Originally Posted by
jimbaum
What I don't understand is forex fees for US dollars (charged from outside of the US, say Luxembourg). I do not get a charge from many other cards, including AMEX and Chase.
This gave me at least a negotiating point as to why I need to cancel the card
While AMEX and Chase do not charge the forex in USD billed outside the country (I know AMEX hasn't, but not sure about Chase), your foreign charges being converted to USD for billing purpose because the merchant uses Dynamic Currency Conversion, you may be paying FAR MORE than the 3% forex fee.
The conversion rate used to bill local currency in USD, often is 5 to 10% higher than the actual bank rate.
Citi has changed its T&C officially that USD billed from aboard will be subj to the same 3% forex fee.
There has been a LENGTHY thread on this forum discussing this subject.