![]() Please see the note below if you're interested in using OFX and want zero fees). We're lucky because I'm part of Optometry Australia and they have a deal with OFX where all fees are waived. Same deal as Citibank - excellent exchange rate, close to the official rate and no foreign transaction fees (if more than $AUD10000, otherwise it's $15. We’ve used OFX (it used to be called OzForex) many times in the past (USA, UK, New Zealand) and have been very impressed by the money saved and the ease of transaction. Using a bank-to-bank transfer meant we would get hit with terrible exchange rates and additional fees, including foreign exchange commissions. When we did our 9-month stint in North America last year, we needed to transfer some money to buy a car. And we don't get any kick-backs from Citibank for recommending them - we just like the card and haven't found a better product that suits our needs! Transferring Larger Amounts - send money overseas Using Saving $575 just by using your Citibank Debit Card instead of your regular bank credit card - to us that's a no-brainer. And that’s not taking into account possible ATM fees. Wow, almost $10 in one $150-ish transaction or close to 6%! If your holiday ended up costing you $USD7000, and you used your Citibank Debit Card for all transactions, you’d end up saving $AUD575. With the official rate quoted at $AUD1.00 = $USD0.745, it will cost you: You add a 20% tip so the total you pay is $USD105.60. You go out to a nice dinner, grab a bottle of wine and the bill comes to $USD88. Let me give you an example of a $USD transaction, assuming a 4% spread. As far as we've found, the Citibank Debit Card offers the best currency exchange rates around. Their ‘spreads’ are often up to 3-5% from the official rate. The main Australian banks don’t even come close. In other words, it’s very, very close to the official exchange rate, sometimes within 0.5%. But the biggest saving, and this is a huge one, is the exchange rate.Ĭitibank offers very little in the way of a buy/sell spread. The added bonus is that by using a Citibank ATM (or one of their partners) you won’t get charged an ATM fee. Which means you won’t get hit with that surprise 2.5% ‘overseas’ transaction fee. It's pretty hard to find credit cards with no foreign transaction fees. There are no international transactions fees, none, nil, zilch. It’s a debit card so there are no annual credit card fees. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |