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.)

 

[SYD]

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 !!!

Is that before the 3% surcharge? Doesn’t the surcharge appear as a seperate line item on settlement?

Or what AMEX doesn’t charge 3%?

 

[Duffa]

Don't know.
I've NEVER used an Amex overseas.
I'll ask him

 

[Cynicor]

Def something wrong there. Amex charge decent fees on overseas use.

 

[SYD]

Def something wrong there. Amex charge decent fees on overseas use.

Usual 3%. Pretty sure the underlying conversion rate was reasonable however. It’s been a while since I used one OS.

 

[kpc]

I've NEVER used an Amex overseas.

Agree. However, if I'm getting reimbursed by work, I may use my Amex....I often will pay for car rental OS as the Amex insurance covers up to 100K if you pay with Amex....so I decline all car insurance to keep the car rental charge down

 

[QF_Flyer]

Is that before the 3% surcharge? Doesn’t the surcharge appear as a seperate line item on settlement?

Or what AMEX doesn’t charge 3%?

US Amex cards don't charge forex fees, if he has one (or more) of them.

 

[SYD]

US Amex cards don't charge forex fees, if he has one (or more) of them.

Funny, years ago Oz AMEX didn’t either (I’m pretty sure - got my first classic charge card in 1990). I don’t remember when it changed. I think I became aware of the fee using my Corporate card.

 

[Jacques Vert]

I used the NAB replacement for the CitiPlus in La Rochelle this afternoon to withdraw cash at La Banque Postale. No ATM fee although the machine did kindly offer to make the withdrawal in my home currency for a mere 3% fee. Of course I declined, but at least it clearly stated what the fee was. The exchange rate was 0.6206 which is exactly the Visa conversion rate for today, whereas the quoted MasterCard rate for yesterday was 0.6213 (about 0.1% better).

Sligthly off topic but I use credit cards for most of my purchases o/s. With the recent enhancement to the Coles black card (now charging o/s transaction fees), I cancelled it and opened a NAB Rewards Signature card (not the QF one!) as they now don't charge o/s fees.

An example of the exchange rate using the NAB card:
5/7/24 AM in France: 0.6209 again exactly the Visa rate for that day versus the rate quoted by mastercard 0.6213; again about 0.1% difference. Some days as little as 0.05% and occasionally in my favour; probably a timing issue.

And perhaps best of all, I receive NAB points for my o/s purchases (including 130,000 sign on bonus). No complaints here.

 

[QF_Flyer]

Funny, years ago Oz AMEX didn’t either (I’m pretty sure - got my first classic charge card in 1990). I don’t remember when it changed. I think I became aware of the fee using my Corporate card.

I never realised that, I've always known both Aussie and UK cards to have forex fees...all other countries in fact, even Canada afaik...I suppose a corporate card it doesn't matter so much (unless it's you paying the corporation's bills!).

 

[Flashback]

I never realised that, I've always known both Aussie and UK cards to have forex fees...all other countries in fact, even Canada afaik...I suppose a corporate card it doesn't matter so much (unless it's you paying the corporation's bills!).

There are corporate cards you can get that don't charge ForEx, but of course they're few and far between.

 

[marki]

There are corporate cards you can get that don't charge ForEx, but of course they're few and far between.

MasterCard Platinum card is Forex Free and comes with most CBA home loans also for free.

 

[QF_Flyer]

MasterCard Platinum card is Forex Free and comes with most CBA home loans also for free.

MasterCard Platinum cards can be issued by any lender, most of them aren't forex free. The Commbank ones may be - I know the Commbank Ultimate Awards and Smart Awards MCs are (but with minimum spends of $2.5k/$4k monthly to avoid the fee), as are the BankWest World and Platinum MasterCards (with annual fees, but at least they earn points.

I don't think the CBA Ultimate Awards can be paired with a home loan package, can it? I may be wrong, I don't have a CBA mortgage.

 

[Cynicor]

MasterCard Platinum cards can be issued by any lender, most of them aren't forex free. The Commbank ones may be - I know the Commbank Ultimate Awards and Smart Awards MCs are (but with minimum spends of $2.5k/$4k monthly to avoid the fee), as are the BankWest World and Platinum MasterCards (with annual fees, but at least they earn points.

I don't think the CBA Ultimate Awards can be paired with a home loan package, can it? I may be wrong, I don't have a CBA mortgage.

I believe it can now, but initially couldn’t

 

[mushypeas]

There are corporate cards you can get that don't charge ForEx, but of course they're few and far between.

I worked for a large US bank, in Australia, and our own issued corp-cards would charge us FX fees on every transaction (US domiciled card) -- ridiculous and pain in the backside to have to code all your expenses and then manually apply/code stupid fees.

 

[Chicken]

I worked for a large US bank, in Australia, and our own issued corp-cards would charge us FX fees on every transaction (US domiciled card)

Heard of transfer pricing?

 

[mushypeas]

Heard of transfer pricing?

of course, as a treasury cost. but what I described is not transfer pricing.

 

[Chicken]

of course, as a treasury cost. but what I described is not transfer pricing.

Just another way to do it