Qantas Cash FX rates

[medhead]

I totally agree. But for teenagers its great to keep tabs on their spend.

Ive gone back to Citibank CC and Auspost foreign cash.

Citibank plus is better than both of those methods.

Are you also forgetting the fees involved with using credit cards/cash cards?

 

[Quickstatus]

There are fees everywhere.

fees are either embedded in the forex transaction - Citibank applies a 3.4 % on the wholesale or interbank rate but there is no other overt fees

Or they are applied as an overt fee as a second transaction line below the original purchase. The former is more common.

The retail customer cannot get the wholesale interbank rate. Todays interbank rate for the AUD/USD is approx 0.9410. you will never get that rate. The best cash rate today is Auspost foreign cash which is about 0.9010. So Auspost and their cash provider which is amex keep the fee of approx 4%. Of course when you read Auspost they say no commissions or fees but its in the conversion rate.

Travelex at the airport says "no commissions or fees" - same same - their take is embedded in the forex conversion rate.

So whatever rate you get already has the fee built into the rate.

You could use cash and avoid CC annual fees but a mix of cash and plastic is prudent when OS.

 

[serfty]

There are fees everywhere.

fees are either embedded in the forex transaction - Citibank applies a 3.4 % on the wholesale or interbank rate but there is no other overt fees

Or they are applied as an overt fee as a second transaction line below the original purchase. The former is more common.
...

Not with Citibank Plus cash withdrawals.

Here's a recent one for ¥9000 :

[TABLE="class: cT-tableBase cT-transactionTable cT-alternateRowColor tablesorter tablesorter-default"]
[TR="class: cT-firstRow cT-odd"]
[TD="class: cT-bodyTableColumn1"]22/04/2014[/TD]
[TD="class: cT-bodyTableColumn2"]INTERNATIONAL ATM WITHDRAWAL NARITA AIRPORT NARITA PN JP APR 18,2014 164833 REF:xx_...[/TD]
[TD="class: cT-bodyTableColumn3"]AUD 94.12[/TD]
[/TR]
[/TABLE]

The Exchange Rate Calculator | Visa USA tells me the rate with 0% bank fee for 22nd April was "1 Japanese Yen = 0.010467 Australian Dollar".

That works out to $94.203.

 

[medhead]

There are fees everywhere.

fees are either embedded in the forex transaction - Citibank applies a 3.4 % on the wholesale or interbank rate but there is no other overt fees

Or they are applied as an overt fee as a second transaction line below the original purchase. The former is more common.

The retail customer cannot get the wholesale interbank rate. Todays interbank rate for the AUD/USD is approx 0.9410. you will never get that rate. The best cash rate today is Auspost foreign cash which is about 0.9010. So Auspost and their cash provider which is amex keep the fee of approx 4%. Of course when you read Auspost they say no commissions or fees but its in the conversion rate.

Travelex at the airport says "no commissions or fees" - same same - their take is embedded in the forex conversion rate.

So whatever rate you get already has the fee built into the rate.

You could use cash and avoid CC annual fees but a mix of cash and plastic is prudent when OS.

As I said, look at citibank plus. Achieved 3.02 MYR to the AUD this week on an ATM withdrawal. Current interbank rate 3.0268.

With cash exchange in Australia it is usually worthwhile looking at UAEXchange.

 

[Quickstatus]

Will do, thx guys learn something new everyday. Now i can get out of bed....

 

[markis10]

There are fees everywhere.

fees are either embedded in the forex transaction - Citibank applies a 3.4 % on the wholesale or interbank rate but there is no other overt fees

Or they are applied as an overt fee as a second transaction line below the original purchase. The former is more common.

The retail customer cannot get the wholesale interbank rate. Todays interbank rate for the AUD/USD is approx 0.9410. you will never get that rate. The best cash rate today is Auspost foreign cash which is about 0.9010. So Auspost and their cash provider which is amex keep the fee of approx 4%. Of course when you read Auspost they say no commissions or fees but its in the conversion rate.

As others have pointed out no fees with Citi on their plus product. Another data point, $5 charge to award wallet debited to Citi at $5.40, current QF cash $5.56. I use the product pretty heavily in Asia and enjoy access to cash via ATMs for free with rates close to XE mid market, and I can withdraw small amounts so I am left with little/no currency at the end of the trip.

 

[Quickstatus]

Whats the catch. Free OS transactions , ATM withdrawals at XE rates no account fees. Obviously no FF points.

Have you been charged a fee not by citibank but by the ATM fr using the ATM?

 

[markis10]

Whats the catch. Free OS transactions , ATM withdrawals at XE rates no account fees. Obviously no FF points.

Have you been charged a fee not by citibank but by the ATM fr using the ATM?

I have never been charged an ATM fee yet, however its apparently hard to avoid in Thailand. Luckily where I stay in BKK there is a Citi branch down the road, while in KUL its across the road next to the IC. In Singapore they are everywhere.

 

[medhead]

That was the catch for me in KL. 10myr taxi trip to get to a Citibank ATM.

The stupid sod at Louis vuttion also charged me in AUD via dynamic currency conversion. I wanted to go back and tear him a new one, but SWMBO wouldn't hear of it.

 

[Quickstatus]

Thanks. Sounds like its the way to go in Asia.

In the US it will be good for purchases but prob not good for ATM withdrawals as most ATM will charge a fee unless its a citibank one.

I will miss the FF points but not severely

I hate those dynamic currency conversions. i make sure its in local currency

 

[markis10]

That was the catch for me in KL. 10myr taxi trip to get to a Citibank ATM.

The stupid sod at Louis vuttion also charged me in AUD via dynamic currency conversion. I wanted to go back and tear him a new one, but SWMBO wouldn't hear of it.

The Maybank ATM at Sentral near the airport express exit never charged me a fee.

 

[markis10]

Thanks. Sounds like its the way to go in Asia.

In the US it will be good for purchases but prob not good for ATM withdrawals as most ATM will charge a fee unless its a citibank one.

I will miss the FF points but not severely

I hate those dynamic currency conversions. i make sure its in local currency

If it charges a fee in the US that will be the same for all cards surely. And its not just Citi branded ones https://online.citibank.com/US/GCL/citilocator/flow.action?countrySelect=USA.
Most 7-11s have Citi ATMs in the us as well.

 

[Quickstatus]

Its usually a set fee plus a limit on withdrawal. Works out to be about 1-2%

 

[medhead]

I hate those dynamic currency conversions. i make sure its in local currency

He was told to charge in MYR. But there was a few hassles trying to use the pin. Purchase finally worked after 5 attempts. I'm not sure if he forgot or if he deliberately did it. I stupidly didn't check until later.

 

[RooFlyer]

Been a very interesting discussion today, thanks. Serfty, I got a sort of placeholder page following that link you gave but I found this one: Exchange Rate Calculator | Visa USA

I've been lazy in getting an alternative to Q Cash, as the client pays for my costs, incl FX etc and business is the vast majority of my o/s usage. But with an extensive European holiday coming up, I really should get off my backside.

Any comments on the acceptance or use of the Citibank Plus in eastern Europe / Russia?

 

[timster]

I have never been charged an ATM fee yet, however its apparently hard to avoid in Thailand. Luckily where I stay in BKK there is a Citi branch down the road, while in KUL its across the road next to the IC. In Singapore they are everywhere.

150 or even 180 baht now at almost all ATMs in Thailand with Citibank VISA Debit (and any other card), but no other charges with Citi (thankfully). Used to be one or two Thai banks' ATMs that didn't charge, but harder to find now.

Always have to remind vendors now to charge my 28Degrees MC in THB not AUD.