Citibank Plus - No Fee No Overseas Transaction Fee Account

[kamchatsky]

Read MX in Sydney and noticed the big ads from Citibank on this Citibank Plus Account.


It is no offering as only real "No Fee Account". No account keeping fees etc.


One thing about this account, is that Overseas Transaction Fee is now 0.00%. This would be a good account for people who load up cash and withdraw money overseas. Has any one applied to this card?

Citibank Australia

also as account holder you are enrolled the Citibank dining program with free wine offer .....

EDIT: This is what I got from their Schedule of Fees and Charges document:

(including no Dishonour Fees, no Bank Cheque fees, no Telegraphic Transfer fees and no International Transaction Fees)

---

I have started a Google spreadsheet here: https://docs.google.com/spreadsheets/d/1G6d75ADzCg2aESuAOI2uuVA-YrEJIaOxScKHKsNA7cs/edit?usp=sharing

It is open to all to edit, so please add your experiences with using the card at various ATMs.

 

[kamchatsky]

[TABLE="class: comparetab, width: 486"]
[TR]
eesMonthly account feeDishonour feeBank chequesOverseas ATM withdrawal feesOverseas Direct Purchase FeeCitibank Dining Program[/TR]
[TR]
[TD]Citibank[/TD]
[TD="align: center"]Free[/TD]
[TD="align: center"]Free[/TD]
[TD="align: center"]Free[/TD]
[TD="align: center"]Free[/TD]
[TD="align: center"]Free[/TD]
[TD="class: noborderright, align: center"]Free[/TD]
[/TR]
[TR]
[TD]Commonwealth Bank[/TD]
[TD="align: center"]$6.00[/TD]
[TD="align: center"]$5.00[/TD]
[TD="align: center"]$5.40[/TD]
[TD="align: center"]$5.00 + 3% of transaction value[/TD]
[TD="align: center"]3% of transaction value[/TD]
[TD="class: noborderright, align: center"]Not offered[/TD]
[/TR]
[TR]
[TD]ANZ[/TD]
[TD="align: center"]$5.00[/TD]
[TD="align: center"]$6.00[/TD]
[TD="align: center"]$7.50[/TD]
[TD="align: center"]$5.00 + 3% of transaction value[/TD]
[TD="align: center"]3% of transaction value[/TD]
[TD="class: noborderright, align: center"]Not offered[/TD]
[/TR]
[TR]
[TD]Westpac[/TD]
[TD="align: center"]$5.00[/TD]
[TD="align: center"]$9.00[/TD]
[TD="align: center"]$5.00[/TD]
[TD="align: center"]$5.00 + 3% of transaction value[/TD]
[TD="align: center"]3% of transaction value[/TD]
[TD="class: noborderright, align: center"]Not offered[/TD]
[/TR]
[TR]
[TD="class: noborderbot"]NAB[/TD]
[TD="class: noborderbot, align: center"]Free[/TD]
[TD="class: noborderbot, align: center"]Free[/TD]
[TD="class: noborderbot, align: center"]$8.00[/TD]
[TD="class: noborderbot, align: center"]$4.00 + 2% of transaction value[/TD]
[TD="class: noborderbot, align: center"]2% of transaction value[/TD]
[TD="class: noborderbot noborderright, align: center"]Not offered[/TD]
[/TR]
[/TABLE]

 

[auriga]

It seems quite good. I certainly will consider using it.

 

[kpc]

Is this an actual bank account as opposed to a credit card? There are no Fx fees, but what exchange rate is used to convert foreign amounts? Could be a great alternative to 28 degree MC for withdrawing foreign cash OS:idea:

 

[oz_mark]

Is this an actual bank account as opposed to a credit card? There are no Fx fees, but what exchange rate is used to convert foreign amounts? Could be a great alternative to 28 degree MC for withdrawing foreign cash OS:idea:

It is accessed through a debit Visa card, so transactions in foreign currencies would be processed using the normal Visa exchange rates.

 

[kpc]

It is accessed through a debit Visa card, so transactions in foreign currencies would be processed using the normal Visa exchange rates.

Sounds very promising then...load up the bank account with cash prior to going OS, then use the Debit Visa card to withdraw foreign currency at the Visa exchange rate without any Fx or other fees. So who's going to be the first try it out?

 

[kamchatsky]

I am going to apply for it over this weekend. But my trip to USA and SE Asia won't happen until Xmas.

If I am going to use it, it will be for overseas ATM cash withdrawal purposes. Will still use 28 degree card for purchases.

I guess someone can use it to buy stuff from amazon.com and see if the exchange rate is good or not.

 

[one9]

Could anyone please confirm if I can send money overseas to China online with Citibank.

I can't do this with Amex FX and with Bankwest I have to goto the branch to do it which is frustrating.

 

[oz_mark]

Could anyone please confirm if I can send money overseas to China online with Citibank.

I can't do this with Amex FX and with Bankwest I have to goto the branch to do it which is frustrating.

The doco says you can transfer to a Citibank account in China, so I guess so.

I have one of these accounts, but have not tried using it overseas since they resturctured the fees (and removed most of them) in October. So, will be trying it out, but not just yet

 

[casanovawa]

This definitely sounds good, pending the exchange rate, as it hopefully means with just a Visa Debit Card attached its not another credit card counting against how many you can have open at one time and what your total limit is unlike the 28 degree card... So more opportunities to go for bonus earning card opportunities as they arise...

Will probably open one and leave a few bucks in their prior to loading up for trips...

 

[ric_melb]

I have a Citibank Plus account. I think you will find that no fee is charged for using an overseas ATM or purchasing goods when overseas.
I do however believe that an Exchange Conversion Fee of 2.5% is charged.
Citibank do refer to this 2.5% as an International Transaction Fee.
But I am sure Fee free does not mean exempt from the International Transaction Fee of 2.5%.

 

[oz_mark]

I have a Citibank Plus account. I think you will find that no fee is charged for using an overseas ATM or purchasing goods when overseas.
I do however believe that an Exchange Conversion Fee of 2.5% is charged.
Citibank do refer to this 2.5% as an International Transaction Fee.
But I am sure Fee free does not mean exempt from the International Transaction Fee of 2.5%.

My understanding is that from October 14, 2011 they stopped charging the 2.5% fee.

No Citibank Fees are charged for Citibank Plus Transaction Accounts (including no
Dishonour Fees, no Bank Cheque fees, no Telegraphic Transfer fees and no International Transaction Fees).

http://www.citibank.com.au/global_docs/pdf/Feesandcharges.pdf

 

[serfty]

It really depends whether any significant arbitrage or margin is taken.

28° basically do not.

 

[ric_melb]

Thanks oz_mark, I actually looked at that page and missed the part about the 2.5% fee being excluded on Citibank Plus accounts.
In this case very good news.
Pity they want to reduce the Qantas points earning rate on Platinum Visa though!

 

[M@rcoPolo]

28° basically do not.

But isn't 28° charging 0.5% of the monthly closing account balance for Shopper’s Protection insurance premiums? Or is this optional?

 

[serfty]

But isn't 28° charging 0.5% of the monthly closing account balance for Shopper’s Protection insurance premiums? Or is this optional?

Absolutely Optional - I get lots of offers to take such up; I shred the brochures and tell agents I am covered elsewhere.

 

[Cynicor]

So has anyone tried this card out overseas yet? What sort of rates did you get.

Had a look on Whirlpool too, and their thread just seems to be a bunch of people bickering about the terms and conditions without any real-time transactions. That's normal for there though, I guess...

Having the original gold free-for-life (now signature), I have learnt not to lean on their call centre or citibank as a whole for efficient and clear communication.

 

[hinson]

I think the rates are pretty good. Here is a purchase with the Visa debit card.

[TABLE="class: tbl_main, width: 90%"]
[TR]
[TD="colspan: 2"][TABLE="width: 100%"]
[TR]
[TD="class: title, width: 95%, bgcolor: #EFF6FA, align: center"]Credit Card Charges Results[/TD]
[TD="class: titleReg, bgcolor: #EFF6FA, align: right"][/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD="class: row1, width: 60%"]Date on transaction receipt:[/TD]
[TD="class: row1"]December 20, 2011[/TD]
[/TR]
[TR]
[TD="class: row2, bgcolor: #F2F5F7"]Amount on transaction receipt:[/TD]
[TD="class: row2, bgcolor: #F2F5F7"]264.00 NZD[/TD]
[/TR]
[TR]
[TD="class: row1"]Mid-market rate for NZD to AUD on 2011.12.20:
(Excluding bank charges)[/TD]
[TD="class: row1"]0.764321[/TD]
[/TR]
[TR]
[TD="class: row2, bgcolor: #F2F5F7"]Value of transaction in your currency:
(Excluding bank charges)[/TD]
[TD="class: row2, bgcolor: #F2F5F7"]201.78 AUD[/TD]
[/TR]
[TR]
[TD="class: row1"]Amount shown on credit card statement:[/TD]
[TD="class: row1"]202.17 AUD[/TD]
[/TR]
[TR]
[TD="class: row2, bgcolor: #F2F5F7"]Your "hidden" fee estimate:[/TD]
[TD="class: row2, bgcolor: #F2F5F7"]0.00 AUD ( 0.000% )[/TD]
[/TR]
[TR]
[TD="class: row1"]ACTUAL BANK FEES for this purchase:[/TD]
[TD="class: row1"]0.39 AUD ( 0.193% )[/TD]
[/TR]
[/TABLE]

 

[auriga]

Used the card in Hong Kong. I withdrew HK$3500 on 28.12.11, came to A$442.75. This converts to HK$7.90 per dollar, which I think is very good. xe.com shows $7.84 per dollar!

I used the card at a Citibank ATM, and the Australian converted amount was displayed instantly on the screen and on my receipt. Excellent!

 

[lovetravellingoz]

So how does it compare with 28 Degrees?

I assume one advantage is that as a Debit Card that unlike 28 Degrees one can "legally" preload it.

Plus earn a little interest as opposed to no interest.