Looks interesting for anyone who travels, or even online purchases in their countries currency.
https://www.pointhacks.com.au/product-guide/hsbc-everyday-gl…
HSBC Everyday Global Account - Debit Card That Doesn't Charge Overseas Transactions, and Is Zero Fees
FredAstair on 25/01/2019 - 09:50
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Awesome! Just in time. Cheers OP
The ING Orange Everyday is better for intl. travel IMO. It does everything the HSBC card does aside from locking in exchange rates, plus it will refund any ATM fee worldwide. Only catch is that you need to deposit $1000 & have 5 transactions per month on the card. The month before I travel I just deposit $1000 and split my Coles shop into 5 parts. Then any ATM is totally free!
Citibank Plus. No fees full stop.
ATM provider can still charge you a fee though
No fees with ING either, just need to deposit $1,000 but can take it out straight away. Shouldn't be a problem as everyone here is a millionaire.
+1 to the other comments, Citibank will not refund ATM fees by the ATM operator, while ING does.
+1 for ING.
- No withdrawal fees
- No Int TX fees.
- Good exchange rate.
Actually I stopped bringing cash with me aside of emergency $50.
The trick is to deposit $1k and make 5 local transactions every month.
+1 for ING. The standout is the refund of any overseas ATM fee charged by overseas banks, so I do not have to worry about finding a fee-free ATM.
HSBC FX rates are not as good as Visa/Mastercard rates as used by ING/Citi.
I have been using the Macquarie transaction account, which to my knowledge has the same features as the ING account and ATM fees are refunded, but only in Australia.
Macquarie has one feature which ING doesn't however, which is that I can process direct debits and external transactions on the savings account, not just the transaction account. Macquarie also offers discounted egift cards for a heap of major retailers.
I still keep an ING account but it just sits dormant doing nothing.
I opened an HSBC account hoping it would be a good option for multiple currencies - but it hasn't worked the way I would like.
You can't transfer between your different currency accounts except at HSBC's stupid rate. And you can't withdraw Australian currency from overseas ATMs except at a stupid conversion rate.
I won't be using this account anymore.
I am interested in the ING account, but don't think I can deal with the hassle of the conditions since it won't be my main transaction account.
There is a lot of posts about this and it has been investigated exhaustively. I have given my extensive contribution on this as well on my last trip to Japan.
The short answer is Citibank Global Currency Account wins big against HSBC for 2 reason
1. You can receive FX into your own account FEE FREE. HSBC costs at least $25
2. Citibank doesn't change TT outwards nor TT inwards (as per above). HSBC does. However, doesn't mean intermediary isn't charging any TT fee but Citibank doesn't.
3. Since you can withdraw in FX, therefore, overseas ATM withdrawal is also zero. HSBC is likewise but Citibank transfer from AUD to FX is instant and its rate is BETTER than transferwise up to a certain amount (if you transfer like AUD10,000 then Transferwise would be better by a bit).No need to deposit or withdrawal x amount to get fee free unlike ING.
Also zero fees.
PS: Don't forget to use Diners Club companion card for Citibank to max your earnings.
when you say 'overseas ATM withdrawal is also zero', does it mean the overseas bank does not charge for using their ATM?
If you are in Japan, only 7 Eleven ATMs are known to allow you to withdraw money with no fee. This was my experience as of December 2018. 7-11 ATMs are everywhere so no problem with this.
Someone also said, SMTB Prestia would also allow you to withdraw money with no fee but I couldn't find any SMTB ATM.
I am hoping for someone to develop a database on which ATM will allow you to withdraw money fee free across the world. Obviously for Singapore, Citibank ATMs will be fee-free
Hey burningrage, are you talking about using the HSBC everyday global debit card at 7 Eleven ATM's in Japan? I'm about to go there this week and I'm trying to figure out where I can get money out without an ATM fee. I'm hoping one of the ATM's at Haneda airport has no fees so we can cash ourselves up right away…
The Citibank card does have some advantages with transferring FX on your own account, but ING wins by refunding any ATM fees charged by the ATM operator, which Citibank doesn't do. Means I can go to any ATM in the world (assuming it accepts Visa) and take money out with no fees whatsoever.
I know Japan used to have the 7/11 ATMs fee free but I believe that's changed now too? I'm heading over there next month so I guess we'll see.
It is still fee free I can confirm as at 01/01/2019
Remember that any debit card that doesn't charge fees will actually sting you on the FX arbitrage. You might think you are getting a good deal, but if you make a lot of transactions, you might be paying more than somewhere else with an annual fee etc. They give with one hand, take with the other. Nothing is for free…
I would disagree to this. ING does not charge any fee and their rates are consistent to Visa (which I guess is one of the cheapest you can get for any transaction with FX).
The only requirement is deposit every month (which can be withdrawn subsequently) and 5 card transactions which can be easily achieved in 1 supermarket visit.
This is true. ING (and some other) debit cards just use the standard Visa/Mastercard rate for currency conversion. Big banks like NAB and Westpac will add on their 3% fee, but there's a reason we avoid them.
When I was in Japan, I accidentally used my debit card to make a food purchase.
The rates was the same as my Diners, which is better than Google's searched rates with the exception on 31/12/2018 and 01/01/2019 when AUD dropped like 10% against YEN.
Ta.