Citibank Plus Mastercard Debit Card with Paypass

I just came back from Malaysia and used the Citibank card at a Maybank (a local bank) ATM to withdraw cash. I select credit when making withdrawal but the exchange rate on a weekday were terrible and were even lower than the cash exchange rate used by the money changer. To get an idea of the rates when using the ATM - it is $336 AUD debited for every $1,000 Malaysian ringgit withdrawn against $315 AUD for every $1,000 Malaysian ringgit exchanged with the money changer. The international exchange rate used by the bank on that day is about $316 AUD for $1,000 Malaysian ringgit .

I have used the ATM before last year with a Citibank Plus Visa before it was converted to Mastercard and the exchange rate was good. I was just wondering whether any one using Citibank Plus Mastercard overseas has experience a rip off in their exchange rate. It could be just a country issue or could be a world wide issue as was discussed a bit here by "big":- https://www.ozbargain.com.au/node/359963.

This may mean the no international transactions fees offered by Citibank Plus is no longer an attractive option.

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Comments

  • Did you check the transaction record in your Citi account for the breakdown, to see if there were any TXN fees? BTW Paypass is irrelevant, their cards have had Paypass for a while now and it's only for use in AU.

    • "INTERNATIONAL ATM WITHDRAWAL MALAYAN BANK BERHAD TESCO IPOH MY FEB 02,2018 xx0548 REF:669xxx AUD 335.91 INCL INTL TRAN FEE FCY0.00"

      As appears in my account.

  • +1

    I was just in Malaysia 2 weeks ago and the rates I got was only 0.5% higher than XE. I think I only used HSBC and AmBank. I selected Savings for my withdrawal, so maybe you got hit with a cash advance fee because you selected credit?

  • Why not contact Citibank to ask why (& whether this is something you can avoid in the future)?

    • thank you.

      • Let us know what they say. Might be helpful info for others.

  • thank you for your advice garffi. I will try using savings next time and there is only one HSBC in Ipoh and it's far far away.

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