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.)

 

[Baysider]

HSBC global visa

It would be in the info that came with your card, but this is stated on the below website for the HSBC EVERYDAY Global Account :
"While the “savings” option may work with some EFTPOS machines overseas, it is important to always select “credit” when paying with your HSBC debit card overseas."

Tops Tips For Using Your HSBC Debit Card Overseas

Planning a trip abroad? Don't forget to pack your HSBC debit card.

www.debitcards.com.au

 

[Jenya]

nterbank (mid-market) rate

what you refer to as "interbank rate" is actually current Visa on MC system rate (or the one you can see in Google) - that is what CitiPlus account usees. Plus host bank ATM fee if any.
Nothing else. It's very transparent.

 

[oz_mark]

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

The banks generally add 3% of the Australian Dollar amount post conversion

For 9 September the following exchange rate

Visa 1 USD = 1.571090 AUD
% Mark-up over European Central Bank Rate = 0.44

Mastercard 1 united states dollar = 1.571027 australian dolla

Oanda 1 USD = 1.56543


My experience is that the cards (Citi, ING, MacBank, etc), are pretty close to the amount specified by the card scheme.

I expect the Citi cards that are migrated to NAB to follow the same path (until NAB changes it....)

 

[Baysider]

what you refer to as "interbank rate" is actually current Visa on MC system rate (or the one you can see in Google)

Not quite. Banks don't use the credit card rate with each other, theirs is the mid-market or interbank rate. It IS very transparent, some converters like Oanda even show it in their menu. Its the interbank rate that cards like Citibank Plus, ING Orange Everyday and 28 Degrees Mastercard match.

 

[MEL_Traveller]

Well… I’ve signed up to ‘Up’.

 

[oz_mark]

Not quite. Banks don't use the credit card rate with each other, theirs is the mid-market or interbank rate. It IS very transparent, some converters like Oanda even show it in their menu. Its the interbank rate that cards like Citibank Plus, ING Orange Everyday and 28 Degrees Mastercard match.

The Terms and Conditions of each of those cards state they use the scheme (Visa or Mastecard) rates. It is very transparent, and very clear in the terms of the cards that that is the case.


e.g. ING


28 Degress

 

[Baysider]

The Terms and Conditions of each of those cards state they use the scheme (Visa or Mastecard) rates. It is very transparent, and very clear in the terms of the cards that that is the case.


e.g. ING
View attachment 343130

28 Degress

View attachment 343131

Ok so the difference is 2-3% that the banks throw on top with most other cards then.

 

[SYD]

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.

This is not correct. If I use my ING or UBank “Debit card” in an OS ATM, I select “Savings” account and the conversion is at the prevailing VISA rate.

 

[Baysider]

This is not correct. If I use my ING or UBank “Debit card” in an OS ATM, I select “Savings” account and the conversion is at the prevailing VISA rate.

Not familiar with the UBank product. With my son's ING Orange Everyday card the paperwork that came with it (in 2018) says for international ATM withdrawals "select credit", but maybe this has changed. Citibank has always advised to select credit when withdrawing from ATMs overseas using the Citibank Plus debit card, and in fact there are many reports across the travel forums of people who ignored this and selected "savings" complaining that the card never worked.

 

[Jenya]

Same for Wise Visa card - they explicitly advise to select Credit for any transactions overseas

 

[HappyFlyerFamily]

Just a data point that I seem to be getting a difference in exchange rate on Citi - cash ATM withdrawal v retail transaction occurring within an hour of each other - about 0.5%-0.7% worse with cash. Annoyingly $1-2 per $300. In a cash preferred Asian country.

PS Yes, checked against Mastercard rate and yes overseas ATM has no fee to account for the difference.

 

[RooFlyer]

Same for Wise Visa card - they explicitly advise to select Credit for any transactions overseas

Oops, yes, I forgot about that. But it worked fine with me selecting savings.

I came on here to say that I my current trip on when using Wise and Citi debit on shops and ATMs. Once I took out at an ATM the same amount in the foreign currency on my Citi card and then on my Wise card and I can’t remember the exact amounts, but the A$ equivalents were so close it wasn’t worth looking at.

Having used both in parallel for a couple weeks, I much prefer the Wise card as the app is so much clearer and useful. The Wise is limited by the number free withdrawals that you can do an in a month which I think is about the main limitation.

 

[Flashback]

Oops, yes, I forgot about that. But it worked fine with me selecting savings.

I came on here to say that I my current trip on when using Wise and Citi debit on shops and ATMs. Once I took out at an ATM the same amount in the foreign currency on my Citi card and then on my Wise card and I can’t remember the exact amounts, but the A$ equivalents were so close it wasn’t worth looking at.

Having used both in parallel for a couple weeks, I much prefer the Wise card as the app is so much clearer and useful. The Wise is limited by the number free withdrawals that you can do an in a month which I think is about the main limitation.

Does Wise have a $ limit per transaction, or just a quantity limit?

 

[RooFlyer]

Does Wise have a $ limit per transaction, or just a quantity limit?

 

[Flashback]

View attachment 346140

Ah, low then. I get £300/day with my UK bank account.

 

[SYD]

Ah, low then. I get £300/day with my UK bank account.

That’s a bit on the low side also. ING and UBank are A$2k cash per day.

 

[Flashback]

That’s a bit on the low side also. ING and UBank are A$2k cash per day.

Any limit per month or could you take out 2k/day every day?

With Citibank I could do 1k/day unlimited (used to move money from Aus to UK that way).

 

[SYD]

Any limit per month or could you take out 2k/day every day?

With Citibank I could do 1k/day unlimited (used to move money from Aus to UK that way).

Not that I’m aware of.

 

[VPS]

The low wise cash limit doesn't really bother me because I try and pay with the card as much as possible but I always like to have some cash and I know there are some places where you can only deal with cash

 

[Pushka]

So I have Wise set up and ING. Which one is best and why? Please Need cash and credit.