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.)

 

[Mattg]

Bankwest Qantas transaction account no longer charges forex or overseas ATM fees.

Bankwest Qantas Transaction Account removes overseas ATM/forex fees

Just got this email from Bankwest: No more international transaction fees on overseas/online spend, and no more ATM fees (charged by Bankwest) when withdrawing from an overseas ATM in a foreign currency using your debit card. You also get 5 Qantas points whenever you withdraw cash from an...

www.australianfrequentflyer.com.au

 

[Port Power]

Bankwest Qantas transaction account no longer charges forex or overseas ATM fees.

Bankwest Qantas Transaction Account removes overseas ATM/forex fees

Just got this email from Bankwest: No more international transaction fees on overseas/online spend, and no more ATM fees (charged by Bankwest) when withdrawing from an overseas ATM in a foreign currency using your debit card. You also get 5 Qantas points whenever you withdraw cash from an...

www.australianfrequentflyer.com.au

It was fee free on Citibank’s end when I was in Europe last week. The only thing to watch is the fees charged by ATMs. I’m pretty sure I wasn’t charged €4 by Italian bank ATMs previously, but it seems to be a thing now.

When I arrived OS my Citibank card didn’t work. Turns out not using it for 2.5 years results in a hold being put on the account. However they were so helpful and quick on the phone and the issue was resolved within 5 minutes, despite the time difference. I was very impressed.

I have a Bankwest Platinum credit card for use overseas as it has no foreign exchange fee. For ATM cash withdrawals, I simply put money into the account so I am withdrawing my own money, not making a "cash withdrawal" and incurring fees.

There were earlier posts about credit cards being frozen from non-use. It hasn't happened with Bankwest, but I am using it at least once a year at home if I do not travel overseas. Fortunately that will not be needed for several years to come!

 

[HappyFlyerFamily]

Bankwest Qantas transaction account no longer charges forex or overseas ATM fees.

Bankwest Qantas Transaction Account removes overseas ATM/forex fees

Just got this email from Bankwest: No more international transaction fees on overseas/online spend, and no more ATM fees (charged by Bankwest) when withdrawing from an overseas ATM in a foreign currency using your debit card. You also get 5 Qantas points whenever you withdraw cash from an...

www.australianfrequentflyer.com.au

I have a Bankwest Platinum credit card for use overseas as it has no foreign exchange fee. For ATM cash withdrawals, I simply put money into the account so I am withdrawing my own money, not making a "cash withdrawal" and incurring fees.

There were earlier posts about credit cards being frozen from non-use. It hasn't happened with Bankwest, but I am using it at least once a year at home if I do not travel overseas. Fortunately that will not be needed for several years to come!

Just to ask: are the forex conversion rates the same (or small difference) compared with Citi?

In any case a good option for cash withdrawal (from debit card) to keep in mind.

 

[oz_mark]

Just to ask: are the forex conversion rates the same (or small difference) compared with Citi?

In any case a good option for cash withdrawal (from debit card) to keep in mind.

Unlikely to be much difference, given that both use the Mastercard conversion rate.

 

[Port Power]

Just to ask: are the forex conversion rates the same (or small difference) compared with Citi?

In any case a good option for cash withdrawal (from debit card) to keep in mind.

There are no foreign conversion fees, which is why I have the Bankwest card for overseas use. I don’t have the debit card, just the credit card, but my method means the CC works the same way and still without any fees. Unless the local ATM used charges $2, of course.

No account fee either, but my platinum card is not the points earning version. I don’t want to pay an annual fee for only occasional use.

Edit: I didn’t realise at first you meant the currency conversion rate. It converts at the global rate at the time. As Mark said, probably all MasterCards work the same way.

 

[VPS]

I want to have a back up card for free fee withdrawals and not interested in the hoops for the Bankwest one

Googling citibank debit cards doesn't actually help much - can anyone comment on which one is the best

The move to NAB | Transactions and Savings accounts | Citi

Find out about upcoming changes to your Citi transactions and savings accounts

www1.citibank.com.au

The move to NAB | Transactions and Savings accounts | Citi

Find out about upcoming changes to your Citi transactions and savings accounts

www1.citibank.com.au

Thanks

 

[Bindibuys]

I have the Citibank Plus everyday account, I only use it to withdraw cash at overseas ATMs, and transfer to my Amex when I purchase something for a holiday. (so its my holiday account)
Web site & app are OK

 

[SYD]

I have the Citibank Plus everyday account, I only use it to withdraw cash at overseas ATMs, and transfer to my Amex when I purchase something for a holiday. (so its my holiday account)
Web site & app are OK

UBank is another to consider:

Online Bank | Bank Accounts & Home Loans - ubank

Award-winning online bank accounts and home loans. Our mission is simple: to help more Australians be successful with money.

www.ubank.com.au

I set one up for some higher interest (USave account) but I know the USpend account comes with a VISA Debit card that is Int fee free. Plus it’s appears to be fee free at ATMs (other than when the ATM itself charges - which is still the main benefits of ING).

 

[Lynda2475]

If you are going to go Citi, you want the Plus account.

 

[theblank]

Googling citibank debit cards doesn't actually help much - can anyone comment on which one is the best

The move to NAB | Transactions and Savings accounts | Citi

Find out about upcoming changes to your Citi transactions and savings accounts

www1.citibank.com.au

The move to NAB | Transactions and Savings accounts | Citi

Find out about upcoming changes to your Citi transactions and savings accounts

www1.citibank.com.au

they are both the same account now, so there is no difference. you either activate the sub accounts for foreign currency or you dont

 

[Bindibuys]

Now that NAB owns Citi, will be interesting over the coming years to see what changes.

 

[imipenam]

I am currently in Malaysia and have withdrawn some ringgit using Citi debit card. The exchange rate was 2.97 ringgit for 1 AUD. The local money changer was offering 3.05 for 1AUD and XEchange quoted 3.08 for 1 AUD.

There was no ATM fee listed for the transaction.

Purchase using Bankwest CC attracted 3.03 ringgit for 1 AUD.

(It seems like a 3% fee may have been incorporated into the exchange rate without any transparency)

Past experience pre NAB and pre COVID, the rates were close to what XEchange was offering.

Interested to know if anyone else have noticed this with the Citi debit card when withdrawing cash overseas?

It maybe time for other alternatives. Citi was good whilst it lasted.

 

[bernardblack]

Citi's T&C (updated in June, under NAB ownership) still list the Plus as free of FX fees, although some of their other accounts have FX fees. Is it possible your card is accessing an account other than Plus?

 

[asterix]

I am currently in Malaysia and have withdrawn some ringgit using Citi debit card. The exchange rate was 2.97 ringgit for 1 AUD. The local money changer was offering 3.05 for 1AUD and XEchange quoted 3.08 for 1 AUD.

There was no ATM fee listed for the transaction.

Purchase using Bankwest CC attracted 3.03 ringgit for 1 AUD.

(It seems like a 3% fee may have been incorporated into the exchange rate without any transparency)

Past experience pre NAB and pre COVID, the rates were close to what XEchange was offering.

Interested to know if anyone else have noticed this with the Citi debit card when withdrawing cash overseas?

It maybe time for other alternatives. Citi was good whilst it lasted.

Does it match the rate on Exchange Rates | Currency Converter Calculator | Visa

 

[RooFlyer]

I am currently in Malaysia and have withdrawn some ringgit using Citi debit card. The exchange rate was 2.97 ringgit for 1 AUD. The local money changer was offering 3.05 for 1AUD and XEchange quoted 3.08 for 1 AUD.

There was no ATM fee listed for the transaction.

Purchase using Bankwest CC attracted 3.03 ringgit for 1 AUD.

(It seems like a 3% fee may have been incorporated into the exchange rate without any transparency)

Past experience pre NAB and pre COVID, the rates were close to what XEchange was offering.

Interested to know if anyone else have noticed this with the Citi debit card when withdrawing cash overseas?

It maybe time for other alternatives. Citi was good whilst it lasted.

I've always said Citi Plus was "very close to spot". In my mind those rates still qualifies are are OK.

 

[imipenam]

Citi's T&C (updated in June, under NAB ownership) still list the Plus as free of FX fees, although some of their other accounts have FX fees. Is it possible your card is accessing an account other than Plus?

I only have a Plus account attached to my debit card. And it says 0 fees next to the transaction.

 

[imipenam]

Does it match the rate on Exchange Rates | Currency Converter Calculator | Visa

The citi plus debit card is a debit mastercard and so is the BW CC (mastercard as well), so should be the mastercard conversion rate but none the less the rates are very different as I quoted above.

 

[imipenam]

I've always said Citi Plus was "very close to spot". In my mind those rates still qualifies are are OK.

It used to be “closer to the spot”.

 

[RooFlyer]

The citi plus debit card is a debit mastercard and so is the BW CC (mastercard as well), so should be the mastercard conversion rate but none the less the rates are very different as I quoted above.

2% 'very different'? That's not how I'd describe it (esp as I'm not sure the purchases/FX rates were contemporaneous), but I respect frugality!!

 

[asterix]

The citi plus debit card is a debit mastercard and so is the BW CC (mastercard as well), so should be the mastercard conversion rate but none the less the rates are very different as I quoted above.

Oops, yes, forgot they'd moved from Visa to MasterCard.