UBank sent me an email today advising that it has abolished its 2% foreign exchange fee as well as its $4 fee for using overseas ATMs for the Visa card attached to its Ultra transaction account. Does this make it a viable option for travel alongside 28 Degrees and Citibank?
I guess the advantage of 28 Degrees is that it’s a credit card so you don’t have to load up the account before you go. And the advantage of Citibank is that, if you can find a Citi ATM overseas, the ATM owner won’t charge you either.
But these strike me as pretty minor differences.
I assume it works off the same (Visa) exchange rate - so presumably no scope for gouging there.
I'm tempted to try it out when I head to the US, UK and Dubai in October. I'd probably stick with the Citibank card for ATM withdrawals just to avoid the overseas banks' ATM fees.
I have been using the ubank card for overseas trips for a few years and it works really well. Was very pleased to be charged $204 AUD for withdrawing $200 CAD when the exchange rate was about parity a couple years back.
ING Orange Everyday transaction account with Visa Debit card: no fees, Visa exchange rates, and they even rebate foreign banks' ATM fees. Proviso is deposit >$1000 and make 5 card purchases a month.
Plus they have a current offer of a $75 bonus for new sign-ups. Google's your friend as it's not otherwise found on their website.
ING Orange Everyday transaction account with Visa Debit card: no fees, Visa exchange rates, and they even rebate foreign banks' ATM fees. Proviso is deposit >$1000 and make 5 card purchases a month.
Plus they have a current offer of a $75 bonus for new sign-ups. Google's your friend as it's not otherwise found on their website.
The Citibank Debit card is amazing. I've just spent four weeks in Scotland, Bordeaux, Barcelona and Russia, have withdrawn in pounds, euros and roubles and haven't paid a cent in foreign fees!
ashmidalia
ashmidalia
Qantas - Qantas Frequent Flyer
Member since 29 Jan 2016
Total posts 5
UBank sent me an email today advising that it has abolished its 2% foreign exchange fee as well as its $4 fee for using overseas ATMs for the Visa card attached to its Ultra transaction account. Does this make it a viable option for travel alongside 28 Degrees and Citibank?
mviy
mviy
Member since 05 May 2016
Total posts 322
The Ultra USaver earns a good interest rate for a savings account and you could transfer funds to the Ultra as needed using the mobile app/website
Will be interesting to hear reports as to how well this works or not.
Greg84
Greg84
Member since 03 Nov 2014
Total posts 130
Yeah, saw this today. Looks like a good option for travel assuming they're using the Visa rate
ashmidalia
ashmidalia
Qantas - Qantas Frequent Flyer
Member since 29 Jan 2016
Total posts 5
Will be interesting to hear reports as to how well this works or not.
I'm tempted to try it out when I head to the US, UK and Dubai in October. I'd probably stick with the Citibank card for ATM withdrawals just to avoid the overseas banks' ATM fees.
ecbailey
ecbailey
Qantas - Qantas Frequent Flyer
Member since 12 Jan 2016
Total posts 32
I have been using the ubank card for overseas trips for a few years and it works really well. Was very pleased to be charged $204 AUD for withdrawing $200 CAD when the exchange rate was about parity a couple years back.
CBR boy
CBR boy
Member since 12 Feb 2015
Total posts 61
ING Orange Everyday transaction account with Visa Debit card: no fees, Visa exchange rates, and they even rebate foreign banks' ATM fees. Proviso is deposit >$1000 and make 5 card purchases a month. Plus they have a current offer of a $75 bonus for new sign-ups. Google's your friend as it's not otherwise found on their website.
ashmidalia
ashmidalia
Qantas - Qantas Frequent Flyer
Member since 29 Jan 2016
Total posts 5
Yeah, too many conditions for me. Don't want to have to shift my everyday banking to ING for the occasional convenience. Good tip, though!
cablecartman
cablecartman
Qantas - Qantas Frequent Flyer
Member since 21 Jul 2018
Total posts 5
The Citibank Debit card is amazing. I've just spent four weeks in Scotland, Bordeaux, Barcelona and Russia, have withdrawn in pounds, euros and roubles and haven't paid a cent in foreign fees!
Mitchd31
Mitchd31
Virgin Australia - Velocity Rewards
Member since 30 Jul 2015
Total posts 10
HSBC global debit is amazing also