Originally Posted by
Esharpest
... can anyone compare the actual foreign exchange rates Amex and the Santander or Nationwide cards give you on, say, dollars or euros??
I've tried to compare on a 'hands on' basis by using more than one card at the same outlet on the same day. There are too many variables to be sure - not only the date of transaction but also the time of day and the date when transactions are processed, which may not be the same day. Nationwide and Santander show exchange rates per transaction on statements.
Originally Posted by
Land-of-Miles
The Post Office Mastercard by Bank of Ireland offers a significantly better rate on transactions outside the EU (so far as I can tell matching the average daily commercial exchange rate).
I suspect this is similar to the Santander Zero card?
Nationwide now effectively charge around 1% in commission ...
Yes, that's right outside Europe. It's 0% within Europe.
... the real cost of Amex seems to be circa 3% rather than 2%.
Yup, or 2.99% in AmEx-speak. From my statement:
All foreign currency charges have been converted into Pound Sterling on the date we processed the Charge. Non U.S. dollar
Charges have been converted through U.S. dollars, by converting the Charge amount into U.S. dollars and then by converting
that U.S. dollar amount into Pound Sterling. U.S. dollar Charges have been converted directly into Pound Sterling. As agreed,
unless a specific rate was required by law, the American Express treasury system has used conversion rates based on
interbank rates (selected from customary industry sources) from the business day prior to the processing date, increased by a
single conversion comission of 2.99%. Any charges converted by third parties prior to being submitted to us have been
converted at rates selected by them.
In my earlier post, I should have mentioned that buying BA Miles from BA also earns miles, so marginally increasing the yield and decreasing the cost of each mile. A;so, I think my 4% calculation above is awry. It should be 3% (or 2.99%) so reducing the calculated cost per mile by about a quarter. Sorry! Blame tiredness, old age, whatever.