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.)

 

[Pete98765432]

Did the ATM offer Dynamic Currency Conversion (DCC), that is ask whether you want the transaction in AUD or MYR?

 

[Port Power]

Did the ATM offer Dynamic Currency Conversion (DCC), that is ask whether you want the transaction in AUD or MYR?

Oh, yes! Forgot about that. I will have to get "match fit" and remember to confirm any purchases are processed in local currency.

 

[imipenam]

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!!

Considering most people are using this card to save on the 3% foreign transaction fee … your respect on frugality is graciously unrequired.

 

[RooFlyer]

Considering most people are using this card to save on the 3% foreign transaction fee … your respect on frugality is graciously unrequired.

Apologies for any bad expression of mine - but I have never expected spot on Citi, and esp WRT this episode, when I don't know if the relative conversions were done at the same time or a little time-offset. I save a lot more than 3% by using Citi

 

[imipenam]

Apologies for any bad expression of mine - but I have never expected spot on Citi, and esp WRT this episode, when I don't know if the relative conversions were done at the same time or a little time-offset. I save a lot more than 3% by using Citi

Thanks RF. They were done about 15 minutes apart.

ING debit and BW debit accounts are very annoying with the monthly requirements to qualify for fee free transactions. (Just checked … I think I am wrong about the BW debit card).

I used to overpay a (minimum limit) BW fee free CC and used it for overseas cash withdrawal with no issues. I know the banks hate this.

 

[theblank]

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

Impossible. If a fee was imposed by Citibank it will be listed separately on your bank statement.

 

[VPS]

Very annoying

Important Information on closure of Citi Global Currency Account and Multi Currency Accounts​

Dear VPS, Following the sale of the Citigroup Pty Limited (Citi) consumer banking business in Australia to the National Australia Bank (NAB), we conducted a review of the NAB product suite. Unfortunately, we were unable to identify a NAB product that would enable us to continue delivering the foreign currency service and experience our customers have come to expect. As a result, the Citi branded deposit account(s) you hold, detailed below, will no longer be offered from 18 May 2023. We will soon need to close your impacted account(s) and any remaining credit balance in your account(s) will be returned to you, either to your eligible Citi transaction or savings account (if you have one), or via bank cheque. We understand this may inconvenience you. We would like to thank you for using Citi branded deposit products and encourage you to review alternative accounts that may meet your needs.

Visit nab.com.au/personal/accounts for information on other NAB transaction and savings accounts.

The changes and impacted accounts are as follows:

Closure of your foreign currency Citi Global Currency Account(s) In accordance with clause 14.3 of the Transaction and Savings Accounts Terms and Conditions, we are providing notice that we will close your Citi Global Currency Account(s) held in Canadian Dollars (CAD), Japanese Yen (JPY), Pound Sterling (GBP), Euro (EUR), New Zealand Dollars (NZD), Swiss Francs (CHF), Hong Kong Dollars (HKD), Singapore Dollars (SGD) or United States Dollars (USD) from 18 May 2023.

What does this mean?

Foreign currency Citi Global Currency Account(s) As your Citi Global Currency Accounts(s) in foreign currency will be closing from 18 May 2023, any remaining credit balance will be converted to Australian dollars (AUD) using the Citi Exchange Rate on the day and at the time of the conversion before being returned to you. If, at the date of closure, you hold an eligible Citi branded transaction or savings account in AUD (excluding a Citi Global Currency Account in AUD or an Overnight Multi Currency Account in AUD), we will return your converted credit balance to this account. Otherwise, we will return your converted credit balance of more than $5 Australian dollars (or its foreign currency equivalent) via bank cheque.

What do I need to do?

Foreign currency Citi Global Currency Account(s) IMPORTANT : Please transfer any credit balances in your Citi Global Currency Account(s) to another account you hold before 18 May 2023 to minimise any disruptions or delay in accessing your funds and in consideration of any exchange rate movements. Review all regular, recurring, direct debit, or scheduled payments linked to your account, as these will need to be updated by 18 May 2023. Log on to Citi Online to ensure your contact details are correct so we can continue to keep you informed of any future changes to your products and services.

If you have any questions about these changes, please visit citibank.com.au/nab or call us on 13 24 84. Yours sincerely, The Customer Service Team

 

[Happy Dude]

Yep it is damn annoying @VPS. Not sure what to do now other than look at Revolut, Wise? Definitely use ING more but not sure if that'll be sufficient alone.

Any recommendations? And recommendations for a international points earning credit card with nil/low fees while we're at it?

 

[gaz0303]

Yep it is damn annoying @VPS. Not sure what to do now other than look at Revolut, Wise? Definitely use ING more but not sure if that'll be sufficient alone.

Any recommendations? And recommendations for an international points earning credit card with nil/low fees while we're at it?

Commbank Ultimate Awards CC fit the bill? No international transaction fees and nil fees if you spend a monthly minimum.

 

[imipenam]

Bankwest zero credit card … no fees/no ff points/no overseas transaction fees.

I previously have used it as my atm cash card … loading up and withdraw cash from atm with no fees charged and no international transaction fee (if the foreign atm charges fees, then you will be charged atm fees).

Or you can just use it as a no international transaction fee no-frills credit card.

If you want points earning CC with no transaction fees, there are lots out there … other Bankwest CC, Coles mastercard, CBA CC(not sure if its just the diamond card only), and i think Macquarie might have a product too.

 

[JCD]

Withdrew 5 times from an atm in Thailand recently, each time I withdrew the ATM operator charged me 220 baht (~$9), these were all rebated by ING saving me $45. 5 tranactions and depositing $1000 is a fairly small price to pay. If I had used the citibank debit, there are 3 locations in Thailand (Bangkok) where I could've gotten a fee free atm withdrawal (all Citibank atms) which wouldn't have helped since I was in coughet...

I’m using the Citibank card in Cambodia at the moment and also getting stung with significant ATM operator charges - about $8 for $200.

 

[Pushka]

Very annoying

​ Important Information on closure of Citi Global Currency Account and Multi Currency Accounts​

Dear VPS, Following the sale of the Citigroup Pty Limited (Citi) consumer banking business in Australia to the National Australia Bank (NAB), we conducted a review of the NAB product suite. Unfortunately, we were unable to identify a NAB product that would enable us to continue delivering the foreign currency service and experience our customers have come to expect. As a result, the Citi branded deposit account(s) you hold, detailed below, will no longer be offered from 18 May 2023. We will soon need to close your impacted account(s) and any remaining credit balance in your account(s) will be returned to you, either to your eligible Citi transaction or savings account (if you have one), or via bank cheque. We understand this may inconvenience you. We would like to thank you for using Citi branded deposit products and encourage you to review alternative accounts that may meet your needs.

Visit nab.com.au/personal/accounts for information on other NAB transaction and savings accounts.

The changes and impacted accounts are as follows:

Closure of your foreign currency Citi Global Currency Account(s) In accordance with clause 14.3 of the Transaction and Savings Accounts Terms and Conditions, we are providing notice that we will close your Citi Global Currency Account(s) held in Canadian Dollars (CAD), Japanese Yen (JPY), Pound Sterling (GBP), Euro (EUR), New Zealand Dollars (NZD), Swiss Francs (CHF), Hong Kong Dollars (HKD), Singapore Dollars (SGD) or United States Dollars (USD) from 18 May 2023.

What does this mean?

Foreign currency Citi Global Currency Account(s) As your Citi Global Currency Accounts(s) in foreign currency will be closing from 18 May 2023, any remaining credit balance will be converted to Australian dollars (AUD) using the Citi Exchange Rate on the day and at the time of the conversion before being returned to you. If, at the date of closure, you hold an eligible Citi branded transaction or savings account in AUD (excluding a Citi Global Currency Account in AUD or an Overnight Multi Currency Account in AUD), we will return your converted credit balance to this account. Otherwise, we will return your converted credit balance of more than $5 Australian dollars (or its foreign currency equivalent) via bank cheque.

What do I need to do?

​ Foreign currency Citi Global Currency Account(s) IMPORTANT : Please transfer any credit balances in your Citi Global Currency Account(s) to another account you hold before 18 May 2023 to minimise any disruptions or delay in accessing your funds and in consideration of any exchange rate movements. Review all regular, recurring, direct debit, or scheduled payments linked to your account, as these will need to be updated by 18 May 2023. Log on to Citi Online to ensure your contact details are correct so we can continue to keep you informed of any future changes to your products and services.

If you have any questions about these changes, please visit citibank.com.au/nab or call us on 13 24 84. Yours sincerely, The Customer Service Team

Yeah. I just transferred all cash back to my account and cut them up. Im doing all the necessaries for ING and have Latitude (sigh) credit card all set up too. Plus ANZ and NAB as backup. Will use Amex where I can.

 

[imipenam]

I’m using the Citibank card in Cambodia at the moment and also getting stung with significant ATM operator charges - about $8 for $200.

I sort of gave up on citibank since my last overseas trip where the local foreign exchange gave me a higher exchange rate using cold hard cash.

 

[imipenam]

I have also previously used the hsbc multicurrency account but their exchange rate is dismal. It seems 3% less than the published visa/mc rate. I know other people have commented any fees should be reflected on the statement … but this seems a sneaky way of “charging” international transaction fee by giving an exchange rate 3% less than market rate.

I have since closed that debit card.

Their banking customer support is even worse than citi’s!!

 

[VPS]

Yep it is damn annoying @VPS. Not sure what to do now other than look at Revolut, Wise? Definitely use ING more but not sure if that'll be sufficient alone.

Any recommendations? And recommendations for a international points earning credit card with nil/low fees while we're at it?

I mainly used Wise when I was overseas for 4 months but had this as a back up.. I would strongly recommend Wise

 

[VPS]

Yeah. I just transferred all cash back to my account and cut them up. Im doing all the necessaries for ING and have Latitude (sigh) credit card all set up too. Plus ANZ and NAB as backup. Will use Amex where I can.

Do you have a Wise account? I can send you a referral

 

[Pushka]

Do you have a Wise account? I can send you a referral

I did get it and have the card but starting getting confused with all the cards I'm taking. Then there's the multiple Airolo plans I've just downloaded as one plan doesn't cover them all and now I have to explain how they all work to MrP . Taking a lot of US cash for Middle East excursions, then there's tips in USD and then there's toilets to pay for. ay yi yay my head is spinning.

 

[Steady]

Very annoying

​ Important Information on closure of Citi Global Currency Account and Multi Currency Accounts​

Dear VPS, Following the sale of the Citigroup Pty Limited (Citi) consumer banking business in Australia to the National Australia Bank (NAB), we conducted a review of the NAB product suite. Unfortunately, we were unable to identify a NAB product that would enable us to continue delivering the foreign currency service and experience our customers have come to expect. As a result, the Citi branded deposit account(s) you hold, detailed below, will no longer be offered from 18 May 2023. We will soon need to close your impacted account(s) and any remaining credit balance in your account(s) will be returned to you, either to your eligible Citi transaction or savings account (if you have one), or via bank cheque. We understand this may inconvenience you. We would like to thank you for using Citi branded deposit products and encourage you to review alternative accounts that may meet your needs.

Visit nab.com.au/personal/accounts for information on other NAB transaction and savings accounts.

The changes and impacted accounts are as follows:

Closure of your foreign currency Citi Global Currency Account(s) In accordance with clause 14.3 of the Transaction and Savings Accounts Terms and Conditions, we are providing notice that we will close your Citi Global Currency Account(s) held in Canadian Dollars (CAD), Japanese Yen (JPY), Pound Sterling (GBP), Euro (EUR), New Zealand Dollars (NZD), Swiss Francs (CHF), Hong Kong Dollars (HKD), Singapore Dollars (SGD) or United States Dollars (USD) from 18 May 2023.

What does this mean?

Foreign currency Citi Global Currency Account(s) As your Citi Global Currency Accounts(s) in foreign currency will be closing from 18 May 2023, any remaining credit balance will be converted to Australian dollars (AUD) using the Citi Exchange Rate on the day and at the time of the conversion before being returned to you. If, at the date of closure, you hold an eligible Citi branded transaction or savings account in AUD (excluding a Citi Global Currency Account in AUD or an Overnight Multi Currency Account in AUD), we will return your converted credit balance to this account. Otherwise, we will return your converted credit balance of more than $5 Australian dollars (or its foreign currency equivalent) via bank cheque.

What do I need to do?

​ Foreign currency Citi Global Currency Account(s) IMPORTANT : Please transfer any credit balances in your Citi Global Currency Account(s) to another account you hold before 18 May 2023 to minimise any disruptions or delay in accessing your funds and in consideration of any exchange rate movements. Review all regular, recurring, direct debit, or scheduled payments linked to your account, as these will need to be updated by 18 May 2023. Log on to Citi Online to ensure your contact details are correct so we can continue to keep you informed of any future changes to your products and services.

If you have any questions about these changes, please visit citibank.com.au/nab or call us on 13 24 84. Yours sincerely, The Customer Service Team

Is this different to the Citi plus debit card? If it’s the same, I didn’t get this email

what is the wise account you mention a few posts down from this?

 

[Pele]

It's different. People are getting their wires crossed. This one closing allows you to transfer cash to USD or yen etc at any time and withdraw when required. It is an excellent product and I am annoyed it is gone. Can anyone who has had this and the HSBC product give a comparison? Thank you.

 

[HappyFlyerFamily]

Yep it is damn annoying @VPS. Not sure what to do now other than look at Revolut, Wise? Definitely use ING more but not sure if that'll be sufficient alone.

Any recommendations? And recommendations for a international points earning credit card with nil/low fees while we're at it?

Not a credit card, but upthread there was a mention of Bankwest Qantas Transaction Account - on a quick look it seems no ATM fees (but will be charged any ATM operator fees) and no international transaction fees, earns QFF points on balance (in lieu of interest) and certain transactions (eg purchases and ATM), need to deposit $2000 per month (to avoid $6 monthly account fee). But as always DYOR.

With Bankwest being part of CBA, I personally have previously been stung by the majors and feel uncertain that they won't try to hide the foreign currency fee somehow, but I note theblank consistently saying its not permissible to do that if they say "no international transaction fee". I would be happy to hear more confirmed "on the ground experience" of this Bankwest option having the same rate as other "proven" options (eg ING, which has the additional benefit of rebating all ATM fees on the first 5 ATM withdrawals in the calendar months, and 28 degrees).

I mainly used Wise when I was overseas for 4 months but had this as a back up.. I would strongly recommend Wise

On the front webpage Wise says it charges fees, which eventually get to zero - do you know what's the criteria to get to zero fees?


PS It does look like Citi is slowly going out of favour - still OK right now for a lot of situations but there seems to be small signs of concerns during this current transition period.
PPS On a side note anyone get stung yet by the security breach at Latitude?