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.)

 

[Flashback]

Yes, Thailand especially. Used Citi Sukhumvit branch (ATMs outside branch) on the main corner there opposite Terminal 23, whereas Thai ATMs generally charge quite a large fee.

In Japan, I used 7-Bank (7-11) ATMs and no fee ever charged. Didn't need to find Citi.

Only good for a little while though, as they're becoming UOB soon. Will be sad to see that one go.

 

[Happy Dude]

Also, there are banks that do not charge ATM fees.

I found ATM Fee free withdrawals at CIMB Machines in Kuala Lumpur.

That's good to know as I've just booked a trip there for next year.

I was going to get rid of my ING account but it'll be a useful back up for the Citi Plus. Assuming NAB doesn't make further changes, esp regarding OS use. Wasn't relishing the prospect of a Ubank or Macquarie or HSBC account.

 

[anyonebutqantas]

Only good for a little while though, as they're becoming UOB soon. Will be sad to see that one go.

Sad to see Citi retreat from global markets.

 

[EestiTiger]

I am in Estonia now and withdrew some Euros less than an hour ago with no fees. This will probably be the last trip with this card though

 

[SYD]

Received the email now and also stating Feb 2024 for complete closure - so I’m covered for my current and next trip. I still haven’t read the details - that can wait but I’ll contact NAB to see if it can transition to my existing NAB ID (in due course). Although, I’ll probably close it if it offers no benefit above existing products I have.

We’re going to start looking at HSBC again…

 

[Cynicor]

It’s going to be fee free still, so it’s better than hsbc

 

[SYD]

It’s going to be fee free still, so it’s better than hsbc

I thought HSBC was fee free at their ATMs? (although I’m aware of holes in coverage).

 

[Cynicor]

I may be mistaken but there is an fx conversion fee still

 

[bobbinbrisco]

I may be mistaken but there is an fx conversion fee still

yep.. certain currencies they will use their own rate

 

[SYD]

yep.. certain currencies they will use their own rate

Will look closely in due course….

 

[marki]

Mastercard platinum CBA zero fee on overseas purchases but not sure about cash for cash I use wise.

 

[Zinger]

Suncorp has a few account types where are no Foreign Currency Conversion Fees and no cash advance fees on Overseas ATM’s for Everyday Options, Everyday Essentials and Carbon Insights Account holders with a Visa Debit Card. For other account types, you may be charged a Foreign Currency Conversion fee or a cash advance fee when using an ATM overseas.

Am currently in Malaysia and using it along with my Citi card with no problems, although I haven't used it for an ATM withdrawal as I'm using Citi.

On a recent ten week trip to France and Italy the only time I needed cash was when taking a taxi. Both Citi and Suncorp were used for EFTPOS for all my other transactions.

International

 

[dpfarce]

yep.. certain currencies they will use their own rate

Is it easy to find what rate they are using? Surely it isnt the same spread as if you preload the card... .?

 

[Baysider]

Since ditching my Citibank Plus account I've been using my Bankwest Qantas Transaction account for fee-free overseas ATM withdrawals.

With this card, I've discovered that you need to select "credit" when doing an ATM withdrawal overseas. Annoyingly, today I tried to withdraw $50 from a UOB ATM in Singapore and got an error message when selecting "credit" that "the minimum amount for a cash advance is $200". I then tried selecting Savings or Current Account and neither of those options worked at all.

Am I missing something?

All debit cards require you to select Credit when withdrawing cash overseas, as they use the Mastercard and Visa networks for overseas access. Its always up front in the card T&Cs.

Post automatically merged: Sep 10, 2023

Is it easy to find what rate they are using? Surely it isnt the same spread as if you preload the card... .?

Cards that preload always charge a higher forex conversion rate.

 

[Baysider]

Most cards with "zero international transaction fees" still convert at the Mastercard or Visa rate (whichever the card is branded), which add 2-3% to the interbank rate. Citibank Plus charges the interbank rate as explained here:

Citibank Plus Everyday Account Review, Rates & Information | Finder

Fee-free international money transfers ✔ No international transaction fees ✔ Free overseas Citibank ATM withdrawals ✔ Linked Visa debit card with payWave ✔

www.finder.com.au

 

[oz_mark]

Most cards with "zero international transaction fees" still convert at the Mastercard or Visa rate (whichever the card is branded), which add 2-3% to the interbank rate. Citibank Plus charges the interbank rate as explained here:

Citibank Plus Everyday Account Review, Rates & Information | Finder

Fee-free international money transfers ✔ No international transaction fees ✔ Free overseas Citibank ATM withdrawals ✔ Linked Visa debit card with payWave ✔

www.finder.com.au

Visa and Mastercard do not add 2-3%. They have a small spread, but is generally less than 1%

And Citibank do use the Mastercard (or Visa if you still have one) conversion. From the Citibank Plus T+Cs

For example, where you use a debit card to make a
purchase in USD using an Australian dollar currency
account, the relevant card scheme will perform
the foreign exchange using their own foreign
exchange rate. In that case, we have no control over
the foreign exchange rate that is applied to your
transaction.

 

[Cynicor]

Most cards with "zero international transaction fees" still convert at the Mastercard or Visa rate (whichever the card is branded), which add 2-3% to the interbank rate. Citibank Plus charges the interbank rate as explained here:

Citibank Plus Everyday Account Review, Rates & Information | Finder

Fee-free international money transfers ✔ No international transaction fees ✔ Free overseas Citibank ATM withdrawals ✔ Linked Visa debit card with payWave ✔

www.finder.com.au

No, this is nonsense. Citi use a rate that is close to the MC rate, as do all the other fx fee free card providers.

Also, on the selecting “credit” thing.
I know with citi it didn’t matter. Might be mandatory for other providers. I always select savings and it seems to work on citi

 

[Baysider]

Citi use a rate that is close to the MC rate, as do all the other fx fee free card providers.

I've had my Citibank Plus debit card for 15 years and always check the conversion rate on overseas ATM withdrawals. Its always with 0.1-0.2% of the interbank rate on Oanda (in line with the linked article).
Currency Converter | Foreign Exchange Rates | OANDA
On a recent work trip to Canada the comparison of 3 cards was:
Citibank Plus: 90.3c CAD/AUD
ANZ Visa Debit: 87.6c CAD/AUD
Commonwealth Debit Mastercard: 87.9c CAD/AUD
Interbank Rate: 90.3c CAD/AUD

 

[Baysider]

Visa and Mastercard do not add 2-3%. They have a small spread, but is generally less than 1%

Sorry, poorly worded. Yes the Mastercard/Visa conversion is 1% and banks typically add 2%, as per this article. Citibank Plus, as advertised, is always at the interbank (mid-market) rate (as is the 28 Degrees Mastercard).
Excerpt: "These fees are usually disclosed by the issuing bank in the cardholder agreement. For example, the total fees for DBS issued credit cards are 3.0% for Visa/MasterCard and American Express (Amex) cards."

Visa vs. MasterCard: Who gives better exchange rates?

Which card should you use while travelling, Visa or MasterCard?

www.thinmargin.com

 

[dpfarce]

All debit cards require you to select Credit when withdrawing cash overseas, as they use the Mastercard and Visa networks for overseas access. Its always up front in the card T&Cs.

Post automatically merged: Sep 10, 2023

Cards that preload always charge a higher forex conversion rate.

But what if I don't preloaded the HSBC global visa, and select credit? Will that use the Visa rate or HSBC preloaded rate even if I don't preload...?

Surely it can't be this hard for a noob like me to figure out...