Best CC to take overseas to keep fees down

[elogic]

Hi
In December Im travelling to uk, france , canada ,us , japan and kong kong
Can someone give me some tips on which card would be best to take with me to reduce OS fees and charges ?
Are any of the multi currency cards (like VA/QF ) worth it
Im concerned with the Aus$ dropping

 

[Deleted member]

It has been my experience that the 28 degrees card is the best for us. I have not really found the currency cards a good option. QF cash is a poor option IMHO.

 

[Dr Ralph]

Hi

Im concerned with the Aus$ dropping

If that's the cased then buy cash now.

Otherwise the 28 degrees card is popular.

 

[Isochronous]

Bankwest World MC.

 

[Dawg]

I agree with 28 degrees MasterCard. I have had it for quite a few years now. Well accepted worldwide. No currency conversion. No annual fee. Not my primary card, but it just sits there happily till I travel or purchase from overseas. You cant preload different currencies on it though, but I have found it mainly makes up for that by its reduced fees and charges.

 

[david1]

Also Citibank Plus debit card if you don't mind using a debit card. Can't load other currencies on, but there's not transaction fee or ATM fee (unless the ATM itself charges a fee). I use Citibank for cash out at ATM's and 28 degrees for purchases, it's a good combination.

 

[elogic]

Cheers For the advice everyone

 

[exceladdict]

Nothing more to add (I use the BW World MC and a Citibank Plus Debit for purchases and cash respectively) however both are good if you're travelling with a significant other, you can get supplementary cards / joint accounts so you're covered if you lose one. You can transfer cash between Qantas Cash cards but it's an extra step that could be avoided if you're in a pickle.

 

[$CJ]

Isn't 28 Degrees is pretty rubbish for OS ATMs now?

 

[serfty]

Isn't 28 Degrees is pretty rubbish for OS ATMs now?

Well, even at 3% for cash it is still better than most Oz banks (or prepaid Forex cards).

There is still no fee or notable arbitrage for purchases of goods or services with this card.

 

[basso]

Bizarrely, one of the Coles Mastercards (the Rewards Mastercard) has no international fees on purchases.

There is still no fee or notable arbitrage for purchases of goods or services with this card.

Arbitrage?

 

[serfty]

Bizarrely, one of the Coles Mastercards (the Rewards Mastercard) has no international fees on purchases. Arbitrage?

In this context, Arbitrage is how a bank basically helps itself to a likely profit on Forex.

XE.com tells me the current AUS:USD ratio yesterday was .7275; based on that ANZ is today selling USD for AUD at 0.6939 and buying at 0.7548 - within those variances is the arbitrage.

Note that if one used a CC with ANZ, they add a further 1.5% forex Fee for Visa/Mastercard and 3% for Amex.

 

[jodorro]

I also use 28 degrees purely for travelling (to purchase things) and Citibank to withdraw cash. Forget trying to earn frequent flyer points when you are travelling.

 

[coles525]

Bizarrely, one of the Coles Mastercards (the Rewards Mastercard) has no international fees on purchases. Arbitrage?

But listed are fees for cash out / atm etc...

 

[mcollins]

Hello,


A few people have mentioned they use 28 or bankwest world for purchases and citibank plus to get cash out. Is this so that purchases are made on credit instead of debit? If so, is there any other disadvantage to just using the citibank plus?


Thanks.

 

[basso]

In this context, Arbitrage is how a bank basically helps itself to a likely profit on Forex.

Seems an unusual use of the word.

XE.com tells me the current AUS:USD ratio yesterday was .7275; based on that ANZ is today selling USD for AUD at 0.6939 and buying at 0.7548 - within those variances is the arbitrage. Note that if one used a CC with ANZ, they add a further 1.5% forex Fee for Visa/Mastercard and 3% for Amex.

What ANZ buy and sell currency at is not what is used for credit card transactions. They are made by Visa/MC...

 

[serfty]

Seems an unusual use of the word. What ANZ buy and sell currency at is not what is used for credit card transactions. They are made by Visa/MC...

The rates used are based on Visa/MC but they vary that rate to their advantage.

With 28 deg / Citi Debit the rate used is close to the provider rate.

 

[exceladdict]

Hello,


A few people have mentioned they use 28 or bankwest world for purchases and citibank plus to get cash out. Is this so that purchases are made on credit instead of debit? If so, is there any other disadvantage to just using the citibank plus?


Thanks.

Yes.

I use a credit card (in this case the BW world mc with no forex fees) for all purchases, pushing credit (here or overseas). Importantly, using credit when checking in to a hotel or renting a car means it might pre authorise from your availabl credit limit but not hold away your actual cash.

Edit: also your other benefits like interest free Days, qantas points, insurance, etc if those are to your fancy.

Pre authorisations on a debit card can be nasty as they hold your money away from you for longer.

Citi visa is widely regarded on this forum as the best way to get cash out overseas. You'll always need a little bit of local cash and you can always fall back on this card to make purchases too.

 

[mcollins]

Has bankwest renamed their world mc to something else? I can't see it on there website.


It looks like all there platinum cards come with no forex fees?

 

[exceladdict]

Has bankwest renamed their world mc to something else? I can't see it on there website.


It looks like all there platinum cards come with no forex fees?

It's not available at retail, you need to upgrade or be invited to upgrade to the world card.

Correct on the platinum cards.