Cheapest way to withdraw cash while overseas

wei13 on 18/06/2014 - 08:56

Hi travel gurus,

So i think i travel overseas like once in a decade…

I'll be going for a short tour in israel later this year. What are the cheaper ways to be able to withdraw cash there? Is there a way to be able to withdraw cash from a savings account here in Australia?

I believe cash advances on a credit card incur interest from the day you withdraw it, is that right? so would be expensive to take out cash from a credit card.

I've also looked at the commonly discussed 28 degrees and bankwest zero cards, but they seem to be credit cards?! are they good for withdrawing cash as well?

any info is very much appreciated. thanks.

Travel

Comments

  • pyramid on 18/06/2014 - 08:58
    +3

    Citibank transaction account… Its the one I used during my nz trip last yr….

    • JR63 on 18/06/2014 - 09:49

      Agreed. I used it for my trip around Asia.

      • RockyRaccoon on 18/06/2014 - 11:32
        +4

        NEEDS to be Citibank PLUS transaction account not just any citibank account. That way you get best rate.

        BTW OP - a little search here

        A few posts down in the travel thread and the same question is being answered

        https://www.ozbargain.com.au/forum/38185

        • wei13 on 18/06/2014 - 17:22
          +1

          many thanks

          sorry for the dup. i'll look through the forum again

    • ryu on 19/06/2014 - 18:25

      Rate changing aside, taking cash with you is the best option. Withdrawing cash on a local ATM is the second, and paying by CC the last, rate wise of course. That's based on my past experience though.

      • RockyRaccoon on 19/06/2014 - 18:31

        How do you figure this?

        Away for 3-4 weeks then taking a couple of thousand in Cash.

        Also where can you get a cash exchange rate as good as that from the ATM with the Citibank card?

        Also if you over estimate the amount of cash you need, then you have to convert it back. More cost

        • ryu on 19/06/2014 - 21:31

          It's just based on my experience in Thailand.

          While there, I closely watched the rates you can get with cash from those cash sellers on streets. I wrote down some of them. There's one vender, from I heard, who gives you the best rate in town, but I am not even talking about that one here.

          There is a website you can compare the ATM rates from all of the big banks in Thailand, which I used to choose which bank I get money from, I wrote down the rates from the website. Citi sucks in that it takes them a few days to get your records updated. So after I came back, I checked my bank statements. From that, It's easy to work out the rates you got for your CC payments and cash withdrawal.

          Firstly, I can confirm the rates from the website were pretty much on the money. Secondly, after comparing the three rates from the same day, I found which goes first, which comes last.

          So my decision is from now on every time I go overseas, I'll carry as much cash as I am comfortable with. I change to local currency when I need while overseas. Most of them don't charge commission anyway. But if you are going for a long time, probably you don't want to have too much cash on you, in that case, cash withdrawal would be my second option.

        • RockyRaccoon on 20/06/2014 - 02:00

          Thank you for the explanation.

          Your strategy will work, in mainly SE asia where you have money exchangers willing to work on low margins.

          Will that be the same in Israel? I dont know.

          Friends tell me Thailand the M Exch are ok with Aussie dollars, as they get a lot of opportunity to move this money. Further afield the Aussie isnt as popular so the rates get affected.

          While Thailand they give great rates, in Bali the rates appear great, but there is the slight of hand Tax which means most times you dont get what you are told you will get. And if you call the game, they just dont play anymore (the deal is off)

          So I guess the "rules" for the best exchange requires research regarding the countries being visited

        • Peck on 20/06/2014 - 19:00
          +1

          With Cash in Thailand I go to the 2 best money changers in Bangkok (Vasu and SuperRich) however I have monitored closely & compared their rates with my 'Citibank Plus' ATM withdrawals, and Citibank ALWAYS beats them. Incredible but true!! So I use this account like a credit card to pay for hotels etc. as well as for ATM withdrawals, and online purchases in foreign currency.

      • wako on 21/07/2014 - 03:46

        when I was in bali, The hotel charged 3% extra to use mastercard, I did any way, but the amount i ended up paying vs getting cash changed at money changer was still cheaper on card with 3% (28 degrees) as for withdrawing now not the best option since change :(

  • eug on 18/06/2014 - 09:42
    +1

    28 Degrees doesn't work for that anymore, they clamped down on it at the start of this year. Previously you could load it up with a positive balance and withdraw from that balance via ATMs overseas, fee-free. Now they charge a surcharge for all cash withdrawals.

    The Citibank Plus account still lets you do it fee-free though. It's a free account too.
    http://www.citibank.com.au/plus3/index.htm?code=A7FQABA1

    • Evil-Elmo on 18/06/2014 - 11:49

      Yep - the 28° is still good for overseas purchases though.

    • wei13 on 18/06/2014 - 17:22

      thanks for the info

    • spacemansam on 22/06/2014 - 02:48

      You CAN still have a positive balance with the 28 degrees card, but now they charge you for having that positive balance. Currently overseas at the moment and using the 28 degrees.

      Unfortunately tried to get the Citibank plus card, but it didn't arrive before I left :(

      • eug on 23/06/2014 - 09:38
        +1

        They don't charge you for having a positive balance. They charge you for withdrawing that positive balance in cash at an ATM, as I mentioned. If you have a positive balance you can still use it like a debit card for purchases, fee-free.

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