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HK money exchange: Citibank charges 3% ATM exchange fees - is that common?

HK money exchange: Citibank charges 3% ATM exchange fees - is that common?

Mar 15th, 2007, 03:51 AM
  #21  
 
Join Date: Jan 2005
Posts: 779
Following Kathie's information - thank you Kathie - I opened a internet savings account with HSBC direct and their ATM card does not charge withdrawal fees. Way better than my current card. And, the account pays 6% interest.

Hard to beat.
tengohambre is offline  
Mar 15th, 2007, 05:04 AM
  #22  
 
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"hungry person" how was the prosses of opening the hsbc account did you do everything online or did you have to recieve sometthing threw the mail, sign and return it.
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I had an HSBC account about 5 years ago but I was dumb enought to cancel it. then again HSBC did not have much going with online bangking then.
orgy7 is offline  
Mar 15th, 2007, 05:59 AM
  #23  
 
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about fees from my vantage point:

visa and mastercard international generally charge a 1% fee which they pass through your bank....your bank often tacks on 1 or 2% to that thus the 3% fee...
with few exceptions, this is the norm these days...capital one being one of the "free" banks....my brooks brothers mastercard offered through monogram credit card bank is another...

generally american express charges 2%..

many of these fees have been around for years but were buried within the exchange rate that you received on use of a card in all foreign locations (foreign currency conversion fees)....about 3-5 years ago banks started to break out these fees seperately as part of more "truth in banking" laws required it....so now it is quite common to see an add on fee associated with each transaction---a seperate transaction shows on your statement....

this can be quite significant for a large purchase....

if you are using the card to get cash at an atm there are often other significant fees added and this varies bank to bank and there can also be a fee added by the bank who owns the atm machine...

rhkkmk is offline  
Mar 15th, 2007, 07:17 AM
  #24  
 
Join Date: Jul 2003
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I am just fed up with Citibank..they juswt charged me 3% to withdraw US dollars in Anguilla..first time I have ever had to pay that kind of charge. And their customer service is really awful. So I am planning to open an HSBC online account to get an ATM card and a credit card to use on my overseas trips. I went to the website but didn't see the online savings account linked to a credit card or ATM card. Tehgohambre, did you have to call customer service to get the cards after you opened the account online?
FromDC is offline  
Mar 15th, 2007, 07:59 AM
  #25  
 
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The online savings account automatically comes with an ATM card. It is not linked to a debit or credit card. You would need a linked checking account for a debit card. A credit card would be a separate account.
Kathie is offline  
Mar 15th, 2007, 09:16 AM
  #26  
 
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Kathie is correct.

Go to the hsbcdirect.com website. From there it is easy and takes only a few minutes to fill out the application.

You have the option of having money deposited into your "new" HSBC account via automatic wire transfer from your existing bank account or, sending a check via mail to HSBC. Probably out of paranoia, I opted for the second option. You then must also send by mail a copy of a recent bank statement and, I think, a photo ID or similar, to prove you are who you say you are. There is an 800 number to call with questions and to check on the status of your application. In addition, when you sign up you will immediately receive an email deailing whether your application is approved and what else, if anything, is required. From when you send in your check I think its about 7-10 days or so until you receive your ATM.

Concerning the interest rate, it is an "introductory" offer good only through April. I was told that, when the intro rate is over, HSBC will re-evaluate the rate. It may stay the same or go down a bit. But, it seems it will still be no worse than others. In fact, I have an ING internet account, which claims to be one of the highest paying savings accounts and it only pays something a bit under 5%. I think HSBC is pulling in a lot of money with this offer. And, the "no fee" ATM is a big plus. It is astonishing that the credit card companies, in this political environment, can still charge such comparatively huge fees for these purely electronic transactions.
tengohambre is offline  
Mar 15th, 2007, 11:09 AM
  #27  
 
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Before the 6% till the end of April promotion, they were paying 5.05% APR. I am expecting them to go back to that rate when the promotion is over.
Kathie is offline  
Mar 20th, 2007, 03:05 PM
  #28  
 
Join Date: Jul 2003
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Thanks for the advice everyone. I am in the process of filling out the application for the savings account with the ATM card. But if HSBC also has a credit card that charges a lower foreign fee ( lower than the 3% that Citibank charges), I would like to get one as well. Their website lists so many different credit card options. Does anyone know if one of them charges a lower foreign transactions fee?
FromDC is offline  
Mar 20th, 2007, 06:36 PM
  #29  
 
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I understand from another regular on this board (Laurieco) that HSBC does have at least one card with a lower foreign exchange fee. Call and ask for a customer service rep who canhelp you sort this out.
Kathie is offline  
Mar 20th, 2007, 06:44 PM
  #30  
 
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My HSBC credit card - can't remember if it's Visa or MC - only charges 1%. The one time I actually double checked foreign charges with the interbank exchange rate it was very favorable....my card doesn't have any extras though....
Mara is offline  
Aug 5th, 2007, 09:57 PM
  #31  
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Hi, I'm the original poster, I came back a while already but forgot to post my experience with Citibank HK.

I used my bank card to withdraw money from a Citibank HK ATM machine. I did not see any extra 3% foreign exchange fee posted on my statement at all. I was told that there will be TWO separate lines on my statement, but that's not the case. And when I back tracked and looked up the exchange rate online, it was almost identical to what Citibank charges me, no premium of 3% included. Strange...but no complains from me!
LeeLeeLee is offline  
Aug 6th, 2007, 05:41 AM
  #32  
 
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That was a nice suprise! Usually the suprises we get from banks are unpleasant ones.
Kathie is offline  
Aug 23rd, 2007, 01:38 PM
  #33  
 
Join Date: Oct 2003
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From my experience CAPITAL ONE is the way to go if using credit card. They do not charge a "foreign currency fee". Using CASH in exchange for local currency? Doesn't foreign currency exchange shops or local banks charge a commission for the exchange. Maybe the fee for the ATM use (visiting Japan, mainland China & HK) will be about the same than changing cash to the local currency. I guess is a matter of convenience. IMO Citibank is a big NO. Last year I was unpleasantly surprised with a 3% fee.
DorisG is offline  
Aug 23rd, 2007, 02:34 PM
  #34  
 
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Some (but not all) of the Capital One cards do not charge a currency conversion fee.

I've not paid a commission on exchanging cash at an exchange window for many years. It is not common in much of Asia.
Kathie is offline  
Aug 23rd, 2007, 03:43 PM
  #36  
 
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I think there is some confusion over the differences between credit card and ATM card fees.

I know 3% is a fee on Citibank CREDIT CARD transactions. However, do their ATM cards (i.e. cards you get when you have a checking account through them) have a 3% fee too if you use them to just withdraw money from a foreign ATM, or do they only charge the $3 foreign withdrawal fee?
smartcookie is offline  
Aug 23rd, 2007, 04:04 PM
  #37  
 
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You have to ask your bank. Increasingly, banks are charging the 3% foreign exchange fee on ATM withdrawals as well as credit card transactions. My bank started charging 3% on ATM withdrawals just last year. That's when I got a new account specifically for withdrawing money from foreign ATMs.
Kathie is offline  
Aug 23rd, 2007, 04:05 PM
  #38  
 
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HT, that link must be the HSBC credit card that Laurieco told us about.
Kathie is offline  
Aug 23rd, 2007, 04:14 PM
  #39  
 
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http://www.usatoday.com/travel/news/...ard-fees_x.htm

Here's a link to an article on credit cards charging fees, and there is a table outlining foreign credit card charges by all major banks.
smartcookie is offline  
Aug 23rd, 2007, 04:17 PM
  #40  
 
Join Date: May 2004
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Kathie, sorry,yes that's the one laurieco recommended.

I also have the HSBC online savings acct and the free checking acct with Paypass. Both are free with no fees for ATM withdrawals none, nada, zip! I have used both cards now in the US, Thailand, Hong Kong, Japan and China with no fees and no problems. The only fee I was charged was in Las Vegas at a casino atm. The casino atm charged 2.50 per transaction.

http://tinyurl.com/2jk6o3

Aloha!
hawaiiantraveler is offline  

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