oz_mark
Enthusiast
- Joined
- Jun 30, 2002
- Posts
- 21,491
Been using the card just fine in China, and the rates have been close to the Visa published rates (Exchange Rates - Visa Corporate).
Here are some transactions I made. Mixed results so far.
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ATM - Hong Kong - Bank of China
2011 Dec 27 23:50
HKD 200 / AUD 25.45
Value of transaction in your currency: 25.92 AUD
ACTUAL BANK FEES for this purchase: -0.47 AUD (-1.822%)
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ATM - The Netherlands - Rabobank
2012 Jan 05 12:18
EUR 100 / AUD 127.24
Value of transaction in your currency: 124.66 AUD
ACTUAL BANK FEES for this purchase: 2.58 AUD ( 2.067% )
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ATM - The Netherlands - ING
2012 Jan 06 13:03
EUR 50 / AUD 63.01
Value of transaction in your currency: 62.17 AUD
ACTUAL BANK FEES for this purchase: 0.84 AUD ( 1.345% )
Would it be correct to assume that the fees were those charged by the overseas bank; not Citibank or Visa?
Here are some transactions I made. Mixed results so far.
----------
ATM - Hong Kong - Bank of China
2011 Dec 27 23:50
HKD 200 / AUD 25.45
Value of transaction in your currency: 25.92 AUD
ACTUAL BANK FEES for this purchase: -0.47 AUD (-1.822%)
---------
ATM - The Netherlands - Rabobank
2012 Jan 05 12:18
EUR 100 / AUD 127.24
Value of transaction in your currency: 124.66 AUD
ACTUAL BANK FEES for this purchase: 2.58 AUD ( 2.067% )
----------
ATM - The Netherlands - ING
2012 Jan 06 13:03
EUR 50 / AUD 63.01
Value of transaction in your currency: 62.17 AUD
ACTUAL BANK FEES for this purchase: 0.84 AUD ( 1.345% )
Would it be correct to assume that the fees were those charged by the overseas bank; not Citibank or Visa?
The spread looks a little larger than those normally found on the 28 degrees, but only 3 data points is not really enough information. Citi or visa may be taking a small bit but we need more transactions.
For now the 28 degrees looks to have a lower spread in either direction, so I think I will stick with 2 of those.
Apologies - I'm still a little confused..
So. What fees are applicable when withdrawing money o/s on this 'fee free' account?
Ignoring the local fee, the Visa exchange rate was almost the same as that listed on xe.com, so I think the card is still a winner
Citibank does not charge any specific fee. Refer Citibank web site or Schedule of Fees.
This is what I've been trying to find out.
When I compare the transactions I made (and listed) with Citibank and Wizard, there is quite a difference.
3. You are not comparing apples with apple when discussing the 28 Degrees Card and the Visa Debit procuct from Citibank - Mastercard as the scheme who does the FX conversion changes the transaction into USD before AUD so there is effectively a double conversion. It is my understand that Visa do not do this...
So this whole thread has completely gone off-topic however a few thoughts below...
3. You are not comparing apples with apple when discussing the 28 Degrees Card and the Visa Debit procuct from Citibank - Mastercard as the scheme who does the FX conversion changes the transaction into USD before AUD so there is effectively a double conversion. It is my understand that Visa do not do this...
.
Of course you are, the comparison is 2 travel products that both claim to have no fees on their foreign exchange transactions, and regardless of how they say they change the amount, what matters to the consumer is the end result. If I withdraw $100USD on day X with both cards, which card will offer the best rate?
I think too many people get blinded by how they say they will convert the amount rather than end results, especially on the numerous whirlpool threads where this card come up.
If we were comparing a travel debit card that you can pre-load the argument changes, and then the pros and cons of each need to be examined. But these two cards are effectively in competition and very similar due to the way we use them (i.e. preloading with AUD for the 28 degrees).
From the few transactions posted above the 28 degrees is still my choice, but more exact/side-by-side transactions are needed.