28° Mastercard Cash Advances while overseas [No more free cash advances from 1/1/14]

[Chicken]

The rates aren't amazing for it.
The best are the Citi, ING, Ubank and Mac Bank.

The one you quote are cheap, as they are using spot rates from the card scheme.

With HSBC, you can actually do forex in advance, so you pay 0% commission, and when you come back, you can hold onto the foreign currencies until your next trip / internet shopping

 

[Cynicor]

That's not fully correct. You don't pay spot on the HSBC, the rates are listed and are marked up. Also locking in advance is a mug's game and you lose potential interest while being exposed to worsening FX conditions. All for the slight potential upside.

 

[Chicken]

That's not fully correct. You don't pay spot on the HSBC

You don't pay the spot rate of Visa or MC, but you pay the spot rate from HSBC.

the rates are listed and are marked up

Of course. Even Visa or MC are marked up. There is no such thing as free lunch in this world.

Also locking in advance is a mug's game

No it isn't. Why do you think some people pay attention on forex rates? People who travel a lot, or do international trade, or people who need to send money back and feed their village?

If you go to UK every 6 months, and our dollar suddently drop, wouldn't you buy some now?

and you lose potential interest while being exposed to worsening FX conditions. All for the slight potential upside.

Each to their own, but I think this HSBC product is quite attractive.

 

[Cynicor]

If the $ suddenly dropped, you missed the boat. That's a nonsense example.
Also, with the Visa/MC rates you get basically what Xe.com show. With HSBC there is an actual mark up.
While you say there is no such thing as a free lunch, the examples I have given make their standard money off the transaction itself and not on the rates.
If you go use another card you'll pay the visa/mc rates plus 3%.
With HSBC your rates are abour 1-2% off the spot, or XE rate.

 

[cove]

I have been happy with Bankwest World and you know I am hard to please. Fair exchange rate plus 0.66 points per $AUD spent so a GBP or Euro spend gets you a pretty good deal.

We decided not to go further with English credit cards as the BWW deal works nicely.
Mrscove pays the London flat cleaner /butler device on 28 degrees and often uses Citibank debit at fee free ATMs in London.

 

[Cruiser Elite]

Re 28 Degree Mastercard - no Currency Conversion Fee - but does anybody have anecdotal evidence of actual competitive exchange rates from foreign currency to A$s?

 

[Chicken]

does anybody have anecdotal evidence of actual competitive exchange rates from foreign currency to A$s?

The last 91 pages of people testing this card?

 

[Cynicor]

The last 91 pages of people testing this card?

100%. The rates are the xe rates, basically. It's not some sort of "no commision" scam. It's been used by savvy FF's for over a decade now, you'd know if it wasn't a good deal.

 

[travelislife]

People seem to get confused on this stuff. The rates are set by Visa/Mastercard and should be pretty much the same across all bank issuers. Then each bank has the right to add whatever fees they want.

 

[Cruiser Elite]

People seem to get confused on this stuff. The rates are set by Visa/Mastercard and should be pretty much the same across all bank issuers. Then each bank has the right to add whatever fees they want.

Yep that part is understood - but i mist admit I never check the actual conversion rates - I thought somebody might have actually done so and been ablee to show the thread

 

[serfty]

Re 28 Degree Mastercard - no Currency Conversion Fee - but does anybody have anecdotal evidence of actual competitive exchange rates from foreign currency to A$s?

Mastercard rates are based on the day and can be viewed here: Currency Converter from Mastercard | Foreign Currency Exchange Rate Calculator

Visa Rates are based on the day of sale and can be viewed here: Access Denied

What exchange rate does my debit card use? | finder.com.au

Which Debit Card is Best to Use When Travelling Overseas? | finder.com.au

 

[tgh]

In the past it was near enough, but found a large discrepancy between the XE (mid market) rate and the MC rate last trip. (USD>AUD)
One comparison on one day saw only a small difference between Amex and 28 degrees
Caveat Emptor….we will monitor and check the rates daily next time.

 

[Chicken]

In the past it was near enough, but found a large discrepancy between the XE (mid market) rate and the MC rate last trip. (USD>AUD)

One comparison on one day saw only a small difference between Amex and 28 degrees

Well, here are the latest from my accounts

Bankwest MasterCard

Ticket 2019-02-02
HKD 3200 = AUD $563.66
XE quote 0.241%

Ticket 2019-02-04
HKD 580 = AUD $102.51
XE quote 0.091%

Ticket 2019-02-12
TWD 199 = AUD $9.16
XE quote 0.581%

Ticket 2019-02-15
TWD 1010 = AUD $46.31
XE quote 0.684%

Citi Plus MasterCard

Ticket 2019-02-01
HKD 1200 = AUD $212.67
XE quote 0.971%

Ticket 2019-02-12
TWD 1000 = AUD $46.09
XE quote 0.712%

Ticket 2019-02-14
TWD 1000 = AUD $45.98
XE quote 0.614%

 

[JohnK]

Yep that part is understood - but i mist admit I never check the actual conversion rates - I thought somebody might have actually done so and been ablee to show the thread

I've been using this card for most overseas transactions and in my experience can confirm the exchange rate is very close to what's offered on XE.

P.S. Has it really been 5 years since they added a cash advance fee?

 

[marki]

I use TransferWise for cash deposits overseas.

 

[cosi]

I use TransferWise for cash deposits overseas.

Can you withdraw the cash when overseas if your use TransferWise

 

[albatross710]

P.S. Has it really been 5 years since they added a cash advance fee?

I got stung by 28 Degrees onmy next overseas trip then moved to the Citibank Debit Card. I always prefer to pay cash when overseas whihc avoids those annoying following charge questions.

After a while I stopped even carrying the 28 Degrees card and then cancelled it late last year.

 

[Cruiser Elite]

Withdrawal €100 at ATM Paris this morn both ING & Citi - ING first:

And Citi:

Same ATM - back to back transactions.

 

[Flashback]

Withdrawal €100 at ATM Paris this morn both ING & Citi - ING first:
View attachment 171222
And Citi:
View attachment 171223
Same ATM - back to back transactions.

Visa or MC for each one?

 

[Cruiser Elite]

ING VISA - CITI MC