Flyaway
Jul 8, 03, 6:24 am
Is it un-usual that merchants in Jamaica manually convert charges from JMD$ to USD$ and then process the transaction is USD$?
In other countries I have been to, the merchant will process in the local currency and then Amex will convert (albeit at a fee) to the Amex's card currency.
The issue I have here is that USD$1 ~ JMD$59, however some merchants use an exchange rate of USD$1 = JMD$52, others use USD$1 = JMD$55 etc.. In other words, merchants use any exchange rate they feel like using. If you are using a CAD$ issued Amex (like I am) then, with all the conversion fees, it works out significantly cheaper to buy goods and services in the local JMD$ currency.
Does this happen in other countries where the merchant will manually convert Amex charges to USD$ before processing?
In other countries I have been to, the merchant will process in the local currency and then Amex will convert (albeit at a fee) to the Amex's card currency.
The issue I have here is that USD$1 ~ JMD$59, however some merchants use an exchange rate of USD$1 = JMD$52, others use USD$1 = JMD$55 etc.. In other words, merchants use any exchange rate they feel like using. If you are using a CAD$ issued Amex (like I am) then, with all the conversion fees, it works out significantly cheaper to buy goods and services in the local JMD$ currency.
Does this happen in other countries where the merchant will manually convert Amex charges to USD$ before processing?