Citibank Plus - No Fee No Overseas Transaction Fee Account

[burmans]

They clearly rely on people not comparing the market. I refinanced my mortgage away from CBA at the start of the year - got an interest rate 0.52% lower - saving me about $200 a month... If people woke up, they'd be toast (or actually need to be competitive).

Don't get me wrong but so what! This is true across virtually all industries, business are in business to make money funnily enough. The comment about competitiveness is true of supermarkets, car companies, telcos, retail outlets, wine retailers. in fact I can't really think of an industry it's not true about. And yes, if people woke up they'd be out of business. But of course we don't. But realistically I'd have to suggest the answer does lie in us doing exactly that, if I was in business why would I seriously look to cut my own margins if I don't have to, businesses are not charities.

 

[Isochronous]

Although isn't the exchange rate on Citibank Global Transfers still inferior to what you get on a foreign ATM withdrawal at the Visa rate?

 

[raleyoz]

I dont think so , last I checked it was a much better rate than visa, only eclipsed by foreign trading companies, which appear to work on very small margins.
I use both, citibank and traders, citibank I can transfer money to/from my US citibank account instantly, traders give me a better rate

 

[Isochronous]

Got a quote just now and the ATM withdrawal rates on the Citibank ATM card is definitely better than an online transfer to another Citi account.

For example: AUDHKD is currently at 6.14782. Citi Global Transfer through online banking quotes 5.95767 - which is a 3.1% difference.

 

[Isochronous]

Another experiment with Citi ATMs in HKG today.

Maximum withdrawal in one go is HK$4,000 - if you want more, you have to do another transaction. So I did 2 withdrawals in a row, (so barely a minute or so between them, from the same ATM, but got quite different exchange rates):

Monday
HK$4k - AUD $651.36 --> e/r 6.140997
HK$2k - AUD$328.95 --> e/r 6.07995136

Tuesday
HK$4k - AUD $654.03 --> e/r 6.115927
HK$2k - AUD$330.30--> e/r 6.035101

 

[There'sOnlyOneJimmy]

Another experiment with Citi ATMs in HKG today.

Maximum withdrawal in one go is HK$4,000 - if you want more, you have to do another transaction. So I did 2 withdrawals in a row, (so barely a minute or so between them, from the same ATM, but got quite different exchange rates):

Monday
HK$4k - AUD $651.36 --> e/r 6.140997
HK$2k - AUD$328.95 --> e/r 6.07995136

Tuesday
HK$4k - AUD $654.03 --> e/r 6.115927
HK$2k - AUD$330.30--> e/r 6.035101

That's wierd; about 1% to 1.3% (adverse) difference both times for the smaller withdrawal.
Given the brief time gap between transactions, you wouldn't think that it was caused by market movement. So, are there any theories as to the reason?
Could it be some sort of 'volume' effect (i.e. as the value of the transaction rises the rate moves closer towards 'spot'). That seems a little unlikely given the relatively low dollar amounts involved.
Is the moral to the story: Withdraw to the max allowed at ATMs to get the best available rate?

 

[deka2]

Has anyone used this card as a "contactless card" on the London Tube?

If it works it may be better to use than buying an Oyster Card

 

[Isochronous]

Didn't even know that was possible!

 

[Chicken]

Has anyone used this card as a "contactless card" on the London Tube?

If it works it may be better to use than buying an Oyster Card

I don't know how hard it is to check history, and you cannot store travel cards (we Aussies call periodic tickets).

 

[deka2]

Didn't even know that was possible!

Here is a link to the website which explains contactless cards

What is a contactless payment card? - Transport for London


All UK cards are fine as are overseas issued Amex, but the foreign Fees on the Amex woulod probably kill it.

I was hoping someone had tried their Citibank card.

 

[moa999]

Don't see why it wouldn't work

 

[deka2]

Don't see why it wouldn't work

Possibly so.

But the website does say that not all o/s cards will work

We will give it a go in early July, and report back.

 

[Flashback]

You can register the card on contactless.tfl.gov.uk to track journey history etc. Might be worth trying to do that to see if it accepts it?

 

[ZeroPoint]

I can confirm first hand:
The card does work for a couple days but then it ceases to work as it'll identify the card as an overseas card.

You simply then need to register the card on the tfl website and it'll keep working.

Also when you register you get the benefit of seeing the history and payment details. Where you tapped on/off etc.

 

[moa999]

I thought the whole point was to accept o/s cards.

Anyhow this issue with Citi/28deg and many other Aus cards still not solved in France where many SNCF train terminals (particularly the regional ones) only accept cards with offline pins. No issues for long haul or Nice tram machines

 

[Flashback]

I thought the whole point was to accept o/s cards.

Anyhow this issue with Citi/28deg and many other Aus cards still not solved in France where many SNCF train terminals (particularly the regional ones) only accept cards with offline pins. No issues for long haul or Nice tram machines

Had an interesting issue with this last week. The ticket machine took my UK issued MasterCard (fx free) at SXB airport station. The exact same ticket machine type at Strasbourg (main station) did not want to accept it. It happily took my UK issued Visa Debit (fx free) though without issue. Both cards have a pin on them. So I'd just put that one down to a French anomaly.

 

[Isochronous]

Having thought about it, I now remember using my BankWest Platinum with this on the DLR line in London last year. It worked fine.

 

[RooFlyer]

Use of Citibank debit plus in South American ATMs.

Actual FX rate for ATM and purchases always very good, within 1% of spot.

Ecuador
Banco del Pacifico - adds a US$0.50 fee per withdrawal
Banco Pichinca - no fee
Scotiabank - no fee

Peru
Interbank (I think this was a generic type machine, not a bank) 14.5 sols fee (about A$6! cough, I'm didn't realise it at the time!)
NOTE: The fee doesn't appear on the Citibank monthly statement, just the withdrawal amount and the A$ amount, including the fee.

Argentina
Banelco (again, a generic machine, not a bank) 53 Arg pesos fee (about $7! I knew about this rate but had to use it)
NOTE: Again, the fee doesn't appear on the Citibank monthly statement, as above

Brazil
HSBC - no fee

Canada (OK, Nth America)
Royal Bank of Canada C$3 fee - I declined this!

 

[PLANT]

Re: Citibank Everyday Plus - Free overseas ATM withdrawals!

Vietnam can this card be used Fee Free?

 

[BNEFlyer]

Re: Citibank Everyday Plus - Free overseas ATM withdrawals!

Fee free, yes. But there still may be ATM operator charges.