Like Tree14Likes

Best card for foreign transactions?

Reply
Page 1 of 2 1 2 LastLast
  1. #1

    Join Date
    Sep 2021
    Posts
    36

    Best card for foreign transactions?

    Which card is best for overseas spending? preferably one with good exchange rates and no fees


  2. #2

    Join Date
    Jun 2021
    Posts
    12

    Citibank. Global Wallet.

    https://www.citibank.com.hk/english/...nkGlobalWallet

    Used it for years. No ATM withdrawal fees whilst overseas, and you can manage the rate at what you transfer in and out from the app.

    ndt and Vrindavan like this.

  3. #3

  4. #4

    Join Date
    Dec 2019
    Posts
    2,098
    Any cash rewards?

  5. #5

    I find that all my U.S. cards carry no transaction fees whereas in HK I get charged transaction fees left and right for overseas purchases...

    qhank and Vrindavan like this.

  6. #6

    Join Date
    May 2021
    Posts
    628
    Quote Originally Posted by hike:
    Any cash rewards?
    Click the link...

    Enjoy a 0.4% cash rebate on all eligible purchases, alongside the money you'll save with $0 transaction fees.
    hike likes this.

  7. #7

    Join Date
    Feb 2009
    Posts
    7,434

    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.

    Also if there are fees around 1-2%, you would never know it. Remember that FX rates can easily change by this amount every day, or even every hour, so it is extremely difficult for you to reconcile this and confirm there are "no fees". Basically you just believe the marketing BS from your bank and because there is not a line on your bank statement that says "FEES" you believe there are no fees. But unfortunately there are always fees, even when they say there are no fees.

    Don't get me wrong, I use credit cards and overseas ATM withdrwawals all the time. It's very convvenient. But I don't believe for a second there are no fees in this. My strategy, I have a HSBC Visa signature card that is used exclusively for foreign transactions, I juice up all the extra reward points for overseas spending category, gets me 3.6% cash back on everything, and call it a day and hopefully come out even with the cashback. I will never truly know for sure but sounds like a decent strategy to me.

    muzzdang and AsianXpat0 like this.

  8. #8

    Join Date
    Feb 2009
    Posts
    7,434
    Quote Originally Posted by ndt:
    Click the link...

    Enjoy a 0.4% cash rebate on all eligible purchases, alongside the money you'll save with $0 transaction fees.
    OK so a HSBC mastercard debit, claims no fees, 0.4% cash back. Or a HSBC Visa signature used exclusively for overseas transactions, assume more fees, 3.6% cashback. Which is better? Honestly I dont know and I think impossible to ever get a clear picture .

  9. #9

    Join Date
    May 2021
    Posts
    628
    Quote Originally Posted by bdw:
    OK so a HSBC mastercard debit, claims no fees, 0.4% cash back. Or a HSBC Visa signature used exclusively for overseas transactions, assume more fees, 3.6% cashback. Which is better? Honestly I dont know and I think impossible to ever get a clear picture .
    Honestly no clue, personally i just like the convenience of debit card, convert desired currency before travel so i know what rate it is converted at and keep using it, gives sense of better control over things unless of course hidden charge from third party as you said.. Also not sure how much Visa Signature charges for overseas cash withdrawal..

  10. #10

    Join Date
    Dec 2019
    Posts
    2,098
    Quote Originally Posted by bdw:
    OK so a HSBC mastercard debit, claims no fees, 0.4% cash back. Or a HSBC Visa signature used exclusively for overseas transactions, assume more fees, 3.6% cashback. Which is better? Honestly I dont know and I think impossible to ever get a clear picture .
    HSBC - 1.9% transaction fee, so with 3.6% cash back (+2% extra with a promotion every now and then), but this is for TRANSACTIONS only and is capped to 100k a year. I used to hit this 100k as I do/did most of my shopping (and flight tickets were usually bought in foreign currencies... once upon a time when I flew).

    Eventually when I start to travel (EU), I think I'll be making more use of the HSBC debit card. I usually stay is small villages and go backpacking in the mountains where cash is king.

    Quote Originally Posted by ndt:
    Click the link...
    Too lazy, thanks for doing it for me.
    z754103 likes this.

Reply
Page 1 of 2 1 2 LastLast