[pin]

Hi

Was just wondering if anyone knows banks / cc companies here which charger cheaper rates for currency when abroad?

What I mean is that in the UK the Nationwide doesn't foreign currency load on ATM withdrawals or with its credit card.

Here HSBC charges around 2.2% foreign exchange loading plus HK$25 fixed fee, and on average credit cards charge around 2% foreign exchange loading.

Anyone know of any companies which would charge less on the loading and the fixed fees (for ATM withdrawals).

Thanks!!!

[KnowItAll]

2% seems like a lot for credit cards.

Will check and let you know (all my charges are USD over the Internet, so that might be a factor)

[pin]

Originally Posted by KnowItAll

2% seems like a lot for credit cards.

Will check and let you know (all my charges are USD over the Internet, so that might be a factor)

just done some calculations on some recent spends abroad comparing the interbank rate of the day and what I got charged, and the spread was around 2% on my UOB visa and 3.6% on my DBS Amex.

[dean-dzai]

Originally Posted by pin

Anyone know of any companies which would charge less on the loading and the fixed fees (for ATM withdrawals).

I find this has a lot to do with the bank you are with in your home Country then the ATM you are using here in Hong Kong. In Australia I was using the Commonwealth Bank of Australia, their International transaction fee was quite high. When I was in Australia last I switched banks to the ANZ Bank, and now if I need to use it while in Hong Kong its fees are less. My old account even had a fee for every month I was using it overseas on-top of the transactions.

I am also using a local Bank of China account.

[pin]

Originally Posted by dean-dzai

I find this has a lot to do with the bank you are with in your home Country then the ATM you are using here in Hong Kong. In Australia I was using the Commonwealth Bank of Australia, their International transaction fee was quite high. When I was in Australia last I switched banks to the ANZ Bank, and now if I need to use it while in Hong Kong its fees are less. My old account even had a fee for every month I was using it overseas on-top of the transactions.

I am also using a local Bank of China account.

No, No, I'm in HK with local cards using them abroad, I want to find one with the lowest transaction fees.

For example the Nationwide Building Society in the UK has no transaction fees when used abroad. I want to see if there is an equivalent in HK for when I visit other countries.

[tsuiwah]

Originally Posted by pin

just done some calculations on some recent spends abroad comparing the interbank rate of the day and what I got charged, and the spread was around 2% on my UOB visa and 3.6% on my DBS Amex.

That sounds about right. Got a lousy exchange rate with my DBS Amex in the UK recently whereas I think UOB only charges 0.95% plus the 1% Visa fee or something like that.

[freeier]

seems what i have said a while back in another thread about uob credit card remains fairly true.. i.e. they charges the least spread on fx transactions.

i am very sure i wouldn't want to use the likes of SCB's manhattan or even citi's card.

but if you want to draw cash from o/seas branches, then use the citi maxisave account. the charges and rates are reasonable. don't use credit card for atm withdrawal those charges will kill you.

[pin]

Originally Posted by freeier

seems what i have said a while back in another thread about uob credit card remains fairly true.. i.e. they charges the least spread on fx transactions.

i am very sure i wouldn't want to use the likes of SCB's manhattan or even citi's card.

but if you want to draw cash from o/seas branches, then use the citi maxisave account. the charges and rates are reasonable. don't use credit card for atm withdrawal those charges will kill you.

Thank's Freeier. Would you have info on the actual charges involved?

I couldn't find info on the Citi Maxisave charges, the Citi website wasn't the best. I managed to get its general services fees for ATM withdrawals abroad, and the charge is HK$25 plus a "handling charge", but naturally doesn't mention how much the handling charge is.

I did call Citi to get some clarification, but no luck there. The guy on the phone when I asked about ATM withdrawals abroad with a Maxisave ATM said "no charge". I very much doubt this.

[pin]

Just and update.

Seems the spread on Citibank credit card is also 2%.

[PDLM]

Some real data points from last week:

29 Feb
SGD/HKD interbank rate: 5.57885 (source OANDA,com)
Citi/Cathay cobrand credit card payment rate: 5.69672 (2.11% off interbank)

28 Feb
SGD/HKD interbank rate: 5.56675 (source OANDA,com)
HSBC Premier ATM cash withdrawal: 5.68125 (2.05% off interbank) + a HK$25 fee if not using HSBC ATM