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Best card for foreign transactions?

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  1. #11

    Join Date
    Feb 2006
    Posts
    828

    The new-ish Standard Chartered Smart credit card says it charges 0% foreign exchange transaction charge.

    I think it also gives 0.5% cashback, from memory. The underlying card is visa, so I'm assuming the FX exchange rates they use are likely to be a bit better than union pay in some countries. (I've been using my union pay card for overseas in person transactions, as that also doesn't have FX transaction charges, but their exchange rates seem a bit worse than Visa/mastercard's rates)

    https://www.sc.com/hk/credit-cards/s...fee-and-rate-2

    hike and shri like this.

  2. #12

    Join Date
    Oct 2021
    Posts
    278
    Quote Originally Posted by bdw:
    As a general rule, dont believe any of this "No transaction fee" crap. Firstly, fees are often hidden or built into whatever slightly worse off rates you are paying. Secondly, an overseas transaction or ATM withdrawal involves 2 or 3 parties (your bank in HK, overseas bank you are using, Visa/Mastercard/Maestro/Cirrus/Unionpay network, etc). No fees just means no fees from one of these 2 or 3 parties. I have a no fees ATM withdrawal card but then for example in Japan I withdrawal 1000 yen the overseas bank charges 1100 to my bank. My bank converts 1100 yen to HKD with "no fees" but its bullshit I am still out of pocket 100 yen. Unless you have confirmation there are no fees from every party in the chain, from every bank in the world, then no fees just means reduced fees somewhere along the line, but every time you use is still a case by case scenario depending on where you are and which bank you are using.
    Fee free ATMs do exist in Japan but you have to out of your way to look for them. But you're right that fees can come from both directions.
    Having said that there are products in the US which offer fee rebates, that is, even when you're dinged by the overseas ATM, your bank will reimburse you the fee.

  3. #13

    The best card is one that is in the name of your ex-spouse - or failing that a company card ... channeling DanielFRA.

    shri likes this.

  4. #14

    Join Date
    Dec 2002
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    42,818
    Quote Originally Posted by Elefant&Castle:
    The best card is one that is in the name of your ex-spouse - or failing that a company card ... channeling DanielFRA.
    Or in the case of our kid.. Card issued by Bank of Dad.
    Elefant&Castle likes this.

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