I'm tired of getting ripped off by paypal on currency conversions. There are options like the 28 degrees Mastercard for personal use, but what about something for a company?
Best business credit card or bank account for international / foreign currency purchases
CheapBrah on 01/07/2013 - 03:58
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Again, that's a personal account rather than a business account.
It's also something we are looking for. We buy hosting and other subscription services from overseas companies and have been paying with our credit card (bad conversion rate + transaction fee) and PayPal account (worse conversion rate).
Would love to find something like 28Degrees but for business accounts.
Platinum AMEX because I have been a member for years and they give 2 for 1 business class international airfares!! yOI!!
Sorta bumping this up…
Looking for a cheaper way to make international transfers - from our business bank account to an overseas bank account (in USD). Currently use CBA, which is easy enough because it comes straight from our main account. But there is a $28 fee ($22 if done online), plus the exchange rate is pretty rotten. Any better options out there?
I used PennyTransfer before. The rate is not bad and $0 fee. However not too sure about what's happening with PennyTel at the moment…
PennyTransfer
This service is no longer available
With Paypal, you do have the choice of them converting, or you can choose to have your credit card do the conversion. It is annoying with credit cards charging a transaction fee on top of the conversion rate though!
Using PAYPAL, with the purchase entirely or partially funded by Credit Card to the USA its 3.9% + fixed fee! If it's a PayPal balance or bank account it's 1%.
not sure if bankwest business credit platinum cards are $0 fees for overseas purchases. try amex intl transfers only $10 or $0 if you have a business platinum card i think?
I couldn't see anything in the American Express Platinum Business Card terms and conditions for Australia (as opposed to the US card) that says it has lower international transaction fees.
Anything that anyone has found on this front for lower international transaction fees for businesses would be greatly appreciated - even if it isn't 0%, then even 1% would be a win. It all counts.
As someone said above I need something like 28Degrees, but for a business.
You do need to be aware with American Express that many places charge a higher fee to use it, plus quite a few will not accept it as American Express do charge merchants a higher rate than other card companies.
Citibank Plus Transaction - zero foreign transaction fees, zero ATM fees overseas (though local ATM's may still charge you, Citibank won't), zero monthly fees. Only con is that internet banking is 1995 pretty and they are dog slow - if you'd get paid Tuesday say, Citibank will get it in Wednesday. Equally, their customer service is great though; despite being global any issues I had were quickly addressed.
Chucked all my transaction accounts for this one.