Do 28degrees and Citibank Still Offer Decent Exchange Rates?

witsa on 09/11/2023 - 16:48

Currently in South Korea at the moment. I have the 28degree and Citibank debit plus cards.

My experience in previous trips was that the exchange rate was always fairly close to the official rate.

But looking at my transactions, it looks like the rate is a bit lower. As of this posting, the AUD is getting about 838 KRW.

The transactions done today show about 832 KRW. I've had a few transactions and they all calculate to around about that rate.

Has there been a change to these cards im not aware of?

Related Stores

Citibank Australia

Latitude Financial

GG57 on 09/11/2023 - 16:55

Just checking my math, isn't the difference between 838 and 832 <1% ?
- witsa on 09/11/2023 - 17:02
  
  About 0.8% so about 8 bucks for every $1000.
  
  Previously it would be the exact rate.
Dollar General on 09/11/2023 - 17:05

They are running a business not a charity
CodeXD on 09/11/2023 - 17:15

28 Degrees use mastercard currency converter.

You can put in the purchase values and date of your transaction to see what the exchange rate is.

https://www.mastercard.us/en-us/personal/get-support/convert…

The rate for today will be available tomorrow, I think they do an average throughout the day or something. But you can compare against yesterday's transactions or prior.
- Ocker on 09/11/2023 - 18:02
  
  +1
  
  Mastercard and Visa both apply the low/high of the interbank daily rate, depending on which way you are transacting.
  For example, if the days interbank AUD/USD range was 0.6410 - 0.6450, then if you buy something from overseas in USD then they will apply 0.6410. Conversely if someone in USA was to buy something from Australia they would convert at 0.6450
  A great income earner for them as they match one side against the other and they only have fx risk exposure on the net amount of a days global transactions
jv on 09/11/2023 - 17:25

yes