Overseas Spending Money Strategies

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Gold60

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Hi ALL,

I am going on an RTW trip soon and think I will spend somewhere between $10-15K while away. I am looking for strategies to manage/access my money while overseas.

I was going to load X amount of $$$ onto my Global Wallet and then split it up over the five or 6 foreign currencies that I will need. As a backup I will have some more money in my domestic AU second rank bank - which I can access through my debit card. And a second backup I will have a MasterCard credit card with a reasonable limit on it from/with the same bank. I guess I could also take my main FF point earning AMEX Edge with me too?

As well as this electronic money, I will be taking about AUD$50 in each of the local currencies of where I am going to, to kick me off when I get to the country. The main places I am going, use - CAN$; USD, GBP, EUR, YEN, WON, V.Dong, CAM Reil, Baht.

Almost the entire trip will be paid for BEFORE I go. The main expenditures will be food; minor local incidental transport; minor quantity souvenirs, and a small back up for unexpected incids.

Any better ideas anyone please?
 
1. Erase your brain of everything you're currently thinking

2. Apply for Citibank Plus card (free). Use this card in EVERY COUNTRY for 0% cash withdrawals from Citibank ATMs. In some countries (Hong Kong, Malaysia etc..) you can use ANY ATM with ZERO fees and ZERO commission.

3. For times when you don't want to use cash (which you've withdrawn from ATM using Citibank Plus card), put the transaction on the highest points earning card you can find. I recommend Amex Explorer or Amex Platinum Charge card which will both earn 2 points per $ (ie: 2 airline miles per $1 AUD on international transactions). The international fee you'll pay on these cards is ~3%, which almost every card will have anyway, so you may as well go for the one with largest points earn and has the most protection while you're overseas.

Anyone who tells you those bogus travel cards, global wallet/qantas cash etc are a great way to 'lock in the rate' clearly doesn't travel enough to know all the tricks.

Have a fun trip!
 
thank you kindly for your tips.

and yes, i hope to have the best possible time that i can - in Biz Class all the way too......

trippin_the_rift said:
1. Erase your brain of everything you're currently thinking

2. Apply for Citibank Plus card (free). Use this card in EVERY COUNTRY for 0% cash withdrawals from Citibank ATMs. In some countries (Hong Kong, Malaysia etc..) you can use ANY ATM with ZERO fees and ZERO commission.

3. For times when you don't want to use cash (which you've withdrawn from ATM using Citibank Plus card), put the transaction on the highest points earning card you can find. I recommend Amex Explorer or Amex Platinum Charge card which will both earn 2 points per $ (ie: 2 airline miles per $1 AUD on international transactions). The international fee you'll pay on these cards is ~3%, which almost every card will have anyway, so you may as well go for the one with largest points earn and has the most protection while you're overseas.

Anyone who tells you those bogus travel cards, global wallet/qantas cash etc are a great way to 'lock in the rate' clearly doesn't travel enough to know all the tricks.

Have a fun trip!
Click to expand...
 
What trippin_the_rift said ... but adding:

* Take a back-up ATM card - I simply take my day to day CBA ATM card. It would be expensive to use, but I'd only use it if the Citi card was u/s.

* Have a good read through this thread. (Go backwards; things will have changed from the 2011 thread start). It will alert you to specific non Citi ATMs that charge a fee or not. Many do not, but some zing you for as much as A$8/withdrawal (in which case you make sure you only do one!)

* One thing t-t-r didn't mention is that the Citi FX rate is essentially spot rate (maybe up to 0.5% if you are unlucky). Therefore you can use it for purchases as you would a debit card in Australia.
 
I am also a big fan of Citibank Plus and with the world the way it is now I don't see a great need to arm yourself with $50 of local currencies before you go-better to spend your time reading up where to access the money when you first land, there is plenty of info re ATM access.
 
I must admit until half an hour or so ago i had never heard of this card. When i did an ATM search for London it only came up with 3 ATM's. I very quickly figured out that i obviously wasn't understanding this card. i think i now realise that it you find an ATM that is linked/associated to Citi you probably won't pay a fee to withdraw cash - which is mainly what i want. Are there any catches with a Citi Plus, once you understand how to use it ?

RB said:
I am also a big fan of Citibank Plus and with the world the way it is now I don't see a great need to arm yourself with $50 of local currencies before you go-better to spend your time reading up where to access the money when you first land, there is plenty of info re ATM access.
Click to expand...
 
trippin_the_rift said:
The international fee you'll pay on these cards is ~3%, which almost every card will have anyway, so you may as well go for the one with largest points earn and has the most protection while you're overseas.
Have a fun trip!
Click to expand...

Agree with everything TTR has said.

If you need to hold a deposit with a credit card (never ever do that with a debit card) or you feel 3% fee is too much, consider a "28 degrees" credit card - free to obtain, NO points, NO international fees, exchange rate at MCard daily rate, great service even if call centre is in Philippines. (I had a compromised card about 18 hours before leaving for Europe. My replacement card arrived in Malta (couriered by DHL) about 12 hours after I did).
 
I agree wirh almost everyting TTR has said....for credit card purchses I would get the 28 Degrees MC or Bankwest Plat MC....both have 0% Fx fees and charge the daily MC exchange rate....the latter has a small annual fee but earns 0.5 Qf pts per Aud$ spent ( the Bankwest World MC earns 0.66 Qf pts but has a higher annual fee)
 
are there any downsides with this Citi Plus card?

Seems that the big challenge is finding an ATM while overseas that doesn't charge you a fee of any sort - especially seeing that Citi doesn't seem to charge you anything ?
 
Citibank Plus card for cash. 28 Degrees MC for CC purchases.

I'm finding, increasingly, I can visit countries for days or even weeks and not need cash at all (or need it only rarely).
 
The thread and spread sheet referenced above will get you a fair way to know which local banks will charge a fee or not.

Here is a site that locates Citi ATMs. (There are 4 Citi ATMs in London, and more in Saigon!)

Unfortunately Citi is not everywhere - amazingly, they are not in Canada, at all. However except in South America, it was pretty easy to find local banks that don't charge a fee. You may have to try a few and go through the process before it reveals whether its going to charge you or not. I almost never try to locate Citi ATMs when travelling overseas, as the fee free other banks are so common.
 
bigal0 said:
are there any downsides with this Citi Plus card?

Seems that the big challenge is finding an ATM while overseas that doesn't charge you a fee of any sort - especially seeing that Citi doesn't seem to charge you anything ?
Click to expand...

You can use it in any ATMs oversees that accept Visa....a lot of ATMs don't charge a fee but sone do
 
Have just spent the last hour or thereabouts looking into the Citi Plus. it comes up trumps almost everywhere i look - as being the go-to travel/debit card. If it is either not being raved about and/or no. 1 in the ratings, then it is at worst, No. 2.

Seems like I'll be applying right away. i leave just after Anzac Day - hope i have enough time to get it.
 
I had a look at the website, and I notice this in the fees and charges brochure:

International Transaction Fee 2.50%Charged for all overseas ATM and electronic point-of-sale transactions made in a foreign currency using your CitiVisa Debit / Citi Debit Card. For Citi Visa Debit transactions, this amount includes a 1% service and assessment feepayable by Citibank to Visa. This fee will be charged as a percentage of your withdrawal amount.
Click to expand...

Seems to have changed on the 1st March 2017

https://www.citibank.com.au/global_docs/pdf/Feesandcharges.pdf
 
bigal0 said:
are there any downsides with this Citi Plus card?

Seems that the big challenge is finding an ATM while overseas that doesn't charge you a fee of any sort - especially seeing that Citi doesn't seem to charge you anything ?
Click to expand...


In answer to your first question, No.

I rarely have to pay ATM fees with this card and never have in the UK. Vietnam and Thailand are exceptions but they charge fees for all International cards. In the U.S you will find a Citibank ATM in every 7 Eleven store. One trap to look out for (at Heathrow for example) is that some ATMs offer to convert the withdrawl into your home currency, rather than allowing your own bank to do the conversion. Never do this, always use the local currency and save at least 5%.

I would think that most ATMs that charge fees for Citibank Plus would also charge fees for Global Wallets etc.

I also highly recommend the 28 Degrees credit card. The Citibank / 28 Degrees combination has saved me a small fortune over the last eight years or so.
 
bigal0 said:
Have just spent the last hour or thereabouts looking into the Citi Plus. it comes up trumps almost everywhere i look - as being the go-to travel/debit card. If it is either not being raved about and/or no. 1 in the ratings, then it is at worst, No. 2.

Seems like I'll be applying right away. i leave just after Anzac Day - hope i have enough time to get it.
Click to expand...

Should have enough time. As people have said you don't need to find a Citi ATM (though they are often in airports when you arrive). Can use in any ATM and is always fee free, except where the ATM operator charges a fee. So over a normal bank card you are generally saving a minimum of $5 plus 3%, if not more percentage due to some banks apply g a further percentage on the rate.
 
trippin_the_rift is on the money, pun intended. There is no reason to load up on any of those reloadable currency cards, as their rates are not usually competitive versus the other options.

The only time that those currency cards would actually be worth it is if (a) they have a super duper rare currency sale - as I said, super duper rare and only barely competitive if that; and/or (b) the currency rates somehow fluctuate downwards a minimum of 5% while you are away (also unlikely to happen, even if WW3 breaks out).

Get the Citibank Debit card pronto and deposit a large amount of your money into it. Use this as your ATM card to draw out money and where your credit card cannot be used (but a Visa debit is fine). In some cases, you may need to use "any" ATM at the airport if you need to draw cash for some sort of immediate use (e.g. public transport fares on machines that won't accept foreign cards). You might pay an ATM fee then, but overall you're still going to be ahead.

For credit card transactions, check the foreign exchange fee on any credit cards you have. Don't forget that at most foreign exchange services where you buy cash, the nominal minimum margin against the mid market is about 3.5 - 4%. Most credit cards top out the forex fee at 3.5%, so in most cases, combined with fairly competitive forex rates used to calculate AUD equivalent on credit cards, you're almost always nominally ahead anyway using a credit card. However, if you wish to avoid forex fees, get yourself a 28 Degrees Mastercard - it earns no points, but it's annual fee free and forex fee free.

Finally, don't take the risk of being blocked overseas: call all of your card providers (including Citibank) before you leave and tell them to add notes to your record about your travels. If you are planning on using your cards online while overseas, confirm and/or call your card providers about any secondary authentication methods used; e.g. if a method involves sending you an SMS to your card's registered mobile, you need to be ready for this.
 
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