Hi bargain hunters,
I need the best payment option for regular monthly international transactions, would rather not use credit card.
Are there any debit cards with zero international transaction fees?
Also with good currency conversion rates.
Debit Card With Zero International Transaction Fees
Blackrose on 06/09/2016 - 10:18
Last edited 06/09/2016 - 14:31 by 1 other user
Last edited 06/09/2016 - 14:31 by 1 other user
Comments
That's an option for now, however it expires at end of year.
Get the Coles Reward Mastercard then. https://financialservices.coles.com.au/credit-cards/rewards-…. You can get $100 off or 20,000 flybuys point https://www.ozbargain.com.au/node/263992 to offset the $89 annual fee
That could be a good option thanks
Is a couple of possible options. however I was rejected for 28 degrees MasterCard about 6 months ago, I assume was because self employed and income has been a bit inconsistent due to health.
sorry cant help.
wait couple more months (people says 6 is enough but to be safe maybe 10 months after got rejected) and try again this time apply 2-3 different cards that suits you at the same time just in case one fails.Thanks for that info, might try apply again near the end of year
@Blackrose: yeah hopefully by applying at the same time each bank will not see other banks record of accessing your file, thats the point.
@Blackrose: Head over and grab yourself a free credit report - https://www.checkyourcredit.com.au/MyAccount/Order/StandardS…
In my experience, always ensure you have at least 3 months between your last "enquiry" on your report. If you've had more than 4 in one year, it might be time to hold off on your next application.
Good luck :)
Only applied for one card in the last 12 months so should be ok there
@eisniwre: Veda is the main one and DUNS is the second one, however I could've swore we had a banking guy come on Ozbargain at some stage and tell us the banks have a central authority they check which then reports it to Veda?
Might've absolutely dreamt that up.
In my experience (I have Veda Identity Watch Product) If I apply for anything, I normally get an email within 12 hours with my updated credit file showing the hit.
@dazzywazzy: and then Experian as well.
yeah not sure about why government doesnt regulate and control in one single place.
what annoy me is when we close our credit card account they dont reflect this at all. so unfair.@eisniwre: Exactly. We need to adopt the American Credit Card system ASAP. According to my credit file my AMEX is the only card that has adopted the positive reporting procedure.
2-3 times at the same time? I tracked my credit rating and it decreased INSTANTLY each time I applied for a credit card. I don't think it helps if you apply at the same time (e.g. even within a few seconds of each other)
citibank citi plus account
Thanks will look into that one
That's what I use. I believe you get the normal Visa rates. Initial sign up can be a pain but after that, it's been fine.
110% worth it. I put it on my to-do list before I went travelling for the first time, up there with get a passport, get plane booking, travel insurance.. etc. Do it once and forget about it… but man oh man reap the rewards.
I've seen people constantly ask "how do I do money" or "when should I exchange?" etc.. The card is so simple that it feels like you're using your original bank account to shop overseas… at no extra cost!
I've never ran into a problem and Citibank is a global brand.
Thanks to your comment I'm looking into getting one of these over a 28 degrees.
Can I pick your brain,
When it says "withdraw money from any ATM overseas and are not charged a Citibank fee or FX transfer fee", so you're just going to pay the local ATM's fee only? Not exactly sure how it works sorry.
Is my understanding correct that there are no additional currency conversion fees?
Cheers :)
@grimes: If ATM says it'll charge you $2, it'll charge $2. You get nothing else. If it doesn't say it'll charge a fee, you'll get no fee. :)
Basically free atms = free with your card. Never a fee done by Citibank.
+1 for Citibank Plus card as a travelling Debit card however; after my last trip in 2013 I transferred all (bar a few bucks) out of the card. Am now going to the Singapore F1 next week and went to deposit funds into the citibank plus card only to find out citibank has closed the account due to inactivity! Had to reapply for a new card/account as they simply wont reopen the 'closed' account >_>.
TLDR: if you get this card. deposit a dollar into it every year to keep it open
Thanks will look into that one
dont bother looking, just get it 😷
It does all you originally asked.
Have used for the past 6 years..
yep that is the best option
I put application in :)
I regularly use it to transfer money to family back in the Philippines, it's great! +1 Vote for citibank plus. The netbank experience is woeful though.
@ukulele: Agreed. I have one for whenever i head overseas (about once a year). Also agree that the netbank experience etc is woeful. But great card nonetheless!
Hi, Please explain in more details how to transfer money to your family. What kind of account do they have to be able to receive money? Thanks
I don't do it that way. I just got their bank account details with a swift code for overseas transfers and transfer it like you would any other netbank. It helps because I have family in different cities, they all can't have supplementary cards. The transfer usually takes a couple of days.
Wow. Thanks. I was after the same thing as OP.
Edit: wow Citibank online application asks so many question that some are even irrelevant or too sensitive. I have never seen any banks asking so many questions.
All reviews for citibank and 28 degrees have so many negative reviews though is it still worth?
All reviews
What reviews are you talking about ?
Citibank Plus & 28 Degrees have a top reputation.
(Just read the comments in OzBargain)So, what do you recommend ?
Googling xx review..
It was an observation seeking clarification never implied i had a better product in mind.
And okay most*
@Godric: Have you read the reviews (productreview.com.au)or just looked at the totals.
28 Degreees -Most negatives are those reacting to the 95c charge for Bpay, which can be avoided if paid thru the 29 degrees site.
A few upset about cash advance fees - which is standard for many credit cards
95c is annoying but given there are no annual fees and no transaction fees, probably not a 1 star issue.
As for Citibank Plus, most are to do with applying for the card, rather than the card itself. Looks like there are those who have had issues with that side
Note also bad reviews for Coles card the OP was also "recommended"
@Godric: I googled and came up with MOZO
What's hot:
Dual winner in Mozo's Experts Choice Awards 2016
No minimum or ongoing balance requirements
Fee free overseas ATM withdrawals and purchasesWhat's not:
Account earns no interestOverall rating 6.6. A quick read of last 10 reviews show mostly 10/10. Lower scores revolved around lack of branches.
Also a popular Whirlpool choice.
Just where is this
AllMost you speak of ?
So if, as you say, no better account - it must be best ?
Also free international ATM access (using Citibank atm) and international bank transfers, if that's what you're after.
Macquarie has two accounts with Debit Mastercards with no fees, bonus of no atm fees at any ATM in Australia.
http://www.macquarie.com/au/personal/bank-accounts/transacti…
Excellent online banking and mobile app.
Those accounts have no international transaction fees, but do charge a flat $5 per international ATM withdrawal. Citibank charges no fees at all for international purchases or cash withdrawals.
Amy reviews for Macquarie Platinum Transaction Account as a salary account?
I have an answer to my question: called Macquire to inquire about the transaction account. They said they are a digital bank and I realised this means apart for 2 teller counters in the city, there was NO way to deposit cash! Like not even through auspost.
That one reason was enough to stop me from pursuing the account further. ING has and does everything Macquire does with more flexibility.
Thanks will keep that in mind if have any problems with citi
For Debit its a no brainer. Citibank Plus Account.
I have used it around the world with no problems. Even worked well in Pakistan!I used citi and was happy, recently it feels they are more expensive than Mastercard.
So the citi one works on paying online stores in the US and UK ?
I mean without being charged FX fees ?
I've been using my ING everyday overseas and have not been charged any fees and the exchange rate is very reasonable. I've used it in New Zealand and Bali with no issues but not sure how far that extends…
Then you're either incredibly lucky and your account has a glitch on it, or the fees are being lumped into the exchange rate. It shouldn't be "very reasonable" - it should be the exact Visa rate if you're not paying fees.
So when I buy from Amazon US using my Visa does that mean I pay an international credit card fee? Where does this fee come up? Thanks.
The simple way to tell, is to look at the Visa exchange rate for the day the charge was made to your credit card (the date on the statement), then you can see, if they have tacked on any fee.
https://www.visa.com.au/travel-with-visa/exchange-rate-calcu…
Some banks are more up front and list the fee separately. Some also add a margin to the rate AND charge a fee as well.
You can also check with your Visa supplier. Just call them or look at the Product Disclosure Statement.
Thanks!
Sorry to revive an old thread with what might be a stupid question - but just to confirm there are no additional fees if using the Citibank Debit card for online shopping in a foreign currency? And the exchange rate is the same good rate you get for overseas ATM withdrawals?
Asking because my 28 Degrees isn't working on a particular website.
Correct
Correct on exchange rate as well.
https://www.ozbargain.com.au/node/253027