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Foreign exchange rates discussion [FOREX]--all cards

Foreign exchange rates discussion [FOREX]--all cards

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Old Nov 6, 15, 5:38 pm
  #121  
 
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Just found these guys... 1% interest checking acct with no fees, no atm fees worldwide and no forex fees. Might be on to something https://www.aspiration.com/
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Old Nov 6, 15, 7:00 pm
  #122  
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Originally Posted by TravelinSperry View Post
Just found these guys... 1% interest checking acct with no fees, no atm fees worldwide and no forex fees. Might be on to something https://www.aspiration.com/
Their debit card has a FTF. I also couldn't find whether the card is Visa or MC, which may be important for some. 1.1% isn't as bad as 3%+ that some charge though.
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Old Nov 6, 15, 7:25 pm
  #123  
 
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Originally Posted by tmiw View Post
Their debit card has a FTF. I also couldn't find whether the card is Visa or MC, which may be important for some. 1.1% isn't as bad as 3%+ that some charge though.
And poor CS apparently... I emailed them on Facebook and they told me there was no fee. Sorry guys.
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Old Nov 11, 15, 2:51 am
  #124  
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As I will have few non-US transactions before the end of the year, it seems a good time for an update:

Chase IHG MC vs XE: -.17%
SPG Amex vs XE: +0.30%
Chase MP Visa last half 2015 vs XE: +0.88%

Using only paired same-day transactions:
SPG Amex vs IHG MC: +.34%
MP Visa vs IHG MC: +1.06%
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Old Nov 11, 15, 9:17 am
  #125  
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Originally Posted by Kremmen View Post
As I will have few non-US transactions before the end of the year, it seems a good time for an update:

Chase IHG MC vs XE: -.17%
SPG Amex vs XE: +0.30%
Chase MP Visa last half 2015 vs XE: +0.88%

Using only paired same-day transactions:
SPG Amex vs IHG MC: +.34%
MP Visa vs IHG MC: +1.06%
What currencies were you charged in?
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Old Nov 11, 15, 2:01 pm
  #126  
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Originally Posted by tmiw View Post
What currencies were you charged in?
Currencies I've used include: AUD, CAD, EUR, GBP, MXN, MYR, THB.
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Old Nov 11, 15, 2:45 pm
  #127  
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Originally Posted by Kremmen View Post
Currencies I've used include: AUD, CAD, EUR, GBP, MXN, MYR, THB.
Which have the largest differences?
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Old Nov 11, 15, 11:38 pm
  #128  
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Originally Posted by tmiw View Post
Which have the largest differences?
SPG Amex has only recently become FTF-free, so I've not used it enough to gather a variety of data points over multiple currencies. (Given how many places don't accept Amex, it might take quite a while too!) MC seems to track mid-rates consistently.

MP Visa comes out worst, no matter what currency. I'm not going to run a statistical variance analysis, but here are my figures for MP Visa vs XE since March:

AUD: +.94%
EUR: +.82%
MYR: +.99%
THB: +.60%

Last edited by Kremmen; Nov 11, 15 at 11:48 pm
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Old Nov 24, 15, 3:04 am
  #129  
 
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For US$2000, difference between interbank and Chase was ~1% ($20). Frustrating.

Code:
Source        Rate
VISA          0.72532

Market high   0.72050
Market low    0.71699
Market @purch.0.71749
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Old Dec 2, 15, 10:50 am
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awesome thread. Good to know for upcoming Asia trip in HK and Taiwan.
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Old Dec 12, 15, 7:17 pm
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I'll second the awesome thread comment, very useful information.

FWIW, Charles Schwab offers an ATM/debit card with no foreign exchange fees and no ATM fees anywhere in the world (though it is a VISA card). The underlying checking account has no minimum balance or monthly fees. You have to open a brokerage account at the same time although you don't have to fund it. Applying incurs a hard pull.

After reading this thread the VISA card aspect makes it somewhat less desirable but I think it is still better than any other cash getting card that I have. I'll be in Chile next week and I'll compare exchange rates with a USAA MC debit card.
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Old Dec 12, 15, 9:50 pm
  #132  
 
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Originally Posted by tmiw View Post
Their debit card has a FTF. I also couldn't find whether the card is Visa or MC, which may be important for some. 1.1% isn't as bad as 3%+ that some charge though.
Originally Posted by TravelinSperry View Post
And poor CS apparently... I emailed them on Facebook and they told me there was no fee. Sorry guys.
It's serviced by Radius Bank. That means it's almost certainly a Mastercard. The customer service agent was technically right. They don't charge a fee. However, they must likely pass through the Mastercard fees. There's a 0.2% and 0.9% fee for transactions in a different currency and transactions outside the US (I don't remember if that's respectively). It's been mentioned elsewhere, but this is actually a common practice among Mastercard cards, including the Arrival+ apparently.

I posted on the thread on debit cards, but the real difference between my Radius debit card and my Fidelity Visa was something like 0.18%, with Fidelity taking the edge. This was one transaction in Euros done at an ATM back to back.
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Old Dec 12, 15, 11:12 pm
  #133  
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Originally Posted by Bow Rider View Post
I'll second the awesome thread comment, very useful information.

FWIW, Charles Schwab offers an ATM/debit card with no foreign exchange fees and no ATM fees anywhere in the world (though it is a VISA card). The underlying checking account has no minimum balance or monthly fees. You have to open a brokerage account at the same time although you don't have to fund it. Applying incurs a hard pull.

After reading this thread the VISA card aspect makes it somewhat less desirable but I think it is still better than any other cash getting card that I have. I'll be in Chile next week and I'll compare exchange rates with a USAA MC debit card.
Debit is a bit different because there are things like ATM fees to consider too. On that basis a no-FTF Visa card that refunds ATM fees may work out just as well or better than a no-FTF MasterCard that doesn't, for instance. Schwab's card is still a pretty good value IMO.
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Old Dec 12, 15, 11:54 pm
  #134  
 
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Originally Posted by Phantom707 View Post
It's serviced by Radius Bank. That means it's almost certainly a Mastercard. The customer service agent was technically right. They don't charge a fee. However, they must likely pass through the Mastercard fees. There's a 0.2% and 0.9% fee for transactions in a different currency and transactions outside the US (I don't remember if that's respectively). It's been mentioned elsewhere, but this is actually a common practice among Mastercard cards, including the Arrival+ apparently.

I posted on the thread on debit cards, but the real difference between my Radius debit card and my Fidelity Visa was something like 0.18%, with Fidelity taking the edge. This was one transaction in Euros done at an ATM back to back.
The A+ has no additional FTF whatsoever. I've tested it probably thousands of times against the MC rate.

Most of the time it gets a better rate than spot.

The Citi cards are comparable.

I try to avoid using my Visas overseas due to the hidden ~1% FTF.
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Old Dec 13, 15, 12:35 am
  #135  
 
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Originally Posted by patrick.barnes View Post
The A+ has no additional FTF whatsoever. I've tested it probably thousands of times against the MC rate.

Most of the time it gets a better rate than spot.

The Citi cards are comparable.

I try to avoid using my Visas overseas due to the hidden ~1% FTF.
I'm reporting what I've read from other threads. http://www.flyertalk.com/forum/credi...ose-1-fee.html

According to those comments, the A+ does charge a FTF. Barclay doesn't charge it, but MasterCard does (and this enables Barclay to claim it as a no FTF card). This is usually offset by the lower exchange rate that MasterCard offers.

However, that doesn't mean that it will always be offset by the exchange rate, and it does mean that there is still a FTF in principle, even if not in effect.

Again, I'm not commenting on my own experience regarding the Arrival+. I'm only reporting what others have said.

Edit: I do see that you, patrick.barnes did comment in that thread. However, there are people who directly responded to your statements with counterclaims. Again, I don't have personal experience with the Arrival+ and am only reporting.

Last edited by Phantom707; Dec 13, 15 at 12:40 am
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