Online-Only Banks

[NYY1]

Just an update on overseas usage on the Trust Card. I’ve now made a few more transactions and what I have found is that definitely there is a 1% hidden charge for non-USD. Just yesterday I made a JPY transaction and it came through at 109.5 versus the spot rate of 110.5, so the 1% is there. However, when I make USD transactions, the rate DOES NOT include this 1%, and it’s quite close to spot, within a few tenths of a percent. So for USD transactions I’m pretty happy — using the card is going to be better than even doing a Wise transfer.

Check the exchange rates during the weekdays (business hours are even better). There may be a wider spread if the transaction was over the weekend.

[malcontent]

Just an update on overseas usage on the Trust Card. I’ve now made a few more transactions and what I have found is that definitely there is a 1% hidden charge for non-USD. Just yesterday I made a JPY transaction and it came through at 109.5 versus the spot rate of 110.5, so the 1% is there. However, when I make USD transactions, the rate DOES NOT include this 1%, and it’s quite close to spot, within a few tenths of a percent. So for USD transactions I’m pretty happy — using the card is going to be better than even doing a Wise transfer.

Check the exchange rates during the weekdays (business hours are even better). There may be a wider spread if the transaction was over the weekend.

I can try it again, next Monday I’ll be going thru Japan on my way back to Singapore. I always buy a matcha latte every time I’m there.

The other time I tried it in Europe in Euros — it was during the weekday and had the 1% extra. At the time my BIL did the exact same transaction with his YouTrip card and it did not have the 1% extra. YouTrip seems like a better way to go for non-USD, but you have to preload funds which I am loathe to do.