Change in terms with Citi on foreign transactions
Apr 21, 2008 | 5:45 pm
#1
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Change in terms with Citi on foreign transactions
Just rec'd my Citi card bill with an insert of change in terms. The one that struck me was this:
We add a fee of 3% of the U.S. dollar amount of each purchase made outside the U.S. whether made in U.S. dollars or in a foreign currency.
They were already charging a 3% fee for transactions made in foreign currencies but now it sounds like if you fall for the dynamic currency conversion you'll also get dinged an extra 3%. Or maybe this will make the dynamic currency conversion scam go away. Am I understanding this correctly?
We add a fee of 3% of the U.S. dollar amount of each purchase made outside the U.S. whether made in U.S. dollars or in a foreign currency.
They were already charging a 3% fee for transactions made in foreign currencies but now it sounds like if you fall for the dynamic currency conversion you'll also get dinged an extra 3%. Or maybe this will make the dynamic currency conversion scam go away. Am I understanding this correctly?
Apr 24, 2008 | 9:04 am
#2
In memoriam
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Sounds as though Citi wants its 3% overcharge on foreign charges in foreign currency and in dollars, too.
You know this can't be good for Citi card users.
IMHO, Citi cards with 3% forex charge should not be used overseas. Even Amex charges less. Not to mention USAA, Nordstroms, etc.
You know this can't be good for Citi card users.
IMHO, Citi cards with 3% forex charge should not be used overseas. Even Amex charges less. Not to mention USAA, Nordstroms, etc.
Apr 24, 2008 | 2:27 pm
#4
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I called. They currently do not charge the 3% fee if the outside US transaction is submitted in USD. Now they are charging 3% on any transaction made outside of the us, regardless if it is submitted in foreign currency or USD.
Apr 25, 2008 | 8:11 am
#5
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John
Apr 25, 2008 | 10:33 am
#6
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Citi debit cards at ATM's too
Recently used a Citi debit card at a Citi ATM in Shanghai Pudong airport.
This transaction is listed on my Citi account as a non-Citi card and in addition to 2% foreign exchange fee Citi charged a $2.28 ATM fee for use at a "foreign" ATM. Citi confirmed by telephone that this was their policy, and that even a Citigold account ($100,000 minimum) would incur the ATM fee plus "only" a 1% exchange fee. I currently use E-trade card for foreign ATM's and so far they haven't charged me
This transaction is listed on my Citi account as a non-Citi card and in addition to 2% foreign exchange fee Citi charged a $2.28 ATM fee for use at a "foreign" ATM. Citi confirmed by telephone that this was their policy, and that even a Citigold account ($100,000 minimum) would incur the ATM fee plus "only" a 1% exchange fee. I currently use E-trade card for foreign ATM's and so far they haven't charged me
Apr 25, 2008 | 11:11 am
#7
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This is a total crock. I remember a while back I posted a thread on how they were doing that with the normal Citi ATM card.. dollar transactions too.. ridiculous
I can sort of understand a forex fee... but to charge 3% on DOLLAR transactions just because they occur outside the US? I was just on a trip in TLV, CDG and LHR... I used my SPG AX instead.
I can sort of understand a forex fee... but to charge 3% on DOLLAR transactions just because they occur outside the US? I was just on a trip in TLV, CDG and LHR... I used my SPG AX instead.
Apr 25, 2008 | 5:40 pm
#9
Join Date: Oct 2000
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Hasn't this always been CitiCards policy 3% on OUS transactions whether in USD or foreign currency. If not they would have listed an effective date -- much like they did on thier CitiBank checking/Debit accounts. No effective date likely not a change to T&C.
I think this is no change from before -- just one of those random statement reminders.
I think this is no change from before -- just one of those random statement reminders.
Apr 26, 2008 | 10:30 am
#10
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Recently used a Citi debit card at a Citi ATM in Shanghai Pudong airport.
This transaction is listed on my Citi account as a non-Citi card and in addition to 2% foreign exchange fee Citi charged a $2.28 ATM fee for use at a "foreign" ATM. Citi confirmed by telephone that this was their policy, and that even a Citigold account ($100,000 minimum) would incur the ATM fee plus "only" a 1% exchange fee. I currently use E-trade card for foreign ATM's and so far they haven't charged me
This transaction is listed on my Citi account as a non-Citi card and in addition to 2% foreign exchange fee Citi charged a $2.28 ATM fee for use at a "foreign" ATM. Citi confirmed by telephone that this was their policy, and that even a Citigold account ($100,000 minimum) would incur the ATM fee plus "only" a 1% exchange fee. I currently use E-trade card for foreign ATM's and so far they haven't charged me
Apr 28, 2008 | 6:23 am
#11
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Hasn't this always been CitiCards policy 3% on OUS transactions whether in USD or foreign currency. If not they would have listed an effective date -- much like they did on thier CitiBank checking/Debit accounts. No effective date likely not a change to T&C.
I think this is no change from before -- just one of those random statement reminders.
I think this is no change from before -- just one of those random statement reminders.
Regarding Amex, they have a well-known problem with inaccurate foreign exchange rates (which are always in their favor). After too many bad rates from them, I've sworn off using Amex overseas.
Apr 29, 2008 | 1:07 pm
#12
Join Date: Jul 2007
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I used my citi ATM card at an ATM inside a Citibank in Berlin, and still got hit with a 2 % fee.
Apr 29, 2008 | 1:29 pm
#13
Join Date: Dec 2004
Posts: 8,226
mbreuer is talking about the flat ATM transaction fee, and not the percentage forex fee. You should not be charged the flat fee with a Citi card at a Citi ATM. I would also challenge that.
May 3, 2008 | 7:00 am
#14
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Less than a week ago I used my Citi ATM card at a Citi ATM inside a Citi branch (that had double security doors that wouldn't work until I put my bag in a locker outside!) in Rome. My Citi savings statement online shows a foreign exchange fee, and then says "nonciti" ATM withdrawal, with the street name (Via Abruzzi) that the Citi branch is on. (Btw, the building number on the Citibank Locations web page is wrong. I walked up and down the street a couple times and finally had to ask at a competing bank to figure out where the Citibank was hidden!)
May 3, 2008 | 7:24 am
#15
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I'm also a little annoyed that I'm being charged 1% for using Citibank ATMs in Japan. Also a Citigold card holder. I sent a message to Citibank hoping to get some sort of confirmation, although I guess I should call them too.