Bankwest emailed and just updated my debit card to platinum for free. Assume it applies to all.
Pair it with the Bankwest Zero and your debit and credit cards will essentially be fee free for international use.
No need to go with two different banks. Time to ditch Citibank.
Yeah definitely shouldn't compare to XE it is always more attractive. Use https://www.mastercard.us/en-us/personal/get-support/convert… for comparison.
@StrategicMess: Well that's not really the point cos when I first got those cards and did my first international online purchases or withdrawals from an ATM in Japan etc I was surprised at how close it was even to something like XE. Didn't really bother checking the mastercard rate until much later. That last USD purchase with the bankwest card before I closed it was in comparison with rate on mastercard's website.
So seems if transaction is in USD (which mine was) then matches M/C FX rate, if other currency more complicated xxx —> USD —> AUD
Platinum Zero CC -section 20, pg16
https://www.bankwest.com.au/content/dam/bankwest/documents/l…
Mastercard® foreign currency transactions are converted from
foreign currency into United States dollars and then converted
into Australian dollars by Mastercard International Incorporated
at a wholesale exchange rate selected by Mastercard
International Incorporated on the processing date, which may
differ from the rate applicable to the date the transaction
occurred and that applicable to the date the transaction was
posted.
I just looked up 28degrees and its the same with them too
Page 10, conditions of use: https://assets.latitudefinancial.com/legals/conditions-of-us…
A purchase and a cash advance and any other
charge incurred in a currency other than United States
dollars will be converted into a United States dollar
equivalent as at the date it is processed by Mastercard
International Incorporated. Those United States dollar
equivalents and any purchase, cash advance or other
charge incurred in United States dollars will be
converted to an Australian dollar equivalent at our
discretion by:
(a) Mastercard International Incorporated as at
the date of processing in the United States; or
(b) us as at the date of processing in Australia.
I just bought some stuff on eBay in GBP, and BW converted at 0.57 GBP to 1 AUD (which is the Google mid rate today). eBay was proposing to convert at 0.55, so BW is still ahead…
How does this compare to ING? ING already gives free atm withdrawal (after jumping through hoops) - and can get 5 atm rebates for atm’s that have independent fees (eg, nightclub ATMs)
ING is great if you meet the monthly 1k deposit and 5 transaction requirement, otherwise you're paying fees.
Citi is good for their fee-free foreign currency account too, which includes fee-free bank transfers, ATM transactions etc. in the major foreign currencies.
Is there any alternative to Citi for foreign currency accounts?
HSBC, Revolut.
HSBC charges for international bank transfers (incoming and outgoing) in foreign currency (eg transfer USD) right?
It used to be a % of the transfer amount I think.
Or have things changed and this is now free?
Revolut is not a bank. If I want to receive USD and keep it so I can convert when the exchange rate is good, I wouldn’t use Revolut.
Then you wouldn't use Bankwest either so…
@novicenow: Citibank is probably the only bank right now you can deposit international checks with no fees.
what's the difference between bankwest? No foreign currency accounts but it will still convert my aud in my main transaction account to a foreign currency i can withdraw in a foreign atm?
Can anyone recommend a good card for no international transaction fees? I am looking to go overseas in 2 weeks and am currently using my ING, but as another member mentioned, you need to jump through a few hoops to get these benefits. I would like to be able to withdraw or even pay with my card and avoid the fees.
With ING you just need to deposit $1000 the month before you go and make five card transactions. Not really that hard for the available benefits.
The only downside of ING is that you don't start to get the benefit until next month. So you will need to prep your card the month before you travel.
28 degrees card or Bankwest platinum zero credit card.
I just spent a few weeks traveling and used my UP card, which worked great. The only fees that I got charged were local ATM fees, and the app shows the exchange rate that you get on transactions (other than atm withdrawals).
I'm using Citibank and Macquaire for withdrawing money from ATMs here in Bali at the moment. No transaction fees, always have two cards in case one gets eaten or stolen.
Isn't there the local bank atm fee though?
Not all banks charge fee. Usually the big banks in their country don't.
Definitely with Citibank there is a local ATM fee, I had also thought the same for Macquarrie. They say they don’t charge any ATM fees worldwide but that doesn’t mean the local bank in the foreign country doesn’t charge. Hope I am wrong.
From memory, I think there is only 1 type of atm that charges an operator fee, otherwise theyre all fee free. Actually come of think of it it was more of a priority to look for atms that dispense 100k rather than 50k notes.
NAB Platinum debit card and Coles Master card also provide no transaction fees. NAB does charge fees for withdrawals though
No one's paying $10 a month for a card.
It includes free travel insurance at least with Covid cover (decent insurance through allianz too) which is worth it for some.
It's not free, it's $10 a month.
@Shwayne: yeah obv but it's good to abuse for the insurance. The 1% paywave cashback makes it pretty easy to make up the $10 if you're spending $250/week on groceries.
travel insurance is free with bankwest platinum zero though.
@TrulyUnicorn: They are if they're travelling.
Going overseas with no credit card backup is madness, what would you do when your debit card gets compromised in a foreign country ?
@Nom: Sure it's advisable but some people still aren't going to bring one or aren't eligible for one.
Are they gonna send you a new card in this case? Or just implicitly upgrade?
According to this link, it looks like they implicitly upgraded all their debit cards to platinum and you'll likely not get a new card until it's due for renewal or you request one (lost/stolen/hacked).
I assume you still have to pay a premium for Forex and the local ATM fee when withdrawing from an ATM internationally. I'm looking for a solution for that to use in the US. Schwab has one, but it's unavailable specifically for Australian residents.
Revolut is the only 'bank' that uses inter-bank exchange rates.
Wise?
They still won't refund local ATM fees though, and they have tiny transaction limits.
Wise still has a small fee
They still won't refund local ATM fees though
Only ING does this.
they have tiny transaction limits
How so?
How so?
I was referring to the limits on free ATM withdrawals – total 350 AUD/mo and 2 withdrawals/mo.
I can recommend Wize for this purpose, just send AUD to their Australian bank then you can exchange at incredibly fair rates and withdraw anywhere.
Could be a silly question, but doesn't ING bank/debit card also offer the same benefits?
only after you deposit $1000 every month and make 5 settled transactions
Think it's limited to 5 transactions that they refund back now. Used to be unlimited after you met the criteria.
Cheers, I did not know that until now.
So really the only difference between this debit card and 28degree cc is one I put in money first, the other I put in money later and get charged interest if I don't pay on time?
and no price protection (if you were able to get the plan before it was removed).
yeh true but I have other cc to do that. I just really need a card for international transactions.
Having the 28 degree also makes it harder for me to churn cc with the liability.
Which card do you have has price protection???
For a credit card you're spending a banks money then giving it back within 45 days (or paying interest), for a debit card you're spending your own money.
If you have the financial stability (i.e. you're not borrowing because you have $0) to consistently pay back within 45 days, use a credit card, because interest free loans are great boons.
Plus you keep your price protection.
ING is still better as they refund any operator fees.
People need to know the difference between international fees and ATM/operator fees.
It's the latter that will sting the most.
Yeap can vouch for that. Was charged $5 atm fees for every $200 withdrawal. Lucky had the ING on me.
They removed the rebate on external operator ATM fee right?
ING only bank that does this I think but then the hoops you have to go through are quite demanding.
What is so hard?
Because people don't actually use the account. 1k deposit is easy, just have your pay going into it. 5 transaction is easy, just buy 5 coffee with it a month.
The only potentially demanding one for the savers, where the bonus rate is only applicable if you grow the balance every month. But that's not applicable here.
think macquarie has 0 transaction and 0 atm fees
Operator fees are not refunded for Macquarie unfortunately.
But ING does 5 a month
They are in Australia.
Only 5 times - and if you withdraw at an ATM that doesn't charge an operator fee, it still counts as one of your 5 withdrawals.
All Debit Mastercard holders have now been upgraded to Platinum
From 25 July 2022, all customers with a Debit Mastercard will be upgraded to Platinum, giving them access to benefits, including less fees.
This includes Qantas Debit Mastercard holders, who will also be upgraded to Platinum.
https://www.bankwest.com.au/help/cards/platinum-debit-master…
Make sure to compare the exchange rates and not just the fees.
I was in Singapore a few weeks back and the exchange rates for debit card purchases/ATM withdrawals on the bankwest card were not great compared to macquarie.
Why do you still keep your Bankwest card then?
Because there's a limit with overseas atm withdraw and also if one card get locked up, which can happen, then you have a backup.
When you compare, you need to compare the same time/day. Did you do compare them for the same time/day as conversion rate keeps changing even for the same day
Was at 10 minutes apart when we did the comparison
My partner was shopping with bankwest card and I was using macquarie, I forget the exact different but it was a few %
when you used the Macquarie's debit card, did you withdraw by selecting foreign currency? Macquarie is quoting that they use the Mastercard FX rate when selected such option.
also what was the ATM cash withdrawal fee like in Singapore? Im going in September.
How do you select that?
major coincidence in timing, just closed my bankwest account last week to make macquarie my main for these 2 features.
I think wise is a wise choice.
Citibank still free ? Been over 2 years since I last used
No changes there.
What's people view of a Wise card used overseas?
What citibank card easy card would there be that has good mastercard exchange rates and no transaction fees overseas
Wise is good, but costs $10 to setup and obtain the card.
Can be used immediately through apple pay while you wait for the physical card to be deliverd.
Just be careful storing too much cash at wise. They have holding fees for over 25k or so
If you just want cheap international transactions and don't care about atm withdrawal, Up is way better. Uses mastercard forex rates with no fee on top, and has a way better app
Quite a few cards around uses Visa/Master forex rates and are fee free as well. It seems Bankwest is just shifting from a direct 3% fee to a hidden fee via forex rates.
When you say "cheap international transactions" do you mean buying stuff from overseas web sites?
https://up.com.au/pricing/#everyday
No overseas fees online or in-store
International ATM withdrawal Free at most major Bank ATMs
I used to use Citibank which was good going to Japan as there was several Citibank ATMs including at the airport so there was no local operator ATM fee.
Bankwest will be handy with places like Bali having a reasonable amount of Commonwealth Bank ATMs. Seeing at Bankwest is owned by Commbank I would expect there is no local operator ATM fee.
and which local operators charge an atm fee in bali..?
Or you could just be with Macquarie for transactions, which has 1.75% interest?
Why not both?
I think that's the case for most of us. Macquarie is a good base for your banking.
i have a citibank transaction account i set up years ago that i no longer have access to but still get emails about. i'm heading to switzerland next year and the plan was to sort out the citibank everyday account so i can withdraw money from the atms in europe. Bankwest is my main day to day bank account that i do everything on so if this new upgraded platinum debit card does whatever the citibank does then it'll spare me the hassle of reactivating the citi one. Can anyone confirm what the differences are?
Bankwest emailed and just updated my debit card to platinum for free
That's because Bankwest earns more money every time you use it
Hooray! Also got the email, included in Home Loan package :)
Doesn't up bank also offer no transaction/international atm fees?
No transaction fees or atm withdrawal fees (but the atm operator may charge a fee)
Same as this bank (Macquarie) yeah? ATM operator may also charge a fee.
Why is it time to ditch Citibank? Their debit card still seems solid for overseas.
Then I run the 28° Mastercard for credit.
Wow I thought I was the only one that experienced this with Bankwest Platinum before I closed it. I remember when I first got this and citibank plus debit years ago I was getting 1c USD or less difference compared with XE, and then my last purchase with my bankwest card late last year I think it was like almost 4c USD off, which is about as bad as the big 4 except without the other fees.