What's the second best bank account for overseas cash withdrawals (after Citibank Plus Visa Debit Card) ?

Foma2 on 20/12/2013 - 12:53

Hi, All.

It looks like we all agreed on the best bank account for overseas cash withdrawals.
It used to be a 28 Degrees Debit card, but not any more after introducing overseas cash advance fees.

Now the best option for overseas cash withdrawals is Citibank Plus Visa Debit Card.
The card itself looks very good, but unfortunately I cannot say the same thing about Citibank Fraud and Security Department.

Sometimes they are quite difficult to deal with as they get suspicious too quickly.
So, there is a good chance to get your card locked once you are overseas, despite the fact that you had advised them accordingly.

I would prefer to have a backup card for overseas cash withdrawals.

I am wondering what do you think is the second best bank account for overseas cash withdrawals ?
Thank you.

Financial

Comments

  • PissLUR on 20/12/2013 - 14:45

    There is no second best afaik.

  • kylebb on 20/12/2013 - 21:05
    +1

    ING

    $2.50 flat fee but no forex commission

    • Foma2 on 21/12/2013 - 11:34

      I have an ING Orange Everyday account with a Debit card.
      I'll check on them.

  • Franconian on 21/12/2013 - 05:06
    -1

    I believe the Platinum Bank West Zero credit card offers free withdrawals. Or is it payment only???

    • donbot on 23/12/2013 - 06:42

      If you have a positive balance, there is no cash advance fee. This, coupled with no forex fee is a pretty good setup, especially if you already have the card.

      • Bargains4All on 23/12/2013 - 19:46

        Can anyone confirm this? Thinking about getting the card for my next overseas trip.

        • PissLUR on 23/12/2013 - 20:22
          +1

          I dont think that info is correct.

          http://www.bankwest.com.au/rates-fees?#CC

          Cash Advance Fee - Greater of 2% or $4.00

          http://www.bankwest.com.au/cs/ContentServer?packedargs=pagep…

          Cash Advance Fee

          This fee is charged for the service of withdrawing cash from any credit available on your credit card. Even if you have paid off the balance, or have paid additional credit on your card, a "cash advance" still applies whenever you withdraw cash. The cash advance rate is often different to the purchase rate on the card.

          Applies to:

          credit cards
        • donbot on 23/12/2013 - 20:58

          Oh crap. That sucks. I stand corrected.

        • Foma2 on 24/12/2013 - 07:57

          Please correct me if I am wrong but it still looks better than ING with 2.5% fee, providing you withdraw more than ($4.00/2.5% = ) $160 at once.

        • sidesh0w on 24/12/2013 - 09:37

          corrected: ING's fee is $2.50 and no forex margin.

  • retiredfeline on 21/12/2013 - 11:47
    +1

    It used to be a 28 Degrees Debit card, but not any more after introducing overseas cash advance fees.

    28 Degrees is actually a CC.

    Haven't had any problems with Citibank DC, used it in Europe and Pacific, but I have an ING DC as backup.

  • demiurge on 24/12/2013 - 11:58

    For fraud protection if you are going overseas you can call the credit/debit card company to let them know you'll be charging the card overseas. They will make a note on their system and you will have much less problem then.

    • retiredfeline on 24/12/2013 - 12:45

      I think the OP stated that he did but fraud alarm bells were still set off. Haven't had any problems myself.

  • Foma2 on 24/12/2013 - 16:41
    +3

    Hi everyone.
    I've just compiled a summary on bank accounts for myself. It may look a bit messy but if you read it carefully it may be quite useful.

    Best cards for overseas cash withdrawals AND/OR overseas purchases (inc. for online shopping) (as in November 2013).

    1. annual fee.
    2. rewards.
    3. currency conversion fees / foreign exchange fee / forex fee.
    4. international transaction fees on purchases.
    5. cash withdrawal from ATMs overseas fee / foreign ATM cash advance fee (charged by a home bank).
    6. cash withdrawal from foreign ATM / ATMs of other banks fee (set by the ATM owner, i.e. by another bank - unavoidable).

    Summary.

    For overseas cash withdrawals.
    Citibank Plus Visa Debit Card - best one.
    ING Orange Everyday Visa Debit Card - second best one (not as good for overseas purchases though).
    BankWest Zero Platinum Master Credit Card - third best one - not as good but still OK.

    For overseas purchases.
    28 Degrees Master Credit Card - best one (not as good for overseas cash withdrawals though).
    Citibank Plus Visa Debit Card - second best one (actually absolutely the same as the best one).
    BankWest Zero Platinum Master Credit Card - third best one (looks absolutely the same as the best one) (also has free travel insurance).

    ING Orange Everyday Visa Debit Card
    1. $0
    2. none
    3. $0
    4. 2.5%
    5. flat fee of $2.50

    28DMC (28 Degrees Master Credit Card)
    from the 1/1/2014 any cash withdrawal will be charged a new fee of $4 or 3% whichever is greater (capped at $30 per transaction).
    good for overseas purchases but not for overseas cash withdrawals.

    CBPVDC (Citibank Plus Visa Debit Card)
    looks like the best option for overseas cash withdrawals (and overseas purchases as well).

    BankWest Zero Platinum Master Credit Card :
    1. $0
    2. none
    3. $0
    4. $0
    5. Cash Advance Fee Greater of 2% or $4.00.

    http://forums.whirlpool.net.au/forum-replies.cfm?t=1725541&p…
    2012-Apr-12
    These are the only 3 (free) cards you need for travelling overseas:
    1. Bankwest Mastercard Zero Platinum credit : no account keeping fee, free international n domestic travel insurance — use to purchase all tickets and accomodations only, so will qualify for free travel insurance (zurich).
    - I will use this card to purchase tickets for air travel from overseas (e.g. from expedia.com Web site).
    2. 28 Degrees Mastercard credit: no account keeping fee, no international transaction fee, excellent exchanged rate — use for purchase goods overseas only. (no so good for cash withdraw because, cash in credit will not protected by bank if money gets stolen, after all this is the credit card not debit card, IYKWIM)
    3. Citibank Plus Visa debit: no account keeping fee, no international transaction fee, no atm transaction fee — use for withdraw cash overseas. (protected by bank if money gets stolen)

    If I want to make overseas purchases, have items 3 and 4 equal $0, and earn reward points, then probably the best options are
    Bankwest Qantas Platinum MasterCard, annual fee : $160.
    OR
    Bankwest More Platinum MasterCard, annual fee : $130.

    • drillvoice on 09/02/2014 - 19:41
      -1

      i think the citibank plus visa debit now has an international transaction fee…bummer.

  • PLANT on 05/01/2014 - 18:49

    BWM Zero Domestic travel insurance really?
    Not that I can see:

    http://www.bankwest.com.au/personal/credit-cards/compare-cre…

  • Foma2 on 17/01/2014 - 10:43

    Someone on whirlpool.net.au site mentioned travel insurance.
    I haven't checked it though.

  • aedeau on 22/01/2014 - 10:37

    http://image.email.citibank.com.au/lib/fe9812717667027f77/m/…

    International
    Transaction Fee
    2.50% Charged for all overseas ATM and electronic point-of-sale transactions made in a
    foreign currency using your Citi Visa Debit / Citi Debit Card. For Citi Visa Debit
    transactions, this amount includes a 1% service and assessment fee payable by
    Citibank to Visa. This f

    • Foma2 on 22/01/2014 - 10:47

      "Each of the changes will be effective from 3 March 2014."
      So, you still can use your Citibank Plus Visa Debit Card till that date, and after that date there won't be any card with free overseas ATM cash withdrawals.

    • PissLUR on 22/01/2014 - 11:20
      +1

      (Excludes Citibank Plus Transaction and Citibank Online Saver Accounts)

      • kylebb on 22/01/2014 - 12:46
        • good to hear
    • donbot on 22/01/2014 - 12:19

      wait, so is the citibank plus account still forex free?

      • tonester on 22/01/2014 - 12:51

        yes :)

        • donbot on 22/01/2014 - 13:31

          Phew. I've just received my Plus card on Monday to replace the 28 degrees cash out option.

  • bernitez on 15/05/2014 - 16:46

    Qantas Cash Travel Card and Velocity Global Wallet (up to 21 days to get it issued) if you have frequent flyers.
    See here: http://m.afr.com/p/business/financial_services/why_the_best_…
    Otherwise, for short notice, STA Travel Card. I think you can get it organised on the day at a STA Travel branch.

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