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.)

 

[There'sOnlyOneJimmy]

Give Unicaja Banco a try (I've heard they're free)

Yes, I’ve used UniCaja in a few different towns in rural Spain in the last 2 months (using ING card) - they were always fee free & close to XE rate.
I had already qualified for the ING international rebate, & didn’t exceed the 5 transaction / month limit.

 

[theblank]

Who needs cash?
My last trip to USA and UK, i survived by using an ATM for $200 only once at each, and had plenty left over.

Even in asia barely need cash.

 

[SYD]

Who needs cash?
My last trip to USA and UK, i survived by using an ATM for $200 only once at each, and had plenty left over.

Even in asia barely need cash.

It’s heading that way but still plenty of cash only countries (or specific experiences that require cash).

Cash or Card? Countries where you still need cash.

Using debit and CCs overseas (preferably ones that are international transaction fee free!) is becoming a lot easier - pushed along by you know what, but I thought a seperate thread to provide actual current experiences on the need for cash (irrespective of one’s preference for cash v card)...

www.australianfrequentflyer.com.au

I think I said elsewhere that as the world moves away from cash it’s also becoming more difficult to get it (without paying a fee). And there is of course the ever increasing prevalence of card payment fees…

 

[marki]

I am pleased to report that Mrs D went off to the UK bank and kindly accepted their 12.8% markup
Cost me/us $173 to get £600 out.
Danske bank - bunch of thieves.

Ouch

 

[Duffa]

Who needs cash?
My last trip to USA and UK, i survived by using an ATM for $200 only once at each, and had plenty left over.

Even in asia barely need cash.

Wake up call coming your way. Expect to go alcohol free in Ireland. Lots of "cash only" signs in cafes and pubs.
You have been warned! ,

 

[Lynda2475]

Weird because I didn't use any cash in Ireland last August and we were at a different pub every day/night and managed to buy coffee each morning too.

 

[serfty]

Needed cash in Hong Kong this weekend due to "Lantau" Taxis.

I withdrew HKD200 on Saturday using my HSBC Premier Global account and the eventual debit was AUD38.37.

Note it was an HSBC ATM - Premier Accounts are exempt from Fees at HSBC ATM's.

This was 58¢ better than Visa rates.

Currency Converter – Exchange Rate Calculator

Exchange Rates & Currency Conversion Calculator – Use the converter to get an indication of the rate you may receive when using your Visa card. Learn more.

www.visa.com.au

Note the card is also a "Debit Visa", but don't think that aspect came into play.

 

[QF_Flyer]

Needed cash in Hong Kong this weekend due to "Lantau" Taxis.

I withdrew HKD200 on Saturday using my HSBC Premier Global account and the eventual debit was AUD38.37.

Note it was an HSBC ATM - Premier Accounts are exempt from Fees at HSBC ATM's.

This was 58¢ better than Visa rates.

Currency Converter – Exchange Rate Calculator

Exchange Rates & Currency Conversion Calculator – Use the converter to get an indication of the rate you may receive when using your Visa card. Learn more.

www.visa.com.au

Note the card is also a "Debit Visa", but don't think that aspect came into play.

Good call, and there is a HSBC ATM in the arrival hall (after immigration/near customs, after all the baggage carousels), so make a bee line for that. I've used that with all sorts of cards and not been charged actually, it's about the only ATM I use in HK!

 

[kpc]

Needed cash in Hong Kong this weekend due to "Lantau" Taxis.

I withdrew HKD200 on Saturday using my HSBC Premier Global account and the eventual debit was AUD38.37.

Note it was an HSBC ATM - Premier Accounts are exempt from Fees at HSBC ATM's.

This was 58¢ better than Visa rates.

Currency Converter – Exchange Rate Calculator

Exchange Rates & Currency Conversion Calculator – Use the converter to get an indication of the rate you may receive when using your Visa card. Learn more.

www.visa.com.au

Note the card is also a "Debit Visa", but don't think that aspect came into play.

So HSBC Australia does not charge Fx fees?

 

[Flashback]

So HSBC Australia does not charge Fx fees?

I wonder if it's because HSBC is a Honkers bank?

 

[QF_Flyer]

I wonder if it's because HSBC is a Honkers bank?

HSBC is a British bank

 

[QF_Flyer]

So HSBC Australia does not charge Fx fees?

The Global Everyday account generally doesn't, but if you're not holding enough of the currency you're using, it defaults to AUD, and converts what you spend to USD then AUD. Unlikely to be enough of a difference to care about unless you're spending thousands at once.

 

[oz_mark]

So HSBC Australia does not charge Fx fees?

Not on their Everyday Global Account.
There is some complexity in who does the international conversions....

 

[SYD]

The Global Everyday account generally doesn't, but if you're not holding enough of the currency you're using, it defaults to AUD, and converts what you spend to USD then AUD. Unlikely to be enough of a difference to care about unless you're spending thousands at once.

Is there an upfront conversion fee from AUD to one of the other currencies?

That was the “gotcha” with the WBC travel card. It gave you ATM fee free withdrawals across the Westpac affiliate network but they slug you the common 3% fee up front.

 

[QF_Flyer]

Is there an upfront conversion fee from AUD to one of the other currencies?

That was the “gotcha” with the WBC travel card. It gave you ATM fee free withdrawals across the Westpac affiliate network but they slug you the common 3% fee up front.

I don't believe so - https://www.hsbc.com.au/content/dam/hsbc/au/docs/ways-to-bank/personal-banking-booklet.pdf Part 21 of this book is I think what covers it.

 

[oz_mark]

Is there an upfront conversion fee from AUD to one of the other currencies?

That was the “gotcha” with the WBC travel card. It gave you ATM fee free withdrawals across the Westpac affiliate network but they slug you the common 3% fee up front.

There's no fee per se, but when you move money into the HSBC sub account, it is done at the HSBC rate, not the Visa rate.

 

[QF_Flyer]

Looks like the better option (unless you want to lock in the exchange rate) is to leave it all as AUD anyway.
Current Premier AUD-HKD = 1:5.089
Googled AUD-HKD = 1:5.19

But that’s for swapping between currencies held in the account, not for visa transactions.

Post automatically merged: Jun 13, 2024

There's no fee per se, but when you move money into the HSBC sub account, it is done at the HSBC rate, not the Visa rate.

Exactly right. From what I can work out, spending or ATM using the debit card is Visa rate, transfer between AUD and your forex sub accounts is poor.

 

[SYD]

Looks like the better option (unless you want to lock in the exchange rate) is to leave it all as AUD anyway.
Current Premier AUD-HKD = 1:5.089
Googled AUD-HKD = 1:5.19

But that’s for swapping between currencies held in the account, not for visa transactions.

Post automatically merged: Jun 13, 2024

Exactly right. From what I can work out, spending or ATM using the debit card is Visa rate, transfer between AUD and your forex sub accounts is poor.

So maintaining just AUD and transacting with that at HSBC ATMs (and debit purchases) is the way to go?

I must re-investigate. The country exclusions aren’t as big a deal as I first thought (although France is an oddity).

 

[QF_Flyer]

So maintaining just AUD and transacting with that at HSBC ATMs (and debit purchases) is the way to go?

I must re-investigate. The country exclusions aren’t as big a deal as I first thought (although France is an oddity).

I believe so, yes - I did occasionally have some HKD in there, because I didn't know better, but now I just fund it with AUD and crack on.

Agree the exclusions are a bit strange, bit of an eclectic list, but nothing I couldn't live with.

 

[Duffa]

Just received a smug text from a friend who is in Japan
He used his Amex and is getting 0.25% to the XE spot rate. Most cash cards are about 0.4% in my experience.
This turns everything on its head !!!