May 3, 2019 - 1:52 AM
in reply to Isobel
So sorry my warning was too late. Yes, I got caught thinking they were Melbourne based.
We have a 28degree credit card which is a mastercard and you can use it in Australia or anywhere overseas with no transaction fees. They do, of course, have an exchange rate which must include their fee but it is really low. I have compared it to NAB and CBA and the exchange rate is far and away better - it is equivalent to the XE currency conversion rates on the day of the transaction. The 28*card has no annual fee and has 55 days before you have to pay to avoid interest charges. If you use a standard credit card overseas they charge an exchange rate AND a 3.5% fee plus an annual fee.
You used to be able to put cash in and use it as a fee free ATM card but they changed that and now we have a citibank plus everyday account which is also a fee free account. You put AUD in and you can get it out at ATMs overseas in the local currency of that ATM. The exchange rate is exceptionally good and it is applied on the day you withdraw the cash. There are no charges to put money in or take it out and there is only one currency (AUD) in the account (unlike the travel cards). When you come back to Australia you can withdraw all your money down to $1 and just have it sit until you next go overseas. There is a list of all the ATMs in every country (and they are very widespread) where it can be used for free (no ATM fees) but you can use it at any ATM if you are desperate.
We usually travel with 8 others and they all had different methods of getting money (from cash before the trip to other cards) and both these cards are so good that they have just about all been converted. One guy stubbornly wants to only use one bank account for everything and is prepared to pay. As you know it can cost $400-$800 or more in fees on a four week holiday overseas.
You can apply for both of these cards online and via phone very speedily. Worth looking into.
Last modified on May 3, 2019 - 1:58 AM by paddington