NAB Greed kills a great product.

[bfm]

NAB Greed kills off Citibank plus.

With the takeover of Citibank accounts, NAB couldn't help themselves. Their Greed to charge for overseas cash withdrawals means the salad days are over.

While NAB won't charge the typical 4% on credit transactions, their GREED conversion rates kills any competitiveness.

Oh, well, now to look for an alternative.

 

[brett-au]

With the takeover of Citibank accounts, NAB couldn't help themselves. Their Greed to charge for overseas cash withdrawals means the salad days are over.

I was always told, you don't make friends with salad.

 

[RooFlyer]

Oh, well, now to look for an alternative.

Wise. I got one a month ago anticipating something like this.

 

[RB]

NAB Greed kills off Citibank plus.

With the takeover of Citibank accounts, NAB couldn't help themselves. Their Greed to charge for overseas cash withdrawals means the salad days are over.

While NAB won't charge the typical 4% on credit transactions, their GREED conversion rates kills any competitiveness.

Oh, well, now to look for an alternative.

Perhaps you can explain your claim a little more?

 

[N860CR]

I’ve just pulled out some cash in South Africa and it seems the amount Citi charged was about 2% more than the official MasterCard rate. Hasn’t been an issue with ING in the past.

 

[encryptededdy]

Wise. I got one a month ago anticipating something like this.

My issue with Wise is the 1.75% + $1.50 fee after you exceed AU$350-equiv in withdrawals in a month. It's good that the first $350 is free, but after that I don't think it's any better (and may be worse) than a fee-free Mastercard debit (e.g. Macquarie Bank)

 

[Pushka]

Wise. I got one a month ago anticipating something like this.

I like ING still. I do have wise also but not used it yet. But I really don't need another NAB account to log into, debit card yada yada. I've got too many already.

 

[VPS]

My issue with Wise is the 1.75% + $1.50 fee after you exceed AU$350-equiv in withdrawals in a month. It's good that the first $350 is free, but after that I don't think it's any better (and may be worse) than a fee-free Mastercard debit (e.g. Macquarie Bank)

it depends - I don't use much cash now anyway so rarely need to draw cash out

 

[Danger]

I can handle a poor exchange rate because I'll just go elsewhere. What I wouldn't be able to handle is the removal of PayAll.

Wise. I got one a month ago anticipating something like this.

As encryptededdy said, the downside is the very low monthly maximum ATM withdrawal limit on what is otherwise a fantastic product.

 

[anat0l]

Might be time to adjust forex strategy then.

Main reason to keep Citibank was the low forex margin against the midmarket.

Exchanging cash at even the best forex places is still about a 4% minimum margin (so you'd still often do better using a credit card), but...

 

[RooFlyer]

As encryptededdy said, the downside is the very low monthly maximum ATM withdrawal limit on what is otherwise a fantastic product.

Granted, but that's probably easily enough cash for me.

 

[bfm]

Perhaps you can explain your claim a little more?

If you look at the NAB 'visa' rate, it actually includes a surcharge on the 'visa' rate. Visa offers banks a capacity to add the surcharge into the conversion rate; many take it, but not all do. As far as I can see, NAB 'take' a 3% surcharge.

On the information sent to me, cash withdrawals from an OS ATM will incur a fee (from NAB).

 

[SYD]

If you look at the NAB 'visa' rate, it actually includes a surcharge on the 'visa' rate. Visa offers banks a capacity to add the surcharge into the conversion rate; many take it, but not all do. As far as I can see, NAB 'take' a 3% surcharge.

On the information sent to me, cash withdrawals from an OS ATM will incur a fee (from NAB).

It varies what NAB charges based on account type and package. For years, as part of my “Gold Banking” (Private Banking), I could make OS ATM withdrawals free of NAB imposed ATM fee and zero int tx fee. The AUD equivalent was always near the spot rate. I still have a NAB VISA Signature debit card included as part of my bundle that can be used for OS purchases - again zero Int Tx Fee. But that product otherwise costs quite a bit I believe.

I‘ve not attempted to use my NAB card in an OS ATM for the last 12-18 mths because it was unclear if my legacy package was still fee free (some are) or I would be slogged the OS ATM fee AND an Int Tx Fee.

I already have UBank and ING (as well as Citi), so they’re safer.

From what I’ve seen, the new NAB Citi card ought to be ok for anyone who doesn’t have an alternative (yet).

 

[Chicken]

If you look at the NAB 'visa' rate, it actually includes a surcharge on the 'visa' rate. Visa offers banks a capacity to add the surcharge into the conversion rate; many take it, but not all do. As far as I can see, NAB 'take' a 3% surcharge.

On the information sent to me, cash withdrawals from an OS ATM will incur a fee (from NAB).

This is factually false.

ATM cash withdrawal – Fee Waived
Balance enquiry – Fee Waived
International Transaction Fee – Fee Waived

 

[anyonebutqantas]

As long as PayAll stays for a few more years...!

 

[serfty]

Several posts moved here:

NAB Waives Fees for "Grandfathered" ex Citi Accounts.

From what I can see, conversions will be done using the Visa rate.

www.australianfrequentflyer.com.au