Originally Posted by
beachfan
Are you talking about the day of the purchase or the day it posted? I'm not sure exactly what AMEX uses, but my guess is that if you check the rates at adjacent days, you would find that it's in line with one of them.
They were one and the same. Amex posted the charge on the same date it was charged. As did CapitalOne. Yet Amex used a higher forex rate. One that I was unable to find for the date involved. In fact, in subsequent days, the exchange rate has actually DECREASED.
I've done the math enough times on my statement to be sure that as of last year, when I last checked, it was an honest calculation.
You are fortunate or weren't paying close attention to the actual forex RATE (not Amex added fee) used. By using a higher forex rate, Amex is in essence adding a hidden fee to their overall "exchange".
I only used the Amex because it was a business expense for the business card. OTW, I stopped using it overseas as I noticed this same discrepancy many times before. It is creeping higher as Amex increases its overt "foreign exchange fee". This 2.7% "foreign exchange fee" is DIFFERENT and in addition to the hidden charge from using a higher foreign exchange RATE.
I'm just going to stick to CapitalOne, business expense or not. I want to support those CC that don't scam the consumers with these extra charges that serve primarily as a profit centers with no added service.