Originally Posted by
Jasper2009
I've also used the GCs at US properties and didn't find the exchange rate to be horrible. It's extremely unlikely the exchange rate used at properties outside NA would be that terrible, so using GCs would still save you some money, just thought I'd mention you wouldn't get the full 20% and you'd depend on the hotel's policy regarding FX rates.
I called Fairmont to check on how the conversion is done overseas, and they said they do not use the hotel's posted exchange rate. I also found this in the
Terms & Conditions page of the Fairmont gift card website.
Gift cards are available in Canadian and U.S. Dollars on our website. If redeemed at a hotel or resort where the local currency is other than Canadian or U.S. dollars, the gift card terminal will seek the current exchange rate powered by Oanda to calculate credit. The exchange rates used are based on current market conditions and cannot be adjusted by Fairmont Hotels & Resorts.
Based on this, I'm comfortable that I'm not going to get screwed on the F/X by using the gift cards at overseas properties.
I don't have any experience with Oanda Corporation or know how much of a spread they add to their conversions, other than on USD/CAD conversions on past gift card redemptions. However, when I am overseas, I'll try to make a point of paying most of my bill with the gift cards and leave a small balance to pay with Amex, and then I can compare the two rates.