Travel Cards - 28 Degrees and Bankwest Zero Platinum?

LRick Sanchez on 30/05/2014 - 13:22
Last edited 04/06/2014 - 11:39

Hi,

I've got both a 28 degrees (now with the 3% withdrawal fee) and a Bankwest Zero Platinum.

For (positive balance) cash withdrawals in a foreign currency, would I be right in saying:

28 degrees - 3% withdrawal fee
Bankwest Zero - Greater of 2% or $4.00

So for cash withdrawals over ~$130, I should use my Bankwest Zero? Also does anyone know how their exchange rates compare?

(EDIT - Bankwest have confirmed that there is no charge for positive loading the card. The PDS is really vague about this and I guess what caused the confusion)

(EDIT 2 - Bankwest have confirmed there is a charge and the branch i went in gave me the wrong information . . )

Financial

Comments

  • PissLUR on 30/05/2014 - 13:24
    +7

    you should apply for citibank plus account for overseas atm withdrawal.

  • donbot on 30/05/2014 - 14:08
    +1

    I used both for 7 weeks around Europe last year before the cash advance fee came on for 28 degrees.

    28 Degrees - cash advances.
    Bankwest Zero Platinum - purchases/online bookings etc.

    Exchange rate differences were absolutely negligible.

    I've since replaced the 28 Degrees Card with a Citibank Plus account for overseas cash withdrawals… fee free!

    • [Deactivated] on 30/05/2014 - 14:14
      +1

      I think this is the best tactic available so far.

      Tho Citibank ATM is somewhat rare in some countries.

      • retiredfeline on 30/05/2014 - 14:16
        +1

        Any Visa ATM will do.

        • Baghern on 30/05/2014 - 16:39

          Wouldnt that incur a non citiBank withdrawal fee

        • Holysmoke on 30/05/2014 - 21:08

          Depends on the foreign bank

        • retiredfeline on 30/05/2014 - 22:03

          That's always the case with foreign ATM withdrawals, a bank charge may be levied in addition to conversion charges but more likely with small banks.

        • Franconian on 25/07/2014 - 20:15

          @greenpossum:

          I'm lucky to have a credit card from a German bank which offers free withdrawals worldwide. In case the foreign atm charges a fee it will be refunded. Even the private pub atm's.

  • Rick Sanchez on 30/05/2014 - 14:24

    Its too late for the citibank, otherwise I would have. Thanks for the advice!

    • donbot on 30/05/2014 - 15:05
      +1

      At a pinch, you could try positively loading up the bankwest zero platinum card. I've transferred positive funds off this card into another bankwest account, without cash advance fees. It wasnt through an ATM, but it might work.

      Worst case - you get stung the cash advance fees. Best case - fee free cash advances!

      Maybe try it with $100 and see first?

      • Rick Sanchez on 30/05/2014 - 19:08

        That's what I was trying to figure out - the lady at Bankwest said there would be no fees if it was positively loaded even if overseas. But looking through the product statement and people's opinions on it, it looks like the cash advance fee applies - I'll call them up and report back

    • tonester on 31/05/2014 - 01:11
      -2

      do you have a qantas cash card or virgin global wallet?
      http://www.afr.com/p/business/financial_services/why_the_bes…

      • Rick Sanchez on 03/06/2014 - 12:04
        +1

        28 degrees is still way better - only charge is when you're taking money out. These cards charge you 3% + inactivity fees and/or setup fees

        • tonester on 03/06/2014 - 12:08
          -2

          28 degrees is still way better - only charge is when you're taking money out.

          how much?

          These cards charge you 3%

          only for currencies not on card

          inactivity fees

          $1 / 12mths

          setup fees

          $0

        • kylebb on 03/06/2014 - 22:54
          +1

          The margin on the currency is built in when you "load" it, they just don't tell you

          AUD/EUR for 3 June; VISA rate is 0.6834 whilst the rate for the qantas card is 0.6465

        • tonester on 05/06/2014 - 04:26
          -1

          0.6834 - 0.6465 = 0.0369 vs 3% - meh :)

        • Cheshire Cat on 07/06/2014 - 16:33

          So 5% vs 3%…. Seems pretty obvious which is better.

  • Magnate on 02/06/2014 - 11:23
    -3

    Word of warning. Even if you have the Citibank card DO NOT use a citibank ATM overseas. I have tried numerous ATMs in numerous countries and citibank are consistently the worst with fees. To top it off when I tried using the card in a citibank ATM in Taiwan just a few months ago they were going to charge me a citibank exchange rate (not the visa exchange rate) which was a good 10% worse than the visa rate.

    • PissLUR on 02/06/2014 - 11:40

      You must be using the wrong Citibank product.
      Lol

  • samfisher5986 on 03/06/2014 - 11:44

    Isn't using a Citibank Plus account overseas dangerous?

    Its not a credit card… if your card gets skimmed they can take all your money?

  • Rick Sanchez on 03/06/2014 - 12:02
    +1

    So going into a branch, and noone at the bank being sure about the charges involved, they called up about half their head office until they confirmed what they told me initially - that as long as the card is positively loaded, there is no charge or exchange fee for taking money out. I tried it here in Australia and I did not receive any charge as expected.

    So if this is correct, then it would be a lot easier to use than a citibank (more local branches etc)

    • Rick Sanchez on 04/06/2014 - 13:23

      now they've reconfirmed that there is a charge… wtf

  • Daedalus on 03/06/2014 - 22:09
    +1

    thanks stingostingo! how apt i stumbled upon this. travelling overseas in a few days, have bankwest but no time to apply for citibank!

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