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.)

 

[asterix]

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?

I got an email from them that there was a breach, but that's all for now. I've had a 28 Degrees card since before Latitude took over, I think it was a Wizard Mastercard at the time, originally got it in 2005-2006, so not sure what information Latitude has in their systems on me.

 

[VPS]

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?


I read it as they charge very low fees (and IME they do) and they are hoping to reduce those fees over time but I may be wrong

 

[Pushka]

PPS On a side note anyone get stung yet by the security breach at Latitude?

I have been emailed but nothing specific. I signed up the month before using the DL that was changed because of Optus (last year) so timing was perfect.

 

[Happy Dude]

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.

Won't that incur a 3% currency conversion fee? Or do you have a card that waives it (or perhaps you don't mind the fee?)

 

[Pushka]

Won't that incur a 3% currency conversion fee? Or do you have a card that waives it (or perhaps you don't mind the fee?)

Yes it likely will. So latitude seems the best. Maybe I should pay the most expensive part (Hotel) in Australia before we go. The rest are AirBnb so prepaid before we leave. Or use ING as it has to have cash preloaded anyway to satisfy ATM five free withdrawals.

 

[Flashback]

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

That's the ATM operators, nothing to do with Citibank.

Free (and cheap) Phnom Penh ATMs

Looking for a free ATM in Phnom Penh? We've got all of the info about which Phnom Penh ATMs have free or low-cost withdrawals.

movetocambodia.com

 

[theblank]

Very annoying

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

NAB is not closing the Citibank PLUS account. The global account is a different *product.

Nor is Citibank Plus comparable to Wise or HSBC Global.

NAB has given no indication what might happen with Citibank plus accounts so far. The only difference between existing NAB product is the overseas currency fee. Remains to be seen what will happen there - NAB do waive that fee in exchange for a $10pm fee. I have asked a friend in NAB, they have no inside gossip of any transition plans outside of shareholder notifications and formal customer advisories.

* Citi did allow Citibank Plus accounts to add the global currency wallets a year or so ago. I never did that, as already had both products, so if anyone else has done so, suggest check and see if the product name change from Plus to Global, then likely that account is now doomed.

 

[Happy Dude]

Yes it likely will. So latitude seems the best. Maybe I should pay the most expensive part (Hotel) in Australia before we go. The rest are AirBnb so prepaid before we leave. Or use ING as it has to have cash preloaded anyway to satisfy ATM five free withdrawals.

So to get the five free ATM withdrawals, one must make 5 x purchases and deposit $1k in the prior month. I've done that for this month, and will do same early next month just prior to our Easter departure, thus covering the month of May. But in May and June and July, I'll be overseas, returning mid August. Can the 5 x purchases be done OS?

 

[Pushka]

So to get the five free ATM withdrawals, one must make 5 x purchases and deposit $1k in the prior month. I've done that for this month, and will do same early next month just prior to our Easter departure, thus covering the month of May. But in May and June and July, I'll be overseas, returning mid August. Can the 5 x purchases be done OS?

Good question. I expect so? Just not ATM withdrawals. I'm in that space too so might do some googling.

 

[Pete98765432]

So to get the five free ATM withdrawals, one must make 5 x purchases and deposit $1k in the prior month. I've done that for this month, and will do same early next month just prior to our Easter departure, thus covering the month of May. But in May and June and July, I'll be overseas, returning mid August. Can the 5 x purchases be done OS?

Yes.

You can increase the free ATM withdrawals to ten by opening a second account (there is a limit of two accounts per customer). You only need to meet the conditions once to have the benefits on both accounts. The five purchases can be on either card or a combination of both cards. Likewise the $1000 deposit can be into either account or across both accounts.

 

[Pushka]

Yes.

You can increase the free ATM withdrawals to ten by opening a second account (there is a limit of two accounts per customer). You only need to meet the conditions once to have the benefits on both accounts. The five purchases can be on either card or a combination of both cards. Likewise the $1000 deposit can be into either account or across both accounts.

So are you saying that with the one main account but with two separate card owners (are they considered as accounts?) that both have five free ATM withdrawals for the one deposit of $1000 and the five transactions ? And that overseas purchases count as part of the five required?

 

[Pete98765432]

So are you saying that with the one main account but with two separate card owners (are they considered as accounts?) that both have five free ATM withdrawals for the one deposit of $1000 and the five transactions ? And that overseas purchases count as part of the five required?

What I’m saying is that you can have two Orange Everyday accounts each with their own Visa Debit card. Each account/card will have five free ATM withdrawals. You only need to meet the conditions once for the benefits on both accounts. For example you could deposit $500 in each account and make three purchases on one card and two on the other and both accounts/cards will have five free ATM withdrawals each in the following month.

And yes, overseas purchases count as part of the five required.

 

[Happy Dude]

Terrific! Thanks @Pete98765432.

When making a purchase when OS, does it matter if you use the physical card or Apple wallet?

 

[Pete98765432]

Terrific! Thanks @Pete98765432.

When making a purchase when OS, does it matter if you use the physical card or Apple wallet?

Apple Pay is fine, counts as part of the five purchases.

 

[Vic]

Interesting thread. The Citibank Plus account isn't dead, you know.
They are only closing the foreign currency accounts. While that is super annoying. The AUD citibank plus product will remain open.

I noticed the discussion about rates etc. I have a feeling that since NAB took over the rate achieved has been pretty variable, sometimes really good, sometimes not so good. The thread has prompted me to review transactions since 1 November 2022.

I've calculated the AUD/foreign currency ratio, then compared to XE.com historical rate for the day. I've used either the midnight or midday rate. On days where the currency is varying wildly there the accuracy is going to be low.

the percentage difference is a percentage of the XE rate. i.e. (XE Rate - Citibank rate)/XE Rate.
I'm pretty happy overall. I'm sure the Indian Rupee numbers are high because of the low value of the Rupee.
I might also work out the variations on Uber transactions via Amex for the same travel.

Average variations by currency:
CAD 1.258%
EUR 0.660%
GBP 0.335%
INR 2.040%
NZD 0.362%
USD 0.549%
SGD 1.078%


Full data set, sorted by currency.

Date	Currency	AUD/foreign	XE historical	% diff.
01/11/2022	CAD	1.14857	1.1462	0.207%
10/11/2022	CAD	1.15191	1.14947	0.212%
10/11/2022	CAD	1.15292	1.14947	0.300%
11/11/2022	CAD	1.14667	1.13533	0.999%
14/11/2022	CAD	1.13810	1.12563	1.107%
14/11/2022	CAD	1.13818	1.12563	1.115%
11/11/2022	CAD	1.14800	1.13533	1.116%
14/11/2022	CAD	1.13842	1.12563	1.136%
09/11/2022	CAD	1.15796	1.14494	1.138%
08/11/2022	CAD	1.15769	1.14467	1.138%
09/11/2022	CAD	1.15807	1.14494	1.147%
14/11/2022	CAD	1.13855	1.12563	1.148%
08/11/2022	CAD	1.15781	1.14467	1.148%
14/11/2022	CAD	1.13862	1.12563	1.154%
08/11/2022	CAD	1.15803	1.14467	1.167%
14/11/2022	CAD	1.13882	1.12563	1.172%
17/11/2022	CAD	1.13863	1.11273	2.328%
14/11/2022	CAD	1.15276	1.12563	2.411%
14/11/2022	CAD	1.15377	1.12563	2.500%
14/11/2022	CAD	1.15404	1.12563	2.524%
31/03/2023	EUR	1.62612	1.62508	0.064%
30/03/2023	EUR	1.62611	1.62408	0.125%
13/03/2023	EUR	1.61533	1.61013	0.323%
14/03/2023	EUR	1.61532	1.60867	0.414%
16/01/2023	EUR	1.56214	1.55225	0.637%
16/01/2023	EUR	1.56214	1.55225	0.637%
16/01/2023	EUR	1.56217	1.55225	0.639%
07/12/2022	EUR	1.58700	1.56301	1.535%
19/12/2022	EUR	1.60749	1.58271	1.565%
30/01/2023	GBP	1.74610	1.7446	0.086%
03/04/2023	GBP	1.84939	1.84459	0.260%
31/03/2023	GBP	1.84949	1.84439	0.277%
04/01/2023	GBP	1.78600	1.77955	0.362%
22/02/2023	GBP	1.75217	1.76432	0.688%
13/02/2023	INR	0.0175502	0.0175348	0.088%
13/02/2023	INR	0.0175710	0.0175348	0.206%
13/02/2023	INR	0.0175717	0.0175348	0.210%
13/02/2023	INR	0.0175733	0.0175348	0.220%
19/12/2022	INR	0.0181338	0.0180855	0.267%
13/02/2023	INR	0.0176106	0.0175348	0.432%
06/02/2023	INR	0.0176438	0.0175206	0.703%
23/02/2023	INR	0.0180592	0.0177142	1.948%
13/02/2023	INR	0.0200400	0.0175348	14.287%
01/12/2022	NZD	0.92843	0.92847	0.004%
30/11/2022	NZD	0.92704	0.927138	0.011%
30/11/2022	NZD	0.92725	0.927138	0.012%
01/12/2022	NZD	0.92866	0.92847	0.021%
30/11/2022	NZD	0.92745	0.927138	0.034%
28/11/2022	NZD	0.92710	0.926331	0.083%
29/11/2022	NZD	0.92721	0.926331	0.095%
01/12/2022	NZD	0.93036	0.92847	0.203%
01/12/2022	NZD	0.93091	0.92847	0.263%
02/12/2022	NZD	0.93037	0.935178	0.514%
02/12/2022	NZD	0.93019	0.935178	0.534%
02/12/2022	NZD	0.92880	0.935178	0.682%
02/12/2022	NZD	0.92873	0.935178	0.690%
02/12/2022	NZD	0.92857	0.935178	0.706%
02/12/2022	NZD	0.92845	0.935178	0.719%
05/12/2022	NZD	0.92853	0.939975	1.217%
14/02/2023	SGD	1.09049	1.08041	0.933%
15/02/2023	SGD	1.09043	1.07726	1.223%
21/12/2022	USD	1.49815	1.49518	0.199%
30/01/2023	USD	1.41324	1.40329	0.709%
12/01/2023	USD	1.45829	1.44758	0.740%

 

[Lynda2475]

I just spent 5 days in New Caledonia, used my Citibank Plus account and was quite happy with the rates charged (always better than the indicative ones put up in stores). Note i only made purchases, I did not need any cash so didn't use an ATM at all.

 

[RooFlyer]

Thanks @Vic; good to know that . Mine is about to get a workout in Europe and UK

 

[stm1sydney]

I'm assuming it is still the standard Mastercard rate, not some special NAB rate? In which case, the Citi a/c is still the best in the business.

 

[Vic]

Thanks @Vic; good to know that . Mine is about to get a workout in Europe and UK

The same for me, heading off in 11 days or so, UK and Europe.
The death of my USD citibank account is really annoying as my per diem for a few days is in USD. The way rates are going I think I want to be paid in USD not AUD

 

[ltwo]

IIRC, the Macquarie transaction account can be a good alternative to the Citi Plus account. No ATM withdrawal fees and no foreign transaction fees. I think their FX rate is decent. MCQ say they use the Mastercard FX rate.

Just checked some historical rates from 2022:

18 Nov
XE.com rate: 1.087
MCQ rate: 1.094

3 Dec
XE.com rate: 1.088
MCQ rate: 1.09