Is Citi Plus still the best option for overseas cash?

[bernardblack]

Is Citi Plus still the best option for overseas cash? Obviously I haven't done a lot of international travel since 2019.

If I have to open some other account it might be time to get started, since we depart in five weeks.

(I'm set for FX-fee-free purchases, with a US Amex Gold backed with a Coles Rewards Mastercard and a Bundll account which charges to my Dragon Visa.)

 

[Chicken]

Thank these guys:

WTF

So many merchants are charging credit card surcharges above costs, and they never do nothing; but Visa is trying to stop something which is universally a rot and they are supporting the crims again.

What the hell!

 

[TheRealTMA]

WTF

So many merchants are charging credit card surcharges above costs, and they never do nothing; but Visa is trying to stop something which is universally a rot and they are supporting the crims again.

What the hell!

Stupid behaviour. But that’s the point of them often. Remember they and reserve bank also started the cough about cc surcharges to save the “poor” from credit card debt.

 

[PLANT]

So CitiBank. plus (NAB thingy) the best for withdrawal out of ATM?

28 degrees for credit card overseas?

Is there a another debit card option?

 

[oz_mark]

So CitiBank. plus (NAB thingy) the best for withdrawal out of ATM?

28 degrees for credit card overseas?

Is there a another debit card option?

Macquarie, HSBC Everyday Global, and others....

 

[Chicken]

So CitiBank. plus (NAB thingy) the best for withdrawal out of ATM?

It is still good. There is no need to change from withdrawing cash overseas point of view.

28 degrees for credit card overseas?

You can if you want.

Is there a another debit card option?

Heaps. See AFF article "Fee-free overseas ATM withdrawals"

 

[PLANT]

Hey Chicken,

It's been a while since overseas travel and using the system for cash currency withdrawal.
So load CITIBANK PLUS(NAB CARD) then go to overseas ATM to withdraw cash right?
Select use overseas currency and let card, not ATM charge the fee?

 

[Chicken]

So load CITIBANK PLUS(NAB CARD) then go to overseas ATM to withdraw cash right?
Select use overseas currency and let card, not ATM charge the fee?

Exactly

 

[asterix]

Exactly

Heading overseas next month and for cash withdrawals I've got uBank (VISA), UP (Mastercard), Citi which is now a NAB VISA, ING (VISA), Suncorp (VISA), ME Bank (VISA) and Macquarie (Mastercard).

Today 10000 JPY costs 96.782804 AUD with a fee free VISA or 96.81 AUD with a fee free Mastercard.

 

[SYD]

Hey Chicken,

It's been a while since overseas travel and using the system for cash currency withdrawal.
So load CITIBANK PLUS(NAB CARD) then go to overseas ATM to withdraw cash right?
Select use overseas currency and let card, not ATM charge the fee?

Just be aware that ATMs in many countries will charge a fee just to use it. Very few if any options currently to get those fees rebated (like ING used to do).

But definitely avoid any offer to debit your account in AUD in return for local currency. You’ll end up paying close to 9% fee for DCC.

Also keep in mind that most/all these debit cards should also work fine at POS machines in restaurants, shops etc So less need to go to an ATM in the first place.

I put everything I can on 28° MC and use DC or cash as a backup. Just helps me track spend.

 

[QF_Flyer]

Just be aware that ATMs in many countries will charge a fee just to use it. Very few if any options currently to get those fees rebated (like ING used to do).

But definitely avoid any offer to debit your account in AUD in return for local currency. You’ll end up paying close to 9% fee for DCC.

Also keep in mind that most/all these debit cards should also work fine at POS machines in restaurants, shops etc So less need to go to an ATM in the first place.

I put everything I can on 28° MC and use DC or cash as a backup. Just helps me track spend.

Agree with this entirely. Loss of the ATM fee rebate from ING was a blow for the few times I used ATMs, but mostly POS transactions are possible now, so all you need is no forex on purchases.

I'd highly recommend using a credit card over a debit card (if you're skimmed, etc., then it's not your money that's being tied up), other than for ATMs, unless you have a CC which doesn't charge cash advance fees, and there's none I'm aware of (I used to have a couple that were UK issued, but I've never known of any issued in Australia).

 

[SYD]

I'd highly recommend using a credit card over a debit card (if you're skimmed, etc., then it's not your money that's being tied up), other than for ATMs,

Yea, I almost mentioned that myself. Hopefully a dodgy transaction can be removed before you pay the CC balance.

Also important to have a CC for Hotel and Car Rental holds.

 

[oz_mark]

Just be aware that ATMs in many countries will charge a fee just to use it. Very few if any options currently to get those fees rebated (like ING used to do).

With the HSBC card, you can withdraw (with some exceptions) fee free at HSBC branded ATMs overseas.

1. Non-HSBC branded ATMs and HSBC Group ATMs in Argentina, France, Greece, Malta, Mexico and Türkiye may charge an ATM operator fee for withdrawals or balance enquiries at their ATMs.

 

[SYD]

With the HSBC card, you can withdraw (with some exceptions) fee free at HSBC branded ATMs overseas.

I’ll have to go back thru this thread. I thought there was some major limitations with HSBC? Hence I haven’t looked at it too closely since.

I did go down the WBC card rabbit hole on the assumption you can use the Westpac global network but they still charge 3% - if you can find a fee free ATM in the network…I’ve kept that card/account for the desperate times when 3% is better value than paying an ATM fee elsewhere…

 

[PLANT]

What's the rate for non Citi back ATM machines now?
Or citi Bank still exist oversees?

 

[Chicken]

What's the rate for non Citi back ATM machines now?

The rate is determined by Visa or Mastercard (well, except HSBC which does it differently)

Or citi Bank still exist oversees?

Citi exited retail banking in many countries.

I’ll have to go back thru this thread. I thought there was some major limitations with HSBC? Hence I haven’t looked at it too closely since.

Correct, HSBC is the exception in this country. From their "Personal Banking Booklet 11 April 2024" page 46:
Where a currency is not one of the listed currencies available on the Everyday Global Account or is a restricted currency (such as Chinese Renminbi (CNY), Indonesian Rupiah (IDR), Thai Baht (THB)), the money will be deducted from the AUD account and will be automatically converted into the local currency at the Visa exchange rate.
If you use your Visa Debit card to make payments in a particular foreign currency and you don’t have enough money in your foreign currency sub-account, we’ll deduct the full amount of the transaction from your AUD account, applying the HSBC Daily Exchange Rate.

 

[Ansett Nostalgic]

Wouldn't Wise or Revolut be better?

 

[Chicken]

Wouldn't Wise or Revolut be better?

No, and not worth the trouble as well. Visa and Mastercard rates are already excellent, and using a normal bank ATM card like ex Citi means you basically don't need to apply manage etc.

HSBC and those like Wise are only worth it if you have large amount of foreign currencies and you actively manage your foreign exchange risks.

 

[SYD]

No, and not worth the trouble as well. Visa and Mastercard rates are already excellent, and using a normal bank ATM card like ex Citi means you basically don't need to apply manage etc.

HSBC and those like Wise are only worth it if you have large amount of foreign currencies and you actively manage your foreign exchange risks.

Yeah, I’ve looked at these - even opened a Wise account and it really gave me nothing more than I already had.

They do seem to be good for transferring funds OS but I never do that.

 

[auriga]

Heading overseas next month and for cash withdrawals I've got uBank (VISA), UP (Mastercard), Citi which is now a NAB VISA, ING (VISA), Suncorp (VISA), ME Bank (VISA) and Macquarie (Mastercard).

Today 10000 JPY costs 96.782804 AUD with a fee free VISA or 96.81 AUD with a fee free Mastercard.

7 Eleven ATMs ( SevenBank) in Japan do not charge ATM fee for foreign Mastercard (eg Macquarie), but they DO charge a fee for VISA ( eg uBank).
I was very surprised by this difference, but eventually figured it out.
I thought they did not charge all foreign cards.

 

[asterix]

7 Eleven ATMs ( SevenBank) in Japan do not charge ATM fee for foreign Mastercard (eg Macquarie), but they DO charge a fee for VISA ( eg uBank).
I was very surprised by this difference, but eventually figured it out.
I thought they did not charge all foreign cards.

Awesome, I thought I'd read that somewhere but thought I'd dreamt it up.