Overseas Spending Money Strategies

[trippin_the_rift]

Oh, and final piece of advice - when using a credit card overseas: *ALWAYS CHOOSE LOCAL CURRENCY AMOUNT* and NEVER choose the AUD conversion.

The AUD amount has a built in fee of approx 5% MORE than the local equivalent. In addition, when you select the LOCAL amount, it qualifies for double points (or more) on most decent credit cards, whereas selecting AUD will net you a lot less points.

 

[Isochronous]

Even if you're in a country where ATMs charge fees or you can't find a free ATM, the ATM fee will still be far cheaper than using a ****ty travel money card or exchanging for cash at a dealer.

 

[slinky123]

No it hasn't. The tables in the document that you linked exclude the Citibank Plus account. It is still the same great card as it always was.

Thanks for the clarification, they sure know how to confuse, since that is linked to at the bottom of the Citibank plus account. Thats great that its still fee free

 

[get me outta here]

The credit cards that purport to have low overseas fees and charges are Bank West World, ANZ Travel Adventure Rewards and Coles MasterCard. Others may suggest others.

 

[scwappy]

In answer to your first question, No.

I rarely have to pay ATM fees with this card and never have in the UK. Vietnam and Thailand are exceptions but they charge fees for all International cards. In the U.S you will find a Citibank ATM in every 7 Eleven store. One trap to look out for (at Heathrow for example) is that some ATMs offer to convert the withdrawl into your home currency, rather than allowing your own bank to do the conversion. Never do this, always use the local currency and save at least 5%.

I would think that most ATMs that charge fees for Citibank Plus would also charge fees for Global Wallets etc.

I also highly recommend the 28 Degrees credit card. The Citibank / 28 Degrees combination has saved me a small fortune over the last eight years or so.

Citi has a branch in Bangkok near the Asoke BTS stop which I found this free for Plus withdrawals. I think there may be a couple of others.

 

[Jacques Vert]

I agree with others that the CitiPlus is the way to go; I've used it in numerous countries with no problems and no fees. Don't worry about looking for a Citi ATM (many countries don't have them), just try any ATM and where a fee is indicated just cancel the transaction and go to the next ATM.

An example: recently at the airport in Livingstone (Zambia) I went to an ATM and it indicated a fee. Cancelled and went to the next ATM and no fee.

I notice you mentioned EUR. I have use the CitiPlus with no fees thru many countries in western and central Europe; all good.

One tip if you are hiring a car: In France, some of the older machines at toll booths and petrol stations don't accept foreign cards. Can be a little embarrassing when there is a line of cars behind you and you can't pay the toll. So yes, a small amount of local currency is handy but get it at an ATM at the airport when you arrive using your CitiPlus. My 2c worth.

PS: The only place I would look for a Citi ATM is where most/all banks charge a withdrawal fee.

 

[cove]

In London we tend to use Bankwest World to get QF points at 0.66 points per dollar (AUD). We have both Citi debit and 28 degrees for backup. Bankwest do fair exchange rates but the annual fee may be too high for many AFFers so I totally agree with TTRs post.

 

[opusman]

Yeah definitely don't lock in the exchange rate before you go - that way your trip will be that much more exciting, not knowing how much money you have to spend!

 

[BacchusMarsh]

Yeah definitely don't lock in the exchange rate before you go - that way your trip will be that much more exciting, not knowing how much money you have to spend!

I'm probably more sympathetic to your argument than most. But if you were heading to say the US or UK in two weeks, would you actually want to lock in your entire amount right now? What about six months or a year? Where does your line lie?

 

[cove]

Paying 4% or more for certainty of exchange rates....no we don't do that so travel wallets do tend to be great for the issuer and not great for the traveller.

 

[LadyC]

This Citibank Plus account looks good. I have just opened one for our trip to Europe in July.

 

[Gold60]

how can i possibly get left behind and not apply LOL.

about to start my application now.

 

[Dave G]

So -
How would this compare to opening an HBSC multi-currency account, and then using transferwise to load yourself up with the mid -market rate ????
Cheers

 

[anat0l]

So -
How would this compare to opening an HBSC multi-currency account, and then using transferwise to load yourself up with the mid -market rate ????
Cheers

How easy is all of that to set up for an Australian citizen?

I used CurrencyFair to transfer money between my foreign bank accounts. The rates aren't bad as long as you trade on the market rather than use their quick transfer rates, but there is a fixed fee every time you move the money from CurrencyFair into a bank account.

 

[Dave G]

Easy Peasy -
No Min amount (Unlike citibank)
Currencies include AUD, USD, CAD, EURO etc etc.
and best of all 0.5 commission and you get the mid market rate.

 

[anat0l]

Easy Peasy -
No Min amount (Unlike citibank)
Currencies include AUD, USD, CAD, EURO etc etc.
and best of all 0.5 commission and you get the mid market rate.

With the HSBC Multi Currency Account, do you get an ATM card with that so you can use ATMs? I assume that HSBC ATMs will attract no fees; everything else will?

Overall it looks like a good idea and I'd ask anyone else to make a comment on this set up. For the OP, some of the currencies in the HSBC Multi Currency account won't cover some of the countries the OP is going to, so getting Citibank Debit is still highly advised.

 

[cove]

Everyone will need to have slightly different strategies as it depends on the length of time of the overseas trip, the countries being visited and the amount of expenditure in each currency.
We use HSBC in London together with Bankwest World CCs and Mrscove uses Citi debit and 28 degrees for some household stuff. In the US we use Citi AA credit cards, Chase Sapphire CC and Amex Premier Rewards. Bell FX do most of our foreign exchange transfers.
I think we have been lucky having US SSNs so we make quite a chunk of points/Miles in the US. We work there part time.
London for us is more of a vacation spot so we haven't gone chasing U.K. Credit cards. We do have suppliers and customers around the world and we can work these days from any location.
For short vacations what TTR posted earlier should suit many AFFers.

 

[ric_melb]

Whist the HSBC Foreign Currency account has its merits it is not designed for transactions overseas like the Citibank Plus account. For example you can only withdraw cash in AUD, HKD and USD, presumably at a branch. No ATM card is issued; I have just confirmed this with HSBC.

 

[scwappy]

Whist the HSBC Foreign Currency account has its merits it is not designed for transactions overseas like the Citibank Plus account. For example you can only withdraw cash in AUD, HKD and USD, presumably at a branch. No ATM card is issued; I have just confirmed this with HSBC.

What you can do is use a fee free account or credit card for the transactions overseas and transfer back from HSBC foreign currency to AUD on the same date or close to it. A bit of frigging around but a way of reducing FX risk without the fees of the travel cards.

 

[Cynicor]

What you can do is use a fee free account or credit card for the transactions overseas and transfer back from HSBC foreign currency to AUD on the same date or close to it. A bit of frigging around but a way of reducing FX risk without the fees of the travel cards.

At that point surely the Citi is easier? I guess it depends how much of a currency bear you are, but I find it rarely moves enough to warrant fixing it in such a way.