invisible

Hello everybody,
I have both Chase Ink Bold (MC) and Chase Sapphire (VISA) preferred cards. I am based outside of US and use both card fairly regularly for transactions.

I wanted to check if there are hidden (on not so hidden) charges using those cards. So I've analyzed two recent transactions - one on each card. There are discrepancies which I still can't identify where are they coming from. As an example:

1. Ink Bold, there is SIN $588.79 charge on May 22nd, posted on May 24th on Chase as US $466.52, so the rate is 1.26208 SIN $/US $

Checking the MC exchange page shows that on that day rate was 1.2625, so it would result to US $466.36 posted on the card. Difference is just 20c, so the calculated rate is very close to the MC rate.

At the same time, interbank exchange rate according to XE was 1.2642, so it would result US $465.75. Difference is just 76c so if above calculations are correct, MC's exchange rate is quite close to the interbank exchange rate.


2. Now about Sapphire, SIN $209.8 charge on May 18th, posted on Chase US $167.81 which shows calculated rate as 1.2502.

However VISA's rate on that day was 1.2597 and interbank exchange rate - 1.2592
(strange - interbank rate is actually higher than VISA's...) which would lead to US $166.5510 or $166.6137 respectively.

But as I said, posted charge was US $167.81 - $1.25 difference

Where this difference is coming from - no idea...
Any thoughts?

augustus21

If DCC was involved, the transaction would still appear on your statement as outside of the United States, but it would not show a conversion rate below the transaction because it was completed in USD.

cronin85

Interesting thread, I'm going to Europe in July so this is definitely good to read up on. Thanks everyone for participating and I'll make sure to report back after my trip. I'll use CSP Visa, Ink Bold MC, and other cards I have (not currently sure which ones don't charge the fee, I'll have to check).

RedElmo

so any update or explanation to the difference in foreign exchange rates?

I'm going to Europe soon and plan on using my Chase Sapphire Preferred Card because of the no foreign exchange fee... but if the exchange rate is off the charts I may look into using another card thats also no fee but with better exchange rate

travelinfoo

I've found the CSP is pretty close to the interbank rate. Cap one, which I haven't used in yrs also had good rates. Just keep an eye out for DCC which will result in really really bad exchange rates.

Amex had a horrible rate & charged forex fees but does not allow DCC.

nas6034

So what are the cards that have no forex fees?

I am going out of the US and wouldn't mind doing a test of all the forex-free cards to figure out which cards are giving the best rates. Can someone point me to a thread in this forum where someone has done such an analysis?

RedElmo

Thanks, ya I'm going to say no to any conversion any merchant wants to help me do. I'll have everything charged in the local currency.

JEFFJAGUAR

Sort of an old thread. Here's what I think and can be corrected by people who know better. Because of some US legal action, I think it was a consent agreement with visa/mc or some banks, I forget which, banks on their statements must now show the exchange rate being used and the amoounts in both local currency and US currency (we're talking about US cardholders here). And then must list the fees separately, it used to be that many banks just combined the fees into the amount shown. If it's a dcc transaction, there is no foreign amount shown. I would think the amounts before fees should not be dependent on which card you are using as this conversion is done through the visa or mastercard system and is basically the interbank rate.

This is my understanding of what exists today but of course this is based on my limited experience.

augustus21

That is how Chase lists foreign transactions.

patrick.barnes

I did two EUR transactions on a CSP and an Amex Plat at the exact same time (online).

The posted rates were within 0.0001% of each other.

rohanpinto

An interesting read on travel.I recently travelled to the US from India. I wanted to convert INR to Dollar. I used Travelex India for the currency conversion .I have used many online portals for forex, but was really impressed by the service provided by Travelex India. They also have 0% commission on the transactions which saves a lot of money.They also provide the accurate exchange rate. travelex.co.in

DrGiggles

i'm finding an fx rate that is marginally off market (per bloomberg). when i've checked amex in the past i've thought that it was right on top of the FX rate. of course i just canceled my amex plat. whoops

i'm seeing:
10/30 0.101358 ZAR / US$ vs. bloomberg quoted: 0.10055 (1% difference)
10/04 1.3632648 EUR/US$ vs. bloomberg quoted: 1.3558 (<1% difference)
10/10 0.101669896 ZAR / USR vs. bloomberg quoted: 0.10094 (<1% difference)


would love to hear any add'l impressions.

AggieTraveler

Are you comparing rates on the transaction date or the post date?

DrGiggles

am going by the date on the statement which i presume is the post date.

mia

The date shown on the print or PDF statement is the transaction date. You need the posting date, which can be seen by logging in to chase.com and choosing See Account Activity.