Originally Posted by
Flying Kiwi
Now that I (think I) understand how the exchanges work I realize that's not completely true. It looks like MasterCard gives you the market rate, but on the settlement date rather than the purchase date. Visa gives you a less favorable rate, but apparently with it fixed at the time of purchase (and fixed for the entire day).
I'll verify this in a few days when the actual charges show up in my account.
I can confirm a similar higher rate on th CSP for large AUD payments vs MC from Citi and Barclays.
As far as I can see, MC is giving me live market rates, while Visa is making up a rate for an entire day and giving me that.
I no longer use Visa for AUD transactions.