Originally Posted by
shiony2013
I've worked on the bank and card scheme processing side of this and I don't think the Amex deal here is too bad... I find it hard to believe anyone gives a definite %0 foreign currency with no charge whatsoever as there is always a risk to the card company as usually banks and card schemes/companies only have the facility to update the rate once per day - therefore they have to have a margin to cover any potential fluctuations throughout the day.
Well a friend and I both put transactions through in the same restaurant on the same day - his on a 2.99% Amex, mine on my 0% PO Mastercard. We compared what we ended up being charged in Sterling and mine was around 2.98% less - so definitely no fee. Compared to XE the MC rate for that day was very slightly different, but as long as I'm getting the MC rate of the day I'm perfectly happy - and if the Post Office can do it and AMEX USA can do it then AMEX UK definitely could - they just don't want to!