus ATM withdrawals but subject to local ATM fee (as applicable).

Citi (for existing holders, for now) and HSBC (with some significant country exceptions) are still options to get around ATM fees.

28° MC and Coles MC also int tx fee free.

Bankwest also in the mix there somewhere.