Use Westpac or Amex for overseas transactions?

[Binxx]

There seems to be general consensus that Wizard is the card to use for overseas purchases but unfortunately I do not have one nor inclined to get one for one trip.

Searching through this site, there are posts that Westpac cards incur no charge.

I tried to search in vain on the Amex site for their charges but could not find it but external links suggest 3%

Now I have the following cards. If anyone knows, can they suggest the most appropriate one for usage. I have put down their rewards for usage too.

Westpac Earth Platinum Amex: 1.5 QFF - $1
Westpac Earth Platinum MasterCard: 0.5 QFF - $1
American Express Qantas Card: 1 QFF - $1
American Express Gold Credit Card: No points

Most of the usage is in Asia and Middle East if that makes a difference?

Thanks

 

[wxxnxs]

There seems to be general consensus that Wizard is the card to use for overseas purchases but unfortunately I do not have one nor inclined to get one for one trip.

Searching through this site, there are posts that Westpac cards incur no charge.

I tried to search in vain on the Amex site for their charges but could not find it but external links suggest 3%

Now I have the following cards. If anyone knows, can they suggest the most appropriate one for usage. I have put down their rewards for usage too.

Westpac Earth Platinum Amex: 1.5 QFF - $1
Westpac Earth Platinum MasterCard: 0.5 QFF - $1
American Express Qantas Card: 1 QFF - $1
American Express Gold Credit Card: No points

Most of the usage is in Asia and Middle East if that makes a difference?

Thanks

Both of cards will incur foreign currency transaction fees, as earth credit is no longer to give you fee free for overseas purchasing. The cheapest card I am using in overseas is NAB gold visa debit card, it has no foreign currency conversion fees plus no atm withdraw fees either, but of course no rewards points at all. I can not find any credit card in the market at the moment which you can get fee free in oversea transactions and rewards points.

 

[serfty]

When withdrawing cash from your savings or transaction accounts, you can save a fee of $5 by using the ATMs of participating Global Alliance partners.

They still charge "Currency Conversion" fees on top of a biased exchange rate.

A WBC Foreign Transaction fee is charged to you of either 3%, 2.2% or 0.5% dependent on the nature of the transaction.

More here: Westpac Internet -Accessing your accounts overseas

 

[Binxx]

When withdrawing cash from your savings or transaction accounts, you can save a fee of $5 by using the ATMs of participating Global Alliance partners.

They still charge "Currency Conversion" fees on top of a biased exchange rate.

More here: Westpac Internet -Accessing your accounts overseas

Thanks Serfty but I would not be withdrawing any cash from ATM's but will be using the card for purchases, especially in Singapore duty free and Dubai duty free.

Would you know the 'transaction cost' or 'Currency Conversion' fees for the cards mentioned above.

 

[albatross710]

T
Now I have the following cards. If anyone knows, can they suggest the most appropriate one for usage. I have put down their rewards for usage too.

Westpac Earth Platinum Amex: 1.5 QFF - $1
Westpac Earth Platinum MasterCard: 0.5 QFF - $1
American Express Qantas Card: 1 QFF - $1
American Express Gold Credit Card: No points

Most of the usage is in Asia and Middle East if that makes a difference?

Thanks

For security use a card that you don't use in Australia and quarantine it so that any fraudulent transactions can be spotted immediately.

 

[dajop]

For security use a card that you don't use in Australia and quarantine it so that any fraudulent transactions can be spotted immediately.

That's a bit of overkill isn't it? I always find odd transactions stick out like the proverbial sore thumb. I guess if you put hundreds of transactions through a month it might be more difficult to detect a suspect one.

 

[albatross710]

That's a bit of overkill isn't it? I always find odd transactions stick out like the proverbial sore thumb. I guess if you put hundreds of transactions through a month it might be more difficult to detect a suspect one.

In my experience I feel comfortable keeping my overseas transactions on one card. I've had one experience where I had to cancel a card from dodgy os transactions. To change all of my auto-payments and annual web-subscriptions took up considerable time. Now that I have two cards I can travel without risk of impacting on my various regular transactions at home.

 

[dajop]

In my experience I feel comfortable keeping my overseas transactions on one card. I've had one experience where I had to cancel a card from dodgy os transactions. To change all of my auto-payments and annual web-subscriptions took up considerable time. Now that I have two cards I can travel without risk of impacting on my various regular transactions at home.

I guess that makes sense. Twice I've had fraudulent transaction on credit cards (touch wood), and nothing to do with overseas credit card usage. Once from a taxi in Australia (like many colleagues ) and the other time on a Visa debit card associated with my main bank a/c that I had only ever used at Australian ATMs, and never ever used as a Visa card as such. They drained my bank account from Spain using this at various restaurants and for train tickets (luckily in between pay cycles so very little money on it).

 

[serfty]

... Would you know the 'transaction cost' or 'Currency Conversion' fees for the cards mentioned above.

Please re read my post, particularly this bit:

A WBC Foreign Transaction fee is charged to you of either 3%, 2.2% or 0.5% dependent on the nature of the transaction.

After that review the web site for your card's niche.

 

[david870mdg]

EarthGold has given "fee refund" (full amount) to cardholder for the OS FX transaction fees incurred plus conversion fees on the card.
Do your homework but most of the info has already been posted / found on the WebSites.

 

[Binxx]

EarthGold has given "fee refund" (full amount) to cardholder for the OS FX transaction fees incurred plus conversion fees on the card.
Do your homework but most of the info has already been posted / found on the WebSites.

1. I have a Earth Platinum not Earth Gold
2. I did do homework and since there was conflicting info wanted to ask people here

I have still not been able to confirm re the 'fee refund' for OS FX. It is a new card and there was no info sent re overseas transaction costs in the paperwork.

From the Westpac Earth Platinum website

Earth Platinum Card Features and Rates

If you click on the disclosure statement link, you get a 'New or Changed page'.

Same with the Amex website, I could not find the info

serfty,

I did go to the link you provided, from there at the end of the page I went to disclosure statements and only thing re credit cards there is "Credit Card Repayment Protection pds"

Phew through google I found this post on FF and that has a link to Westpac internet - other fees and charges posted by oz_mark.

But again that conflicts what david870mdg is saying.

I also went to

Westpac - Our commitments - Our fees explained

still no luck

 

[albatross710]

probably time to call Westpac and ask them to explain what they are up to.

I admit that during this thread I tried confirm the fees on some charges and the Westpac site simply didn't disclose the figures I needed.

 

[austrider]

I also have the same question. Recently purchased some accommodation from Rakuten and was shocked at the FX charges. Googled and found this thread - no joy.

Looked up the Westpc Earth Pt T&C here, and basically it generalised it so that the actual rate is on the initial letter that they sent you.

http://www.earth.com.au/pdf/Earth_Platinum_Conditions_of_Use.pdf

I've kept that letter, and here are the key FX charges:

* 2% conversion fee, either purchase or cash advance
* 1.5% AMEX processing fee, OR
* 0.8% Mastercard Issuer cross Border Assessment plus
* 0.2% Mastercard Currency Conversion Assessment

I just calculated the fees I got charged and can confirm the addition fee comes around 3.5%.

The purchase was made on Oct 06 and the AUDJPY inter-bank exchange was around 79 JPY = 1 AUD. Westpac rate was around 76 JPY (excluding the 3.5% fee above).

Will try to find the AMEX Pt CC fee now....

 

[austrider]

AMEX also does not publish the fees on the net, and rather refer to the letter sent. Luckily I also kept that letter (geez I'm organised).

This was dated back in June 2007 so it may have changed.

The only currency conversion fee, including cash advance, is 2.5%.

So to answer the original question, Amex Pt CC is cheaper than Westpac Earth Pt in therms of currency conversion fee.

Other factors to consider are insurance and customer service due to fraudulent transactions. I've not had experience with Westpac (touch wood) but Amex has been great.

 

[austrider]

While I'm browsing my CC records here are some of my other cards for comparison. Standard disclaimer apply (ie not representing the bank. may no longer be current etc):


* Citibank Pt Visa (fee free - not sure if it makes a difference): 3.3%
* CBA Gold Visa: 1.5%

Which means:

CBA Gold Visa > Amex Pt CC > Citibank Pt Visa > Earth Pt Amex

This is great as my usual combo is Earth Pt Amex and Citibank Pt Visa. Time to swith to CBA Gold Visa + Amex Pt CC for o/s purchases.

We should start a wiki page somwhere to record all those award-based card fees that are not published on their sites.

 

[greenfrog86]

Hi,

I've posted recently on a similar line of thought

http://www.frequentflyer.com.au/com...s/most-expensive-amex-use-overseas-19399.html

Basically I detailed the forex fees for all my cards, and the Earth Plat Amex came out as the most expensive card I have as far as forex...

I'm pretty sure Amex issued cards are 3% now - I know looking at my statement mine certainly are.

I noticed the OP mentioned purchases at duty free places - if you are really interested in saving the conversion fee, check if they have the option of paying in your card's local currency.

Some say the exchange rate has a small bias built in, but I would imagine if would work out better than a 3.5% converstion fee:shock:

You might also want to consider that when you use an Amex in a currency other than USD (or the 'home currency') the transaction will be converted to USD and then to AUD. I'm not going to begin trying to work out whether that works out better or worse for you.

Long story short - it seems 'premium' cards have higher forex fees (Earth Plat Amex, Citi Plat Visa etc). However you might want to consider other benefits they hold like comprehensive insurance that may cover an item from theft/damage for a period or may offer refund protection etc.

Happy holidays!

 

[Binxx]

Thanks for all the replies.

Premium cards do seem to have a premium for forex rates.

austrider

Did you mean from a % charged and total cost perspective, for forex transactions

CBA Gold Visa < Amex Pt CC < Citibank Pt Visa < Earth Pt Amex