Beware ATM exchange rate on Citi Plus account

[Duffa]

Have just checked the exchange rates from my recent overseas usage on this card against the XE and Visa international rates
Whilst there were no ATM fees, the exchange premium varied from 0.06% to a whopping 4.56% depending on the bank - both non Citi
I checked with Citi and they said their rates are better than Visa if you use their own ATMs. Not much good if you are in Dublin or Istanbul!
At those rates I would have been better using the Select/Infinite and getting 3.3 pp dollar!!

Duffa

FWIW Chase in Manhattan was the culprit at 4.56%

 

[kpc]

Have just checked the exchange rates from my recent overseas usage on this card against the XE and Visa international rates
Whilst there were no ATM fees, the exchange premium varied from 0.06% to a whopping 4.56% depending on the bank - both non Citi
I checked with Citi and they said their rates are better than Visa if you use their own ATMs. Not much good if you are in Dublin or Istanbul!
At those rates I would have been better using the Select/Infinite and getting 3.3 pp dollar!!

Duffa

FWIW Chase in Manhattan was the culprit at 4.56%

You sure that Chase ATM didn't charge you a bank fee for withdrawal? All US ATMs I have used have charged a fee which ranges from around USD3-5 IIRC.

 

[Duffa]

You sure that Chase ATM didn't charge you a bank fee for withdrawal? All US ATMs I have used have charged a fee which ranges from around USD3-5 IIRC.

Absolutely sure. Each entry on my statement says AUD0.00; see below. I am as surprised as you are!

"INCL INTL TRAN FEE AUD0.00 ICCEX1501435898900608"

In fact, all of my withdrawals from this account have had zero ATM fees since I started using it more than a year ago.

 

[vitagen]

US atms will charge you on top for example you withdraw 100 USD transaction will come thru as 100+charge

 

[RooFlyer]

That's unusual - can you advise the banks involved?

 

[knasty]

Intl Tran fee is citi fee which is nil. Any fee from the foreign bank will appear as part of the withdrawn amount.

 

[robd]

US atms will charge you on top for example you withdraw 100 USD transaction will come thru as 100+charge

This has been my experience too. Although, they usually advise you of the fee, do they not?

 

[Cynicor]

I don't think you are having issues with the citi exchange rate, unless there was a major movement overnight. They use the previous day's rate, which accounts for some of the difference at times, but you've 99.99% been slugged an atm fee.

 

[Duffa]

but you've 99.99% been slugged an atm fee.

That's what I said to Citi help desk. Their response - "but you weren't charged an ATM fee; as your statement shows" and "we have no control over the exchange rate charged by another bank"
I just don't remember the other bank that was only 0.06% above the XE spot rate - wish I could!!

 

[Duffa]

Intl Tran fee is citi fee which is nil. Any fee from the foreign bank will appear as part of the withdrawn amount.

That's what I'm thinking too. I just wish I could work out which bank is going to load up the hidden charges and which is not!

 

[lovetravellingoz]

When I was in the USA (though admittedly it was using the Wizard which was at that time ATM charge free) I discovered that of the major banks that some were in fact ATM charge free, but that others wanted to charge extra. Unfortunately I cannot remember which was which now.

 

[kpc]

US atms will charge you on top for example you withdraw 100 USD transaction will come thru as 100+charge

Intl Tran fee is citi fee which is nil. Any fee from the foreign bank will appear as part of the withdrawn amount.

This has been my experience too. Although, they usually advise you of the fee, do they not?

I don't think you are having issues with the citi exchange rate, unless there was a major movement overnight. They use the previous day's rate, which accounts for some of the difference at times, but you've 99.99% been slugged an atm fee.

You may have missed it but Chase ATMs in the US (and all the other ATMs I think) do charge a transaction fee which is added to the withdrawal amount.... I have never seen a spread up to 4.56%...at most about 1%.

 

[lovetravellingoz]

Have just checked the exchange rates from my recent overseas usage on this card against the XE and Visa international rates
Whilst there were no ATM fees, the exchange premium varied from 0.06% to a whopping 4.56% depending on the bank - both non Citi
I checked with Citi and they said their rates are better than Visa if you use their own ATMs. Not much good if you are in Dublin or Istanbul!
At those rates I would have been better using the Select/Infinite and getting 3.3 pp dollar!!

Duffa

FWIW Chase in Manhattan was the culprit at 4.56%

.
Just checking too that you never allowed (even accidently) the ATM's banks to convert? If so they always over a poor rate.

I have used Citiplus in a number of countries (not USA) and have always found their rates ok.

 

[Duffa]

I have never seen a spread up to 4.56%...at most about 1%.

The average for the whole trip was 1.6% - US and Euro
Last October the average was 0.6% - UK and Euro
Still better than Citi Infinite/Select at 3.9% average

 

[RooFlyer]

That's not good ... I wonder if they have decided to price in more A$ volatility .. although the A$/US$ A$/GBP has had the wobbles since mid 2013.

 

[serfty]

I keep the dockets from the ATM when a fee is charged as when the travel is business related that fee likely deductible - unlike the actual cash which is not when a per diem is in action.

Hence I have a record of the fee for any forex comparison calculation I do.

 

[medhead]

That's what I said to Citi help desk. Their response - "but you weren't charged an ATM fee; as your statement shows" and "we have no control over the exchange rate charged by another bank"
I just don't remember the other bank that was only 0.06% above the XE spot rate - wish I could!!

I'd say the citibank help desk are only referring to Citibank charging a fee. They're not going to see if the other bank has included a fee in the transaction amount.

 

[moa999]

Just ask Citi what the actual USD charge was. If it was US203 then surcharge for example.

Also in times of rapid FX movements (like recently where the AUDUSD has moved up to 2c in a day) so the comparison websites can show a difference.

 

[N860CR]

I'd say the citibank help desk are only referring to Citibank charging a fee. They're not going to see if the other bank has included a fee in the transaction amount.

Given how useless Citis staff are... I'd say the comment regarding the other banks exchange rate was false and a result of a call centre worker trying to pass the buck. The Citi Plus may be a good product... But it's still a Citibank product!

 

[Alanslegal]

From what I am reading, the ATM did not charge a fee. From what I am extrapolating, the user pressed a button which converted the amount into AUD and thus the poorer exchange rate. Always press local currency.