Originally Posted by
fifty_two
Hi , i have various questions regarding amex fb card
.
- Since few days i started to receive mail notifications about purchases in eurozone but done in other currencies than euros , if transaction was processed at a rate above the exchange rate of european central bank . i understand its due to regulations but i guess its not new , isnt it ? or maybe it was disabled by default and now amex enabled it.. Later i found explanations on internet , it said that the bank should also provide more details such as price/exchange rate/fees by sms/mail etc .... but so far nothing like this and i would like to see such details after each transaction...
i found the answer to my 1st question elsewhere in the thread related to DCC , thanks to
Im a new user for the explanations , even if amex doesnt do DCC , the answe below still is valid for amex
Originally Posted by
Im a new user
The European Union has regulated DCC transactions. It is no longer possible to claim that the transaction will use the "Mumbo Jumbo Bank wholesale rate" (or whatever) with no fee and then hide the fee in the exchange rate. It is now mandatory to present the fee in the form of the difference between the merchant's rate and the
latest exchange rate posted by the European Central Bank. When I withdraw cash from a Nordea cash machine in Denmark last month, Nordea had to accurately report the conversion fee to SEK as five point something per cent. As the fees are now easier to spot, more people are likely to discover what a rip-off they are. Even if you don't discover this the first time, you will find out eventually. Unfortunately, merchants and banks only have to present an accurate exchange rate if the card is denominated in the currency of an EU/EEA country, so travellers from China, Russia, the United States and other places might not find out about the real fee.