Go Back  FlyerTalk Forums > Miles&Points > MilesBuzz
Reload this Page >

Best card for foreign exchange?

Best card for foreign exchange?

Old Feb 5, 2012, 9:44 pm
  #2071  
 
Join Date: Jan 2003
Location: NYC
Posts: 8,481
Originally Posted by Antipode
I didn't realize this was true. Thanks for the heads up, although now that I have the Cap1 cash rewards card with 1.5% cash back, it'll only tag along as a backup, but good to know!
Yeah, they never mentioned a word about it during the transition and many of their CSRs were confused. But ex-Schwab accounts have cardmember agreements that make no mention of an FTF (you can order a hard copy of your agreement through their website if you want to make sure) whereas BOA-originated accounts have the 3% FTF in the terms. And several of us have done foreign purchases on the new BOA branded cards without incurring any fees.
themicah is offline  
Old Feb 6, 2012, 2:33 pm
  #2072  
 
Join Date: Oct 2011
Location: TLV
Posts: 69
Thumbs up

Originally Posted by themicah
Yeah, they never mentioned a word about it during the transition and many of their CSRs were confused. But ex-Schwab accounts have cardmember agreements that make no mention of an FTF (you can order a hard copy of your agreement through their website if you want to make sure) whereas BOA-originated accounts have the 3% FTF in the terms. And several of us have done foreign purchases on the new BOA branded cards without incurring any fees.
Never bothered to activate the new BoA card. As soon as the Schwab %2 deal ended, I went for the Capitalone Business Spark card with %2 Cashback and %0 forex.

Even got a $150 signup bonus from Cap1 for the Spark. Very happy with them. Now just waiting for them to bring back their Match your Miles Promo...

This is my only travel card.
bittul is offline  
Old May 9, 2012, 3:19 pm
  #2073  
 
Join Date: Nov 2009
Posts: 97
I'm going to be in the UK for 12 months and will need to draw regular amounts of cash from my US account (I can't transfer it all in one lump sum because I will be receiving it on a monthly basis).

Is there a checking account with a debit card that is particularly good for this? I'm looking for something with little or no foreign exchange/conversion/withdrawal fees.

Are Schwab and Cap1 checking accounts (with their associated debit cards) my best options? Between the two, is one better than the other?

Thanks!
levelnine is offline  
Old May 9, 2012, 3:31 pm
  #2074  
 
Join Date: May 2006
Location: Melbourne, Florida, USA
Posts: 2,978
A third option would be State Farm Bank - they offer free checking account with no direct deposit requirement.
michael_v is offline  
Old May 9, 2012, 4:14 pm
  #2075  
 
Join Date: Apr 1999
Location: Oak Park, IL
Programs: AA 2 MM LIfetime Platinum, SPG Platinum, Hilton Silver, BA
Posts: 3,585
Citibank

Citibank has a presence in England. Their debit card does not have a foreign exchange fee. Also their premier pass master card doesn't have a foreign exchange fee. If you have a citigold account ($50K) then you wouldn't pay the fee for the card. So if you are near a citibank you could find out if their accounts would work for you even if you couldn't get a citigold account.
dgordon is offline  
Old May 10, 2012, 1:28 pm
  #2076  
 
Join Date: Jan 2003
Location: NYC
Posts: 8,481
Originally Posted by dgordon
Citibank has a presence in England. Their debit card does not have a foreign exchange fee. Also their premier pass master card doesn't have a foreign exchange fee. If you have a citigold account ($50K) then you wouldn't pay the fee for the card. So if you are near a citibank you could find out if their accounts would work for you even if you couldn't get a citigold account.
Unless you have Citigold, I believe Citibank charges a fee per transaction at non-Citibank ATMs, no?

If you do have Citigold, it's great for overseas cash withdrawals.

Schwab is also a great option without the $50k requirement of Citigold.

As for CapOne, I believe some CapOne Bank accounts may be fee free, but I'm not sure if all are. At one point CapOne Bank was a hodge podge of different regional banks that they'd acquired and had policies that varied by region. They may or may not have homogenized things by now.
themicah is offline  
Old May 10, 2012, 2:09 pm
  #2077  
 
Join Date: Apr 1999
Location: Oak Park, IL
Programs: AA 2 MM LIfetime Platinum, SPG Platinum, Hilton Silver, BA
Posts: 3,585
Other kinds of accounts allow for no fee - at least it was the case years ago before I had citigold. You need to contact citibank to find out. I think if you had $1500 in an account it counted. I don't recall the details.
dgordon is offline  
Old May 10, 2012, 4:36 pm
  #2078  
FlyerTalk Evangelist
 
Join Date: Dec 2002
Location: Danville, CA, USA;
Programs: UA 1MM, WN CP, Marriott LT Plat, Hilton Gold, IC Plat
Posts: 15,651
Regarding UK, there is another option: open a Bank of America account and withdraw cash at any Barclays ATM. No BofA fees or forex fee. BofA has a good online banking program for managing your US accounts.

Citibank charges 3% forex fee (but no ATM fee) to its own customers who withdraw cash from Citi ATMs in London. No fee to Citigold customers.
Boraxo is offline  
Old May 10, 2012, 5:20 pm
  #2079  
 
Join Date: Apr 1999
Location: Oak Park, IL
Programs: AA 2 MM LIfetime Platinum, SPG Platinum, Hilton Silver, BA
Posts: 3,585
Citibank

Since when does Citibank charge a 3% FE fee? I think it is important to ask at a branch to get the correct answers. Maybe it is only citigold now. However there are also citibank branches in London. I'll ask the next time I go into my branch which might be tomorrow.
dgordon is offline  
Old May 11, 2012, 8:09 am
  #2080  
 
Join Date: Jan 2003
Location: NYC
Posts: 8,481
Originally Posted by dgordon
Since when does Citibank charge a 3% FE fee? I think it is important to ask at a branch to get the correct answers. Maybe it is only citigold now. However there are also citibank branches in London. I'll ask the next time I go into my branch which might be tomorrow.
Citibank has charged non-Citigold customers a 3% FE fee for some time. Here is their FAQ about it. There may be some other account types that have fee waivers, but for new basic Citibank checking accounts that don't qualify for Citigold, you should expect to pay 3%.
themicah is offline  
Old May 11, 2012, 8:46 am
  #2081  
 
Join Date: Apr 1999
Location: Oak Park, IL
Programs: AA 2 MM LIfetime Platinum, SPG Platinum, Hilton Silver, BA
Posts: 3,585
Citibank

Wow. I stand corrected. The first time I got a checking account with citibank because i was going to europe was like 16 years ago to avoid fees. It was only later on that I became Citigold so I didn't think that benefit was Citigold. If someone were to travel short term - one could sign up to be citigold - and you have 6 months to get the $50K at the bank so you wouldn't be charged for 6 months. Then you could come back from your trip you could convert back to a regular account. I did know someone who managed to get the 50K requirement waived (maybe had $30K in investments) so that is something to negotiate after 6 months.
dgordon is offline  
Old May 11, 2012, 8:51 am
  #2082  
mia
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
 
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,879
MUCH has changed on this topic in the last year. I suggest viewing this thread:

http://www.flyertalk.com/forum/credi...tion-fees.html

There are also conflicting reports about Citi eliminating card fee waivers for Citigold accounts effective October 2011:

http://www.flyertalk.com/forum/credi...solidated.html
mia is online now  
Old May 11, 2012, 8:55 am
  #2083  
 
Join Date: Apr 1999
Location: Oak Park, IL
Programs: AA 2 MM LIfetime Platinum, SPG Platinum, Hilton Silver, BA
Posts: 3,585
That might be true for new customers but rarely do they make those kinds of changes for existing customers. When I first signed on I was able to get several cards, then they changed it to choosing one card but I never had trouble having them all waived. I have had some renew since October and not gotten a fee charged. I think that they would be alienating lots of citigold customers who signed up for this reason alone. I'll have to ask at the branch.
dgordon is offline  
Old May 11, 2012, 11:37 am
  #2084  
FlyerTalk Evangelist
 
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,038
Originally Posted by dgordon
That might be true for new customers but rarely do they make those kinds of changes for existing customers. When I first signed on I was able to get several cards, then they changed it to choosing one card but I never had trouble having them all waived. I have had some renew since October and not gotten a fee charged. I think that they would be alienating lots of citigold customers who signed up for this reason alone. I'll have to ask at the branch.
Originally Posted by mia
MUCH has changed on this topic in the last year. I suggest viewing this thread:

http://www.flyertalk.com/forum/credi...tion-fees.html

There are also conflicting reports about Citi eliminating card fee waivers for Citigold accounts effective October 2011:

http://www.flyertalk.com/forum/credi...solidated.html

Since much of the info in this old thread is outdated/stale I'm going to close it and have folks use the two links above for newer data. Thanks!!
philemer is offline  

Thread Tools
Search this Thread

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.